Wednesday 19 September 2018 ,
Wednesday 19 September 2018 ,
Latest News
  • Govt firmly believes in freedom of press: PM
  • ICC launches Myanmar Rohingya crimes probe
  • Suu Kyi's bronze sculpture to be auctioned for underprivileged in Myanmar
  • North Korea agrees to shut down missile test sites
  • Myanmar domestic commissions fail to report credible atrocities against Rohingya: HRW
5 September, 2018 00:00 00 AM
Print

ADB unveils 1st scorecard to boost access to trade finance

BSS

The Asian Development Bank (ADB) yesterday launched the Trade Finance Scorecard – Regulation and Market Feedback, a new tool to address market gaps stemming from the unintended consequences of global measures to fight money-laundering and terrorism, reports BSS.

“Preventing criminals and terrorists from exploiting the global financial system is critically important,” said ADB’s Head of Trade and Supply Chain Finance Steven Beck.

“But these regulations can also undermine jobs and growth at small businesses and developing countries. This new scorecard will open a channel of dialogue among stakeholders to help prevent crime and terrorism while financing growth and job creation,” he said.

Creating, implementing, and complying with global measures to prevent financial illegal activity is challenging. While bankers can relatively easily determine that a large company isn’t involved in crime, getting the same assurances from small and medium-sized businesses and companies in developing countries can be difficult and costly.

This contributes a $1.5 trillion global market gap for trade finance, according to ADB’s 2017 Trade Finance Gaps, Growth, and Jobs Survey.

Bankers surveyed for the study identified unintended consequences of measures to stop criminals abusing the financial system as a key impediment to closing gaps.

Accordingly, the Trade Finance Scorecard focuses on issues related to the interpretation, implementation, and compliance with regulations designed to curb money laundering and the financing of terrorism in the context of correspondent banking and trade financing.

The scorecard is based on feedback from industry leaders and regulators and will complement existing tools such as the Financial Action Task Force’s recommendations against money laundering and terrorist financing.

 

Comments

Poll
Today's Question »
TIB has said clean and credible election under a partisan government is possible in the country with the support of all political parties and stakeholders. Do you agree?
 Yes
 No
 No Comment
Yes 16.5%
No 81.6%
No Comment 1.9%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
01
02030405060708
09101112131415
16171819202122
23242526272829
30

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting