Bangladesh parliament passes revised foreign exchange law

The Bangladesh parliament has passed a foreign exchange regulation law which will allow seeking info on assets and income of foreigners living in the country, the media reported.

The bill was passed by voice vote after Finance Minister Abdul Muhith tabled it in the House on Sunday, bdnews24 reported.

He had placed the bill for passage in parliament in July.

The Foreign Exchange and Securities Regulation Act, aimed at monitoring foreign exchange and stock market transactions, was promulgated in 1947 and then amended in 1976 and 2003.

The new bill now gives Bangladesh Bank the power to seek detailed information about foreign currency holdings and investments in foreign securities from both Bangladesh nationals and foreigners residing in Bangladesh.

Foreigners can even be asked to provide details about their assets abroad.

Finance Minister Muhith said the amendment was aimed at making the law relevant to contemporary realities. He said an increase in foreign investments and expansion of international trade had necessitated the changes.

Without the amendments, Bangladesh would face trouble attracting foreign investments, he added.