Domestic and int'l financial liberalization heighten the 'risk of crisis'

FE Report

A day-long workshop titled 'International Trade Fraud : Prevention, Control & Remedies', organized by International Chamber of Commerce-Bangladesh was held in Chittagong Monday.

Chittagong Chamber of Commerce and Industry (CCCI) Senior Vice President, M. A. Salam while inaugurating the programme said international trade has been a major driver of global growth and prosperity over the last fifty years.

Mr. Salam pointed that out it is important to recognize that domestic and international financial liberalization heighten the "risk of crisis" if not supported by prudential supervision, regulation and appropriate macroeconomic management.

"In the recent past, we have observed one of the most severe financial and economic crises in the history. The global financial crisis has created an urgent need to fundamentally rethink how financial systems should function and how it should be regulated."

Mr. Salam opined that in this crucial moment of international financial arena, organizing this workshop by ICCB demands appreciation and is a timely step.

ICCB secretary Ataur Rahman and Mr. P. Mukundan, Director & Chief of ICC -International Crime Services, visiting expert from UK who conducted the workshop also spoke at the inaugural session.

Fifty participants from different banks attended the workshop.