Dhaka, Jan. 27 -- Business leaders have voiced strong opposition to the commerce ministry's proposal to remove the requirement for chamber-or trade-association membership certificates when issuing or renewing import registration certificates (IRCs), warning that the move could heighten the risk of fraudulent trade and weaken the existing compliance safeguards.

They argue that without mandatory membership, unscrupulous traders could more easily obtain IRCs, opening the door to non-compliance, deception, money laundering, and trade-based financial crimes, such as over- and under-invoicing.

Besides, they fear the decision could undermine trade bodies themselves as a decline in membership will threaten the financial sustainability of chambe...