Regulatory Alerts2016-12-20
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Release of foreign exchange against cost of agent services of legal process under The USA PATRIOT Act of 2001
Authorized Dealers in Bangladesh may remit funds to cover agent services costs for legal processes under The USA PATRIOT Act of 2001 without prior approval from Bangladesh Bank. This authorization requires Authorized Dealers to verify the genuineness and bonafides of requests through accepted agreements or proforma invoices and to deduct all applicable taxes before effecting the remittance.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular Letter No. 31 Date: December 20, 2016 Head offices/principal offices of all Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Release of foreign exchange against cost of agent services of legal process under The USA PATRIOT Act of 2001. Please refer to paragraph 34, chapter 10 of Guidelines for Foreign Exchange Transactions (GFET)-2009, Vol-1 in terms of which Authorized Dealers (ADs) may effect remittances towards settlement of dues to foreign banks of bank charges, cost of cables & other incidental charges arising in their normal course of the business without prior approval of Bangladesh Bank. 02. It is now clarified that ADs may within the purview of above mentioned authorization effect remittance towards cost of agent services of legal process under The USA PATRIOT Act of 2001 after satisfying themselves with the genuineness and bonafides of the requests through agreement/proforma invoice duly accepted and after deducting all applicable taxes. Please bring the contents of this circular to the notice of all concerned. Yours faithfully, (Md. Abdul Mannan) Deputy General Manager Phone: 9530319
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