‘Money laundering goes on because of a lack of political will’
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Thursday
February 02, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
THURSDAY, FEBRUARY 02, 2023
‘Money laundering goes on because of a lack of political will’

Bangladesh

Iftekharuzzaman
08 June, 2021, 05:35 pm
Last modified: 08 June, 2021, 05:47 pm

Related News

  • Governor admits trade-based money laundering
  • Legal process underway to bring home laundered money: Finance minister
  • Court orders repatriation of Sylvia Group chairman over loan default case
  • Chamber court for continuing money laundering probe into Sikder family
  • HC orders probe into money laundering allegations against Sikder family 

‘Money laundering goes on because of a lack of political will’

Iftekharuzzaman
08 June, 2021, 05:35 pm
Last modified: 08 June, 2021, 05:47 pm
Dr Iftekharuzzaman, Executive Director, Transparency International Bangladesh. Sketch: TBS
Dr Iftekharuzzaman, Executive Director, Transparency International Bangladesh. Sketch: TBS

According to Global Financial Integrity (GFI), around $5.9 billion was siphoned out of Bangladesh in 2015 and $9.11 billion was siphoned out in 2014. The number that GFI is referring is mostly the number that has been siphoned out through trade mis-invoicing. In Bangladesh, people who are involved in export and import business are doing this.

But this is not the only way to launder money. There are four other ways – traditional hundi for immigration or second home, salary transaction of foreign workers, expatriate workers and student expenses. Among these, mis-invoicing and traditional hundi are the most prominent methods used for money laundering.

Begum Para in Toronto, Canada or second home projects in Malaysia and Singapore are quite popular, and taking place through traditional hundi. In Malaysia, Bangladesh is the second largest customer of this project. After spending a certain amount of money, people get a passport, visa and permission to investment there. And in this procedure, no official document is needed.

Certainly, this is not something legal, because this huge amount of money cannot be siphoned out without the permission of Bangladesh Bank (BB). One cannot send more than $12,000 in a year, according to rules. But this is happening very frequently and people are successfully doing business and investing their money in places like Begum Para, Canada, and Malaysia. How does BB not notice it?

This has gone unnoticed because of the lack of political will. Money laundering is happening in every country and there are also international laws against this. So, it is quite possible to find and bring those guilty people under international law.

Bangladesh is a member of United Nations Convention against Corruption. Then, how difficult is it to find the list of money launderers? Why does the government have to ask for it from others? Do we have the access? Or do they have the access?

Obviously, them. We just need to ask for it from the relevant countries.

It is not like we have never brought someone under the law in Bangladesh. Look back to the year of 2007-08; did the caretaker government not make that happen?

If it was possible earlier, then it is possible again. What is stopping them from proceeding? According to the Money Laundering Prevention Act, 2002, a money launderer will face a punishment of 12 years' imprisonment; also the siphoned out money will be seized and exactly twice the siphoned out amount will be fined. Sadly, we do not see the implementation of this law now.

Do we remember the incident of Lakshmipur-2 independent MP Mohammad Shahid Islam alias Kazi Papul? In the money laundering case, he could deceive our government, but not the government of Kuwait. He is in a Kuwaiti jail now.

Also, a few people are saying that we need offices of Anti-Corruption Commission in Canada, Malaysia or Singapore to observe the activities closely. I do not agree with this. Rather, it will increase corruption in a different way, I believe. Government needs to take proper action using the existing law.

In the money launderers list, government officials can be found as well. They are visiting these places for the sake of treatment and education, and later settling down. But in places like Begum Para, there are other people too who are earning their livelihood honestly and asking the Canadian government to ban the money launderers in Toronto. I do not find their demand illogical because no one who does illegal work and bring disrepute to our country should be appreciated.

Top News

Money laundering / political will

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Song of the farmers as boro begins
    Song of the farmers as boro begins
  • Country's external position improves as trade deficit narrows by 21% in H1 FY23
    Country's external position improves as trade deficit narrows by 21% in H1 FY23
  • Infograph: TBS
    Remittance inflow increases 15% in January

MOST VIEWED

  • Bapex calls candidates for job test 9 years after advert!
    Bapex calls candidates for job test 9 years after advert!
  • Photo: Saqlain Rizve
    Bangladeshi university students identified as problematic users of Facebook, internet: Study
  • Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
    Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
  • Photo: TBS
    Basecamp launched at Foy’s Lake in Ctg
  • Dhaka isn't safe after midnight: DMP 
    Dhaka isn't safe after midnight: DMP 
  • Picture: Collected
    US Embassy condemns recent incidents of visa fraud

Related News

  • Governor admits trade-based money laundering
  • Legal process underway to bring home laundered money: Finance minister
  • Court orders repatriation of Sylvia Group chairman over loan default case
  • Chamber court for continuing money laundering probe into Sikder family
  • HC orders probe into money laundering allegations against Sikder family 

Features

An elderly couple's lonely battle to save Dhaka's trees

An elderly couple's lonely battle to save Dhaka's trees

21h | Panorama
Infographic: TBS

How to redirect inward remittances to formal channels

23h | Panorama
Photo: Bloomberg

How the 'madoffs of Manhattan' can unravel Gautam Adani's empire

22h | Panorama
Photo: Collected

Tips to incorporate sustainable construction

1d | Habitat

More Videos from TBS

Is Hathurusingha the most successful coach of Bangladesh?

Is Hathurusingha the most successful coach of Bangladesh?

12h | TBS SPORTS
Semiconductor, pharma should get more attention

Semiconductor, pharma should get more attention

14h | TBS Round Table
Dhali Al Mamun’s art depicts colonial impact

Dhali Al Mamun’s art depicts colonial impact

13h | TBS Stories
Jewel's humanitarian store

Jewel's humanitarian store

11h | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Photo: Collected
Energy

8 Ctg power plants out of production

3
Photo: Saqlain Rizve
Bangladesh

Bangladeshi university students identified as problematic users of Facebook, internet: Study

4
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

5
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

6
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]