Most of the money laundered was through the banking channel through false declarations of imports!

Most of the money laundered was through the banking channel through false declarations in the name of imports. After such a claim by the Bangladesh Institute of Bank Management (BIBM); businessmen are blaming the lack of monitoring and supervision of the central bank for this. Although Bangladesh Bank says that they are helpless against the cunning of dishonest businessmen. Meanwhile, economists see no alternative for Bangladesh Bank except to be strict in stopping money laundering. From 2009 to 2023, 234 billion dollars were laundered from the country in these 15 years. The White Paper Preparation Committee had reported this calculation of money laundering based on the Global Financial Integrity Reports-GFIRS and some specific assumptions. However, the Bangladesh Institute of Bank Management did not specify how the money was laundered, but this time it was reported. According to a study by them, most of the money was laundered through the banking channel through false declarations in the name of imports. More so in the clothing, consumer goods and energy sectors. Bangladesh Bank Deputy Governor Nurun Nahar said, ‘Those who launder money do it very cunningly. It cannot be caught with just guidelines. You have to be strategic for this.’ Claiming that the central bank lacked monitoring and supervision in import activities, traders said that transactions in other sectors like yarn and garments also need to be scrutinized strictly. Bangladesh Textile Mills Association (BTMA) Vice President Saleuth Zaman Khan said, ‘If Bangladesh Bank had properly fulfilled its responsibilities in the past, there would not have been so much money laundering. The government should pay more attention to transactions in other sectors like yarn and garments to reduce money laundering.’ Economists are urging the central bank to increase special surveillance on suspicious transactions to prevent money laundering and take action against those responsible without avoiding responsibility. Economist Dr. Mahfuz Kabir said, ‘We need to ensure that dollars do not leave the country illegally. Besides, they should admit that the central bank has failed in the past. In addition, the system or channel that has been created for money laundering must be stopped. Action must be taken against suspicious transactions. Otherwise, it will not be possible to prevent money laundering.’ Economic analysts also believe that it will not be possible to stop the country’s money laundering culture unless visible action is taken against those involved, including bureaucrats and politicians.