The recent scam is nothing but a straight cheating by some so called companies in connivance with a group of bank officials and influential group. Bangladesh Bank is taking measures to prevent the scams. But incidents are growing faster than actions, said ICCB Vice President Latifur Rahman at the workshop on New ISBP (International Standard Banking Practices) 2013 and URBPO (Uniform Rules for Bank Payment Obligation).

International Chamber of Commerce (ICC), The world business organization headquarters has been formulating various rules followed worldwide for international trade. ICC has revised the International Standard Banking Practices (ISBP) which has become effective from July 2013 and also formulated the United Rules for Banking Payment Obligations. As today s workshop will be dealing with these important topics, Latifur Rahman urged upon participants to take full advantage of the presentation by the expert and get clarified on all issues.

In order to prevent the scam, Bangladesh Bank must be given full autonomy for monitoring the activities of state-owned banks as is done in case of private commercial banks and their should not be any interference of the Banking Division of the Ministry of Finance in the operating of the state-owned banks for the betterment of the banking sector as well as businesses and economy of the country, Latifur Rahman observed.

Latifur Rahman said companies engaged in international trade are facing growing threat from fraud and forgery. Besides, the recent scam in some of our state-owned banks have shaken entire banking sector. Thus, the commercial banks are taking extra precautionary measures in opening of LCs, may be due to which we observe lesser import in the recent past. If this trend continues, the much needed development of our industrial base will be in jeopardy.

To face these challenges concerned officers and authorities must be skilled about the trade finance practices. ICC Bangladesh often gets information on fraud activities both from local exporters/importers/institutions and also from the counterparties. We observe that in most cases remedies/resolutions are difficult while preventive measures are always better and useful, Mr. Rahman added.

Mr. Vincent O Brien and Mr. Digby Bennett who conducted the workshop and ICCB Secretary General Ataur Rahman also spoke on the occasion.

A total of 166 participants from banks, financial institutions and export oriented industries attended the workshop and around 49 participants are expected to attend the workshop on the same topic to be held in Chittagong on August 25