DHAKA, Nov 24, 2024 (BSS) - President of the International Chamber of Commerce Bangladesh (ICCB) Mahbubur Rahman said that understanding foreign business partners is crucial for efficient cross-border trade.

"The financing of international trade transactions plays a crucial role in facilitating global commerce. However, it operates within a complex legal framework shaped by regulatory requirements, including sanctions, presenting significant challenges for financial institutions and businesses dealing with international trade," he said.

Mahbubur Rahman said this while speaking as the chief guest at a daylong workshop on 'Trade Finance Legal Challenges and International Sanctions Regime and Requirements' at a city hotel on Saturday, said a press release today.

Moody's and ICC United Arab Emirates (UAE) jointly organised the workshop.
 
Director and Industry Practice Lead for Moody's Financial Crime Compliance across the Middle East and India Mohamed Daoud and Director of the ICC UAE Vincent O'Brien were present at the concluding session moderated by the ICC Bangladesh Secretary General Ataur Rahman.

Mahbubur Rahman said financial institutions and businesses must navigate a labyrinth of sanctions imposed by various jurisdictions. 

These sanctions can target specific countries, entities, or individuals, and often differ between regions, leading to complexities in ensuring compliance, he added.

Emphasizing on the role of lending organizations, Mahbubur Rahman said banks are obligated to conduct thorough due diligence to prevent money laundering and terrorist financing. 

ICCB President also highlighted the recent trades in the global economic and political arena.

With the increase in international trade of Bangladesh, efficient cross-border trade will have notable implications for the country's LDC graduation process. Therefore, understanding the foreign business partners is crucial.

Some106 participants from different government agencies including the Financial Institutions Division under the Ministry of Finance, banks, financial institutions and international agencies took part in the day-long event.

There were four sessions on different topics including modern trade finance, risk management, international sanctions, and TBML.

A similar workshop was also held in Chattogram on Sunday November 24.