Transparency and Accountability Essential to Restore Confidence in Financial Sector: Finance Minister

Finance Minister Amir Khasru Mahmud Chowdhury has emphasized the need to ensure transparency, accountability, and institutional integrity to rebuild public confidence in Bangladesh’s financial sector.

He said restoring trust in financial governance and the country’s financial reporting system is now one of the biggest challenges facing the economy.

The minister made the remarks today while addressing the “Financial Accounting and Reporting (FAR) Summit-2026” as the chief guest at Hotel Sonargaon in Dhaka.

The summit, titled “Trustworthy Financial Reporting: What Really Matters,” was organized by the Financial Reporting Council (FRC) with support from the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

The Finance Minister said many regulatory and oversight institutions had become ineffective over time, resulting in serious weaknesses in auditing, financial reporting, and monitoring systems.

He noted that years of poor governance had weakened several key institutions, leaving the country’s economy at a critical crossroads.

Expressing concern over the lack of financial discipline in the banking and capital markets, he said many companies entered the stock market using misleading financial statements and false information, discouraging genuinely strong companies from participating in a fair, competitive environment.

Highlighting the importance of proper asset valuation and market-based pricing, the minister said existing weaknesses had created significant capital shortages in both banks and the private sector.

He also blamed loan defaults, money laundering, and collusion between bank owners and management for the ongoing crisis.

“Although banks operate with depositors’ money, they have long been run as privately owned entities,” he said, adding that such conflicts of interest must be eliminated to restore discipline and public trust in the financial sector.

Calling for stronger professional accountability, the minister urged ICAB and ICMAB members to ensure strict self-regulation. He said accountants themselves must take primary responsibility for maintaining the quality and credibility of financial reporting.

Referring to growing international interest in Bangladesh’s economy, the Finance Minister said several major investment firms, including JPMorgan Chase and companies based in London and Hong Kong, had expressed interest in investing in Bangladesh.

However, he warned that attracting foreign investment would not be possible without ensuring the credibility of audited financial reports and compliance with international accounting standards.

“If investors believe financial statements are not reliable, everything ends there,” he said.

The minister also reiterated the government’s commitment to continuing reforms in the banking and capital markets while urging all stakeholders to work towards building a sustainable and professional economic system.

Prime Minister’s Adviser on Finance and Planning Professor Rashed Al Mahmud Titumir attended the summit as a special guest, while Finance Secretary Dr. Md. Khairuzzaman Mozumder chaired the event.

FRC Chairman Dr. Md. Sazzad Hossain Bhuiyan presented the keynote paper. Senior government officials, accountants, auditors, valuers, actuaries, and business leaders also participated in the conference.