Every year, 12 to 15 billion dollars have been laundered from Bangladesh over the past fifteen years: TIB

DHAKA, November 2, 2024 (BSS) – Dr. Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), today said Bangladesh has lost $12 to $15 billion annually due to money laundering during the immediate Awami League-led government.

“Money launderers must face the consequences, and anti-money laundering agencies must be made responsible to prevent future incidents,” he said.

Iftekharuzzaman said this while addressing a seminar titled ‘Odious Debt & Recovery of Bangladesh’s Laundered Wealth’ organized by Economic Reporters’ Forum (ERF) and Sombabonar Bangladesh at the ERF Auditorium in the city.

Reflecting on the recent efforts of Bangladesh Bank (BB) and the Bangladesh Financial Intelligence Unit (BFIU), Dr Iftekharuzzaman said these institutions were accused in previous years of overlooking money laundering activities under autocratic influence.

However, he acknowledged that the central bank has now stepped up efforts to tackle money laundering and recover laundered funds.

“But this must be turned into a sustainable system for the future,” he added.

Dr. Iftekharuzzaman also pointed to the conditional requirements imposed by the International Monetary Fund (IMF) to restrict lending to fictitious companies, but criticized the lack of action.

He said Islami and other banks had allegedly lost money to paper-based companies through fraudulent schemes – a practice, he noted, that Bangladesh Bank has since acknowledged.

Meanwhile, many legitimate businesses that meet all the requirements are struggling to obtain loans.

The keynote paper of the seminar was presented by Anisuzzaman Chowdhury, Professor Emeritus at Western Sydney University, Australia.

Other speakers included Professor Jasim Uddin Ahmed, former Vice Chancellor, and Nayem Chowdhury, economist and founder of Astra Gattaca Oppenheimer in the US.