Experts at a workshop pointed out that efficient cross-border trade will have notable implications for the country’s LDC graduation process with the increase in international trade of Bangladesh, therefore, understanding the foreign business partners is crucial.
International Chamber of Commerce (ICC) – Bangladesh, The world business organization, hosted the Workshop on Trade Finance Legal Challenges and International Sanctions Regime & Requirements jointly with Moody's and ICC United Arab Emirates (UAE) in Dhaka on Saturday at Renaissance Hotel, Gulshan Avenue, Dhaka on Saturday.
Mahbubur Rahman, President, ICC Bangladesh made the remarks attending as a chief guest of a concluding session and certificate giving ceremony of a day-long workshop on “Trade Finance Legal Challenges and International Sanctions Regime & Requirements.”
Mohamed Daoud, Director and Industry Practice Lead for Moody's Financial Crime Compliance across the Middle East and India and Mr. Vincent O’Brien, Director, ICC UAE were present at the concluding session moderated by the ICC Bangladesh Secretary General Ataur Rahman.
Addressing the participants ICCB President Mahbubur Rahman said the financing of international trade transactions plays a crucial role in facilitating global commerce.
However, it operates within a complex legal framework shaped by regulatory requirements, including sanctions, presenting significant challenges for financial institutions and businesses dealing with international trade.
ICCB President also said therefore, financial institutions and businesses must navigate a labyrinth of sanctions imposed by various jurisdictions. These sanctions can target specific countries, entities, or individuals, and often differ between regions, leading to complexities in ensuring compliance.
Emphasizing on the role of lending organizations, Mahbubur Rahman said Banks are obligated to conduct thorough due diligence to prevent money laundering and terrorist financing. This involves verifying the identities of clients and understanding the nature of their business activities, which can be resource-intensive and legally complex.
ICCB President also highlighted the recent trades in the global economic and political arena. He said the evolving geopolitical landscape that introduced new sanctions has increased the compliance burden on banks and businesses engaged in international trade.
To navigate these challenges, financial institutions and businesses should establish comprehensive policies, follow regulatory requirements and educate employees on the latest developments in sanctions laws and compliance obligations, said Mr Rahman.
Some106 participants from different government agencies including the Financial Institutions Division under the Ministry of Finance, banks, financial institutions and international agencies took part in the day-long event.
