Govt takes tough stance on money laundering
Staff Reporter :
Finance Adviser Salehuddin Ahmed on Wednesday directed officials to act decisively in the fight against money laundering, emphasising the need to repatriate laundered funds from abroad.
“There is nothing to fear if they work in the interest of the country and its people by adhering to laws and regulations,” Salehuddin stated following a meeting of the National Coordinating Committee on Prevention of Money Laundering, held at the Secretariat.
This marked the committee’s first meeting in nearly two years. Bangladesh Bank Governor Ahsan H Mansur and senior officials from various agencies were in attendance.
Addressing the media after the meeting, the finance adviser stressed the government’s commitment to tracking and recovering smuggled money.
“We will identify where and how the money has been laundered, and we will strive to bring it back from overseas. Of course, this involves complexities related to international relations and legal frameworks, which were discussed during today’s meeting.”
On the same day, Bangladesh Bank Governor Ahsan H Mansur held a press conference at the central bank, where he vowed to take strong action against those responsible for money laundering during the previous Awami League government’s tenure.
“Even if we fail to recover the stolen funds, we will take all necessary legal steps to ensure that the launderers are constantly pursued,” Ahsan said.
“The launderers won’t be allowed to sleep in peace,” Ahsan warned, noting that money laundering over the past 15 years is a major factor contributing to the current crisis in the banking sector.
Speaking on his first day in office, the newly appointed governor pointed to the involvement of some Bangladesh Bank officials, both current and recently resigned, in supporting laundering activities and other financial irregularities. He vowed that all individuals responsible for such crimes would face legal consequences.
Mansur also identified inflation as the primary challenge facing monetary policymakers and committed to implementing measures aimed at gradually reducing consumer prices. The governor further lamented that allegations have been raised against one or two recent heads of Bangladesh Bank, calling it a sad development as the institution previously enjoyed a strong reputation.
According to a report by US-based think tank Global Financial Integrity (GFI), nearly $150 billion, equivalent to approximately Tk 17.6 lakh crore, was syphoned out of Bangladesh during the 15-year rule of the Awami League. This figure is more than double the amount of the current national budget of Tk 7.97 lakh crore, the largest budget ever in the country’s history.
The report attributes the bulk of the stolen funds to large loans taken from banks by politically influential individuals and businesses.
The perpetrators are said to include politicians, businessmen, bureaucrats, police officers, and senior officials from banks, non-banking financial institutions (NBFIs), and insurance companies. In some cases, even mid-level officials were implicated.
Additionally, funds were reportedly stolen from various government projects through inflated costs and orchestrated budget overruns.