‘Lack of law enforcement helping money laundering crimes to rise’

Crimes related to money laundering are on the rise globally, owing to a lack of proper enforcement of relevant laws.

Corruption is also increasing in many countries as politics has become an investment sector for businessmen.

Experts said all these at an international press conference held on Sunday.

Kuwait Transparency Society (KTS) and Transparency International Bangladesh (TIB) jointly organised the conference titled "Role of Civil Society in Combating Organised Crime" virtually.

Delia Ferreira Rubio, president of the Transparency International (TI), presided over the event.

She said, "We have to find out the owners of corrupt companies and accounts to which money is being transferred, and the owners of those accounts to prevent money laundering and human trafficking."

She also underscored the need for finding out the beneficiaries by tracing the transactions of accounts engaged in money laundering.

The TI president further said corruption is no longer confined to only one country. It is rampant internationally. That is why crimes such as money laundering are taking place.

Delia Ferreira recommended a focus on the source of money, institutional structures and technology to prevent the crime.

Dr Iftekharuzzaman, executive director of the TIB, said the participation of businessmen in politics is rising over the year.

About 75 percent of parliamentarians were politicians after the liberation of Bangladesh, but over 62 percent of lawmakers are businessmen now, he added.

He also said businessmen have identified politics as a separate investment sector to make profits.

"Politics is also being concentrated to some families in order to retain influence," he said, adding there are many families where both the husband and the wife are lawmakers.

Iftekharuzzaman referred to lawmaker Kazi Papul arrested in Kuwait in this regard, who too made his wife a parliamentarian to strengthen his political position.

Assuring the Kuwaiti participants in the online meeting, he said the Criminal Investigation Department is looking into human trafficking and money laundering issues of Papul as well as the Anti-Corruption Commission is probing his illegal assets.

The Bangladesh prime minister also clarified that Papul would have no seat in Parliament if he were a citizen of Kuwait, Iftekharuzzaman said.

Saber Hossain Chowdhury, honorary president of the Inter-Parliamentary Union (IPU) and lawmaker in Bangladesh, said the world is facing a massive gap of resources to achieve sustainable development goals (SDGs) in time and the impact of Covid-19 has been worsening the situation.

Prevention of corruption and illicit outflow of money could help to meet the Covid-19 crisis and achieve SDGs, he said, emphasising taking proper initiatives in this regard.