DHAKA, 27 July 2005 — The Bangladesh Cabinet has approved a proposal for signing a crucial UN instrument styled International Convention for the Suppression of the Financing of Terrorism, meant for plugging the channels of funding terrorist outfits.
Signing the convention “aims at further consolidating Bangladesh’s position against acts of terrorism in any of its forms,” said an official announcement on the cabinet decision in Dhaka yesterday.
A sub-committee headed by Finance Secretary Zakir Ahmed Khan had earlier examined the pros and cons of the possible impact of adopting the convention before it was placed in the Cabinet meeting which was presided over by Prime Minister Khaleda Zia.
“The entry into this convention will further brighten Bangladesh’s image in the world,” the announcement said.
“Also, Bangladesh’s role in preventing illegal transaction of foreign currencies will be praised and the flow of remittances into the country would increase (through official channel),” it said.
Earlier, Bangladesh had signed as many as 11 UN conventions. The Cabinet’s decision to sign the UN convention came as Bangladesh too will soon enact a law against money laundering, including a provision for prevention of terrorist financing to deal with the financial and economic crimes on one hand and to identify links of any clandestine funding or transaction by any terrorist group abroad on the other.
An enforcement and prosecution bureau will be established to implement the proposed law.
