Bank leaders in Bangladesh are now required to sign and display anti-corruption pledges as part of a new initiative by the Bangladesh Financial Intelligence Unit.
Chairmen, directors, managing directors, and chief executives of all commercial banks in Bangladesh must sign and display written pledges against corruption, bribery, money laundering, and fraud in their offices. This directive was issued by the Bangladesh Financial Intelligence Unit (BFIU) earlier this week. [source]
The BFIU has mandated that these pledges be signed during the next board meetings of the banks’ directors. The initiative aims to strengthen ethics, corporate governance, credit discipline, and anti-money laundering efforts within the banking sector. [source]
The prescribed pledge format includes commitments to neither engage in nor tolerate corruption or bribery, recognizing both as punishable offenses, and refraining from approving loans outside policy guidelines. It also emphasizes active roles in preventing money laundering and financial fraud. [source]
For managing directors and chief executives, additional declarations include provisions on anti-money laundering compliance, reporting suspicious transactions, and increased vigilance concerning politically important persons. [source]
The BFIU’s move responds to recent weaknesses in corporate governance, credit management, and risk control in the banking sector, highlighted by incidents of large-scale loan fraud and irregularities. [source]
Future appointments or reappointments of chairmen, directors, or managing directors at banks will require signing the same pledge and declaration, ensuring ongoing commitment to the initiative. [source]
Customers experiencing bribery, corruption, or harassment in banking services can now lodge complaints directly with the BFIU, which promises thorough investigations of such reports. [source]
Sector insiders suggest that the initiative may create psychological pressure on bank directors and MDs, potentially restoring discipline. However, its success will depend on regular oversight by the BFIU and strict law enforcement. [source]
"The initiative may create a degree of psychological pressure among bank directors and MDs, which could help restore discipline."
Sources
- https://en.prothomalo.com/business/local/f8lljichel — Details on the BFIU directive, pledge contents, and sector response.