Finance or Bank Law Experts in Bangladesh
Businesses in Bangladesh often requires finance and bank law experts in Bangladesh to assist in processing loan, opening bank accounts, obtaining legal advices in relation to banking and financial laws to operate in the financial market, conduct financial audits and so on. As it appears that banking and finance is one of the most significant pillars of any country. The strength lying in the valuation of the currency defines the ability of the economy to advance or regress. Banks hold the key to finance in any country and Bangladesh is no different.
The banking industry is still very much growing and evolving in contrast to a lot of other countries so is the demand for finance and bank law experts in Bangladesh. The Bangladesh Bank being the regulating authority of all banks and financial institutions in Bangladesh, has been taking major steps in the development of the banking sector through promptly reacting to the changes of the global finance through enacting new polices, guidelines and secondary legislations to meet the demand.
As it is a growing sector, the policies, rules and regulations are regularly being updated and this is the period where the general populous of the country and the investing sectors really require the extensive expertise of finance and bank law experts in Bangladesh. It is imperative that they understand the nature of the banking system before they invest or engage in a long term commitment in a bank other than your general everyday transactions. Banking lawyers can multiple roles some from the side of the bank and some from the side of the customers of the bank.
List of Banking and Financial Laws in Bangladesh
As a finance and bank laws experts in Bangladesh, one needs to give due adherence to the laws and provisions of the existing banking and financial laws in Bangladesh, the following provides an exhaustive list of acts and provision in Bangladesh:
- Bangladesh Bank Order 1972;
- Bank Company Act 1991
- Bank Company (Amendment) Act 2013
- Negotiatble Instrument Act 1881
- The Bankers’ Book Evidence Act 1891
- Foreign Exchange Regulations Act 1947
- Foreign Exchange Regulations (Amendment) Act 2015
- Financial Institutions Act 1993
- Financial Reporting Act 2015
- Money Loan Court Act 2003
- Money Laundering Prevention Act,2012
- Money Laundering Prevention (Amendment) Act, 2015
- Anti-terrorism Act, 2009
Working Method of a Finance and Bank Law Experts in Bangladesh
Let’s look at the side of the lawyers or bank law experts in Bangladesh working for the bank first.
Most banks have a group of in-house lawyers in Bangladesh, but in-house lawyers are not allowed to practice in the court so banks generally employ a group of panel lawyers who work for them for cases mostly involving in disputes arising out of loan defaults, Cheque Dishonour. Mortgages etc. Lawyers or legal experts who work directly for banks perform due diligences for the bank in all the big transactions. For example, the risk assessment of providing a loan to a business or making sure that all the documents provided by a customer are proper and up to date and in some case banking lawyers provide opinion to the bank on the legality of a transaction.
But most importantly, it is about disposing the cases where the bank is not able to contest cases against loans and mortgage defaulters. Banking lawyers or panel lawyers employed by the banks actually provide those services.
Need of Bank Law Experts in Bangladesh as an outside Council
In order to have a look at the other side of the coin i.e. the customers. Now, with banking becoming more complicated day by day, customers are in need of services from the banking lawyers more than ever. Firstly, lets consider the corporate needs. It involves the due diligence and risk assessments and ground work of working with different financial institutions and the better package the banks are willing to provide to a business. It is important to be able to portray the right images while also showing a strong legal backing to the banks so that the bank are not putting the customer at a contractual disadvantage. It is necessary as Bangladesh is a country which deals with high interest rates in the financial market and 1% of interest can make huge differences in bigger deals.
Another sector where banking lawyers or bank law experts work regularly these days is in the project financing business. As banking lawyers are usually working with banks they are usually aware of the kinks in the financing business and what the banks are looking for when they are financing a large project. A lot of foreign companies along with domestic companies avail this service from banking lawyers as they give the best advice with regards to the compliance of any projects with Bangladesh Bank rules and regulations and at the same time, what will be the best way to package a proposal to a bank for financing. However, this service is provided in Bangladesh by some of the top notch firms in the country and not all banking lawyers are able to avail these services.
FM Associates as Your Desired Finance and Bank Law Experts in Bangladesh
As an experienced bank law experts or banking lawyers in Bangladesh we provide different types of services. Such as
- Processing succession certificates through courts to obtain the funds from a deceased family member’s bank account.
- Drafting of Power of attorneys
- Drafting of mortgage deeds while availing a mortgage.
- Providing legal opinion on Banking laws in Bangladesh
- Legal vetting of the Loan Documents.
Lawyers or bank law experts look into the documents and often make sure that the customers are providing the most updated and proper documents to the bank and also make sure that no such deed is being signed from the side of the customer which is illegal or not in the proper form or forum.
We understand that the importance of Finance and Bank law experts are thus increasing as people are becoming more business intensive and availing services from banks on a regular basis. We as a team are adamant to provide the best advices when it comes to finance or bank law related matters.
A problem which persists in the Bangladeshi jurisdiction is that still few people are availing services of lawyers ahead of time to keep their investments and transactions safe, instead they choose to spend more on legal services when there is an issue. It is a practice which needs to change for the greater good.
Better safe than sorry.