Dhaka: The Transparency International Bangladesh (TIB) has voiced deep concern over the poor governance in the country's banking and other financial sectors and the increasing trend of money-laundering.

In a statement on Tuesday, the anti-graft body urged the government to announce a risk reduction policy in consultation with independent experts and implement it to bring transparency and ensure good governance in banking and financial sector.

"In the context of recent information that money is being siphoned off the country at alarming rate, the TIB expresses deep concerned over the Banking Division's interest to give approval to three institutions to invest abroad," said TIB executive director Dr Iftekharuzzaman.

He said no effective step has yet been taken to check 'digital hondi' to increase the country's remittance inflow since illegal exchange of money is on the rise through misuse of mobile banking.

The TIB chief observed that recently the government has taken a move to amend Bank Company Act bringing the private banking sector under family control which may put the banking sector at risk of being uncontrolled and guardian-less.

"The money general people deposit in banks are at risk due to misuse of power, loan scams, forgery and corruption in banking sector," he said.

TIB thinks that if the private business institutions are allowed to invest abroad in absence of legal and policy instruments and examination it will increase risk of money-laundering.

Iftekhar urged the government to form an expert committee in this regard and go ahead as per the advice of this committee.