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The agency is controlled by 12 member-governing body which has representatives from the government, Bangladesh Bank, Bangladesh Securities and Exchange Commission, Federation of Bangladesh Chambers of Commerce & Industries, professional accountants association and academia.
The Financial Reporting Act 2015 (known as FRA 2015) is an act created by the Bangladesh National Assembly. The act was passed on September 6, 2015, in order to follow the accountability and transparency of the financial reporting procedures in the country. On September 9, 2015, the act was officially published by the Government of Bangladesh. [1]
Bangladesh – The government of Bangladesh has expressed both commitment and willingness to adopt the cash basis IPSAS and has taken an initiative to prepare the financial statements in accordance with the cash basis IPSAS. The first set of IPSAS based statements for the core ministries (excluding specialized organizations) and the specialized ...
The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like banks, non-bank financial institutions (FIs), insurance companies, capital market Intermediaries like brokerage houses, merchant banks etc.; micro finance institutions (MFIs).
In 2016, the Bangladesh Bank confirmed the unit has been made autonomous. [7] In September 2021, the Bangladesh Financial Intelligence Unit sent letters to banks requesting the bank details of 11 elected journalist leaders from Bangladesh Federal Union of Journalists, Dhaka Reporters Unity, Dhaka Union of Journalists, and the National Press Club.
The Financial Institutions Division (Bengali: আর্থিক প্রতিষ্ঠান বিভাগ) is a Bangladesh government division under the Ministry of Finance responsible for managing all state owned banks, financial institutions, and stock exchanges. [1] [2] Md. Sheikh Mohammad Salim Ullah is the head of the division. [3]
Offshore Banking Operation (OBO) was first introduced by Bangladesh Bank in 1985 through a circular for allowing active foreign financing at Export Processing Zones (EPZs). Banks operated the services with Bangladesh Bank approval without any separate law for an offshore banking system until the enactment of the Offshore Banking Act, 2024.
The Institute of Bankers was registered on the 6 February 1973 as an association under the Societies Registration Act, 1660 (Act No. XXI of 1660). [2] Before that some eminent bankers and other professionals decided, in a meeting held on 26 July 1972, to establish the institute as a professional body of banks and financial institutions in Bangladesh.