Govt approves ordinance to prevent bank fund looting: Adviser Rizwana

The Advisory Council has approved the Bank Resolution Ordinance to bring order to the banking sector and prevent money laundering, said Environment Adviser Syeda Rizwana Hasan on Thursday.

“You know how money was looted by one industrial group that had established a monopoly on several banks. The ordinance was approved to prevent these, to bring discipline in banking and corporate sectors and to secure the interest of depositors,” she said while briefing reporters at the Foreign Service Academy in the capital.

Earlier in the day, a meeting of the Advisory Council was held at the Chief Adviser’s Office in Tejgaon with Chief Adviser Prof Muhammad Yunus in the chair.

A committee has been formed to start an investigation and ensure the punishment of those involved in financial crimes, Rizwana added.

Several other ordinances, including those related to revenue policy and management and amendments to the Grameen Bank Ordinance, were also approved, she said.

Several key changes will be brought in the Code of Civil Procedure (CPC) as part of implementing the recommendations made by the Judicial Reform Commission, said Rizwana.

She said the outdated judicial procedures will be modernised.

“Execution will be included within the judgment itself, so no separate verdict will be required. Summonses will be issued through telephone and SMS, while accused persons will be notified via email and WhatsApp once a case is filed,” the adviser said.

"Referring to the Grameen Bank Ordinance, Rizwana stated that Chief Adviser Professor Muhammad Yunus had been politically targeted by the regime in power at the time."

The previous government had established its control over Grameen Bank, but the new law will designate it as a public-interest institution, she said.