Collection of documents on money laundering & identification of the path of money laundering.
The government is very active to bring back the money laundered from the country. The central task force has already been reconstituted. Its head is Bangladesh Bank Governor Dr. Ahsan H. Mansur. The task force has also held two meetings. Its third meeting is scheduled for Sunday, according to central bank sources.
A perusal of the minutes of the task force meeting discloses that the interim government has approached international organisations for return of the laundered money, besides holding an internal probe. However, lack of information about the assets of the launderers was the biggest deterrent to returning those assets. As the government does not possess the actual information about the assets held in the names of the individuals or companies doing the laundering, no effective measures can be taken to recover them. Whereas, the countries where the money has been laundered do not want to return it.
According to experts, the process of returning money is quite difficult and arduous. At a seminar on November 2, Transparency International Bangladesh Executive Director Dr. Iftekharuzzaman said that other than banking channels, money was laundered from Bangladesh through invoice fraud, money sent by foreign workers working in the country, visa and immigration expenses, mobile financial services and hundi. “The laundered money can be brought back, but it is very difficult and almost impossible.
International experience also says that the process of recovering laundered money from any country in the world is a very complex and time-consuming matter. In the case of recovering laundered money, a developing country like Bangladesh faces an even more adverse situation. It will take at least five years to collect documents of money laundering, find out the course of the laundering and complete the legal process in Bangladesh and the country of laundered. And if the content and process are complex some case may take 15-20 years to be concluded.
Investment Corporation of Bangladesh (ICB) Chairman Economist Professor Abu Ahmed told our time, the government has the intention. But doubts are there that whether it will be able to bring back the laundered money. Because no country has been able to bring back the laundered money. However, efforts must be made to bring back the money. In most cases, success is not achieved. Because the countries where the money has gone do not want it to come back. Money is laundered from third world countries. But more has been laundered from our country. Those who have not paid back the money on bank loans, have taken bribes and have done contracting; they are the ones who have mainly laundered this money. The current government has largely stopped money laundering. Due to which the reserves have increased.
It is known that during the fascist Hasina Awami League government, 234 billion dollars were laundered abroad between 2009 and 2023. The current market rate is 120 taka per dollar, which amounts to 28 lakh crore taka. On average, 1 lakh 80 thousand crore taka has been laundered every year. This amount of money has been laundered by corrupt politicians, businessmen and raghavbowals of financial sector during the Awami League government’s tenure. This estimated picture of money laundering is presented by the white paper report on economy prepared by the interim government.
On the other hand, while several international organizations like the World Bank, IMF, GFI, ADB have declared their aid to bring back the laundered money, in real life, it has not practically materialized in this regard.
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