CA seeks Singapore’s co-op to bring back laundered money

City Desk :

Chief Adviser Professor Muhammad Yunus on Sunday urged the Singapore authorities to help recover billions of dollars laundered from Bangladesh and help minimise the cost of migration from here.
The Chief Adviser made the call when Singapore’s High Commissioner to Bangladesh Derek Loh called on him at his Tejgaon office here.
“A lot of money was siphoned off from Bangladesh to many countries, including Singapore,” Prof Yunus told High Commissioner Loh as they spoke for about an hour.
“We need full cooperation from Singapore,” he said.
Derek Loh pledged to cooperate with Dhaka.
Prof Yunus also urged the island nation to work with Dhaka in its goal to significantly cut the cost of recruitment of workers from Bangladesh.
He said the interim government wants to bring down the cost of migration with a view to helping the country’s overseas workers remit more money to their families. “We can create a model structure with Singapore on reducing recruitment costs,” he said.
Derek Loh expressed Singapore’s desire to work with Bangladesh too, saying they want to remove rent seeking from the recruitment process.
He suggested that Bangladesh digitalises its overseas recruitment system, which will reduce the chances for the workers being exposed to human trafficking and exploitation.
They also discussed trade and investment cooperation, the foreign policy of the interim government, shipping, education, and healthcare of their respective peoples.
Prof Yunus said Bangladesh was now ready for business with the economy making a good recovery just three months after the dictatorship left it in shambles.
“It is a good time to do business here,” the chief adviser said.
Francis Chong, senior director of Singapore’s Ministry of Trade and Industry, who accompanied the envoy, said Bangladesh had proposed a Free Trade Agreement (FTA) with Singapore back in 2021.
A feasibility study has been completed on the proposed FTA, and both nations will now decide the scope of how to launch a free trade deal negotiation, he said.
Loh said Singapore would be happy to share its expertise on water treatment and waste energy management. He proposed collaboration between the food agencies of both countries.