Referring that out of total amount of money, trafficked from the country, at least 80 percent occurs through trade and commercial activities, speakers at a workshop on Sunday stressed effective cooperation between banks and customs department in risk management of capital flight.
The remarks came from a research workshop on “Transport Documents in Trade Facilitation by Banks: Challenges and Way Forward”, organised by the Bangladesh Institute of Bank Management (BIBM), Mirpur in city.
The research findings said that the challenge in transportation system of the international trade has increased worldwide, a research finding of the BIBM has suggested the concerned banks to be more careful in terms of bill of loading, airway bill etc.
The research finding also recommended forming a committee for preventing fraud-forgery in international trading comprising representatives from central bank, taxation department, freight forwarders, shipping lines, commerce ministry etc., so that the trade and commerce related disputes can be resolved.
Former Deputy Governor and currently Banking Reform Adviser of the Bangladesh Bank, Shitangshu Kumar (SK) Sur Chowdhgury attended the workshop as chief guest with Dr. Toufic Ahmad Choudhury, DG BIBM in the chair.
Former Professor of the Department of Economics, University of Dhaka, Prof. Dr. barkat-E-Khoda, former managing Director and CEO of Pubali Bank Limited, Helal Ahmed Chowdhury, Supernumerary professor of BIBM, Prof. Yeasin Ali, Customs Commissioner, Dr. Moinul Khan, Managing Director of Islami Bank Limited, Md. Mahbub-Ul-Alam attended the workshop among others as panel discussants.
“Trade is very complex transactions in terms of number of parties, governing laws, regulation and rules involved. Transport documents are the core of the international trade transactions which involve transportation of the goods in different countries”, said SK Sur Chowdhury while addressing.
He said the international shipping industry is responsible for the carriage of around 90 percent of world trade. Carrier or agent of the carrier undertakes liability for the carriage of the goods, and arrange measures to support seller and buyer in the process of the transportation of the goods to exercise certain controls.
He mentioned that international transportation systems have been under increasing pressures to support additional demands in freights volume and the distance at which this freight is being carried.
Chowdhury said Bangladesh bank has strengthened requirements to enhance the trade quality. Our policies are developed according to market needs and risks. New Guidelines for Foreign Exchange Transaction have already been published in 2018. For the first time, it was open for feedback from all.
“The integration between supervisors and the schedule bankers makes the policies more operationally effective. Moreover enforcement of online reporting and monitoring system by the Bangladesh Bank has also brought positive changes in terms of decline in irregularities by banks and improvement in data accuracy”, Chowdhury added.
Addressing as chair of the session, Dr Chowdhury stressed on effective coordination in the trade facilitation works of banking activities.
Speakers observed that although the transport documents is not much important for developed world but countries like Bangladesh lay due importance on them because many information regarding credit and export accounts are available with that documents.