Recently, several media outlets have published incorrect and misleading reports concerning the participation of Managing Directors (MDs) of several banks in two programs in the United States. The Association of Bankers Bangladesh Limited (ABB) wishes to address these reports that contain false and distorted information.
The United States Department of Justice (DOJ), Office of Prosecutorial Development, Training, and Assistance (OPDAT), in collaboration with the US Embassy in Dhaka and the Bangladesh Financial Intelligence Unit (BFIU), is committed to ensuring governance and compliance in the banking and financial sector. To this end, the DOJ has invited the Managing Directors of 26 banks from Bangladesh to the 6th Annual US-Bangladesh Bilateral Banking Dialogue, to be held in Washington D.C. from May 20-23, 2024.
This dialogue is designed to significantly strengthen the collaborative efforts between the Bangladesh Financial Intelligence Unit (BFIU) and the financial institutions under its purview. It aims to not only enhance Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures but also to establish robust protocols for dealing with entities subject to international sanctions.
Previous dialogues have taken place in various international financial hubs including New York, London, Kuala Lumpur, Bangkok, and Charlotte, USA.
From the DOJ’s perspective, attending this dialogue and adhering to the practices derived from it are significantly important for banks worldwide.
During this year’s dialogue, experts from DOJ’s Money Laundering and Asset Recovery Section (MLARS), the US Treasury’s Financial Crimes Enforcement Network (FinCEN), and the US Department of Homeland Security will engage with the MDs on the topics mentioned above. A field trip is also planned to provide insights into the cybersecurity and AML/CFT operations of a leading US bank.
Following the Washington D.C. program, the Managing Directors of Agrani Bank, BRAC Bank, City Bank, and Dutch-Bangla Bank will proceed to New York. There, they will conduct a separate marketing initiative to promote Offshore Banking fixed deposit products to expatriate Bangladeshis. This outreach program is specifically designed to support Bangladesh Bank’s recent introduction of certain tax-free dollar deposit products, aiming to boost foreign currency inflow to the country. The marketing or outreach program of four banks to collect offshore banking dollars deposits in New York City has nothing to do with the banking dialogue of the US Department of Justice in Washington DC.
It has come to our attention that some media reports have inaccurately portrayed the expenses related to the New York dinner event, organized by the four banks for 350 Bangladeshi and foreign expatriates at a five-star hotel, as the per-person cost for each of the 26 MDs attending the Washington D.C. dialogue.
We regret any confusion caused by the inaccurate media coverage and appreciate the opportunity to set the record straight.
