TBS Report

October 17, 2024, 9:55 p.m.

Last modification: October 17, 2024, 9:56 p.m.

The Bangladesh Bank has issued a warning to all banks, urging them to remain vigilant regarding the importation of products from supplier countries subject to global sanctions.

Banks’ authorized dealer branches and their central trade processing units have been asked to exercise caution when importing products from sanctioned supplier countries, sources said, citing an internal document released by the bank central.

He also asked to check whether the supplying country is subject to international restrictions. Because transactions in these countries are risky for global banks.

Further, similar instructions have been incorporated into the Anti-Money Laundering and Anti-Terrorism Financing Policy of the Bangladesh Bank.

The central bank issued the instruction following a report published by The Business Standard on October 14, titled “How cheaper LPG imports from sanctioned Iran are shaking the market” on the import of LPG at a relatively cheaper price from Iran, a country currently under sanctions by the US and EU.

“As Bangladesh’s LPG sector struggles to survive in an oversaturated market, some of the country’s approximately 30 operators are reportedly importing cheaper LPG from Iran, a country under US and EU sanctions, resulting in unequal competition, especially for businesses that want to operate fairly,” the report said.