Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has signed a deal with the Election Commission (EC) to utilize its voters' online database to ensure financial transparency and accountability.
The pact will help prevent money laundering, ambiguity in monetary transactions and opening several bank accounts with false information, chiefs of the two organizations said while signing the agreement at the EC secretariat in the capital Dhaka on Thursday.
Opening of fake bank accounts could be dealt with using the database, Chief Election Commissioner ATM Shamsul Huda said, adding that it will also help prevent the tendency to open several beneficiary owner (BO) accounts by an investor for trading shares on the stock market.
The Bangladesh Bank (BB) will be able to offer loans to real entrepreneurs using the database, BB Governor Atiur Rahman said, adding that the central bank can also prevent money laundering and ambiguity in financial transactions.
On Wednesday, the National Board of Revenue (NBR) and the Election Commission (EC) signed a similar agreement to share data of the national identity (NID) card holders and prevent tax evasion by crosschecking TIN (taxpayers’ identification number).
BBN/SSR/AD-27Jan12-12:20 pm (BST)