Harunur Rashid :
The Anti-Discrimination Students Movement has opened the door to reform many areas of our country and build a corruption-free Bangladesh.
Originally aimed at eliminating discrimination in government jobs, this student-led movement has garnered widespread support from the public, who have rallied to address discrimination and corruption embedded in every aspect of daily life.
Corruption acts as a double-edged sword. On one side, it increases the cost of obtaining services, which in turn drives up the price of goods. On the other side, it diverts money away from the banking system, exacerbating the situation further.
Ultimately, this results in a widening gap between the rich and the poor, creating a deeply unequal society.
The new interim government now has a unique opportunity to build a nation free from corruption and to promote equality by eradicating discrimination. Here are a few proposals to help realize this vision of a just society.
Cease money earned through corruption
To effectively combat corruption, several strategic steps should be taken. First, a ceiling should be imposed on cash withdrawals from personal accounts, whether current or savings, until further notice.
Additionally, encashment of bank deposits, including fixed deposits, savings certificates, and other savings instruments, should be temporarily halted, while transactions through cheques continue as usual.
Next, an Ombudsman should be appointed to scrutinize the legality of funds held in bank accounts.
Upon appointment, the Ombudsman’s Office should announce that the cash withdrawal limit aims to target corruption money specifically. The announcement should also set a timeline for corrupt individuals to return illicit funds to the government, warning that any such money discovered after the deadline will be confiscated and penalized.
The Ombudsman’s Office should be composed of experts from financial institutions, legal firms, and relevant sectors, with the authority to independently investigate suspicious accounts. A threshold, such as fifty lakh or one crore, should be established for scrutinizing the legality of cash or savings, with other accounts being released but keeping the initial cash withdrawal limits in place.
Once these steps are implemented, public confidence in the banking system will be restored, reducing panic withdrawals. However, those with illegal funds may attempt to gradually withdraw their money to stay within legal limits.
The Ombudsman should monitor such activities through the central bank and block transactions in suspicious accounts.
It’s crucial to recognize that corrupt individuals often hide illicit funds in the accounts of family members or relatives. Corruption is not limited to government officials but is also prevalent in the private sector.
If all corrupt funds are not identified and confiscated, efforts to eliminate corruption will fail. Allowing individuals to enjoy wealth gained through corruption undermines future anti-corruption efforts.
Therefore, all assets acquired through corruption, whether cash, savings, securities, or other resources, must be confiscated by the state. The Ombudsman, with their independence and expertise, is best suited to achieve this objective, given that anti-corruption officials themselves may be compromised.
Cancelation of thousand taka notes
While the Ombudsman Office scrutinizes bank accounts and seizes illicit funds, the government should initiate measures to bring corruption-earned money into the banking system.
One effective approach is to declare a deadline after which thousand-taka notes will be withdrawn from circulation and can no longer be used for transactions. The government should also mandate that these notes cannot be exchanged for smaller denominations at banks; instead, they must be deposited into bank accounts.
To facilitate this, individuals without bank accounts should be allowed to open one free of charge to deposit their thousand-taka notes. This strategy will help funnel illegal money back into the banking system. Simultaneously, the central bank should ensure the availability of smaller denominations to maintain smooth money circulation.
Given that corruption-earned money is often stored in larger denominations, the central bank can assess the amount of unretrieved thousand-taka notes after the deadline. If the amount is within a reasonable limit, the central bank could write it off. However, if the value is significant, the central bank might seek government approval to allow a brief window for exchanging these notes, ensuring maximum retrieval.
These proposals should be synchronized to effectively target corruption while integrating uncirculated money into the banking system. For instance, restrictions on accounts exceeding a defined limit should be imposed after the deadline for depositing thousand-taka notes. Similarly, cash withdrawals should be issued in smaller denominations, excluding thousand-taka notes.
Confiscating of assets owned through corruption earned money
If the two proposals are successfully implemented, the Ombudsman Office will be able to identify numerous accounts used for transactions involving corruption-earned money. The next step should involve the National Board of Revenue (NBR) in scrutinizing these accounts to compare them with the respective income tax filings. Accounts showing significant discrepancies between declared income and available funds should be flagged.
At this stage, accounts with minimal deviations-say less than a crore-can be released. However, account holders with major discrepancies should be summoned to the Ombudsman Office to justify their cash and savings. Those who fail to provide justification should undergo further scrutiny to identify any assets linked to corruption. Any such assets should then be referred to the courts for confiscation in favor of the state.
Although this process is challenging, it is essential to achieving justice in society. Allowing corrupt individuals to retain their ill-gotten assets only encourages further corruption. Conversely, if corrupt persons are punished through asset confiscation, it will deter others from engaging in corruption, knowing they cannot enjoy the fruits of their wrongdoing. This approach will help eliminate discrimination and pave the way for a corruption-free country.
(The writer is a supply chain professional).
