During the AL government, $12 to $15 billion is laundered annually

Between $12 billion and $15 billion has been siphoned out of the country every year for the past 15 years, said Iftekharuzzaman, executive director of Transparency International Bangladesh.

Iftekharuzzaman also gave a partial breakdown of the money laundered in a year. For example, of the $15 billion laundered, $3 billion was sent through misbilling by trade and foreign citizens working in the country.

In addition, $2.2 billion was laundered by various people as a large number of local workers became hostages of illegal money senders for illegal visas and work permits.

“But it will be a surprise if the interim government can get back even $100 million during its term. Even one cent returned will be a surprise.”

– Itekharuzzaman

Apart from the two sources, $7.5 billion is laundered through mobile financial services every year, he said yesterday at a seminar on money laundered and how to get the money back held at the office of the Economic Reporters’ Forum (ERF) in Dhaka is kept.

Regarding Bangladesh Bank Governor Ahsan H Mansur’s recent comment that tycoons linked to the former Sheikh Hasina government had siphoned off $17 billion from the banking sector during her rule, he said the total laundered amount was much would be higher, as $17 billion was taken away with direct help from the central bank.

The other forms of money laundering were not mentioned, said Iftekharuzzaman, who also heads the Anti-Corruption Reform Commission formed by the interim government last month.

Hundi was also used for money laundering and expats from Bangladesh also laundered money for buying assets abroad. Health care trips were also used for money laundering.

The BB, the Anti-Corruption Commission (ACC) and the Office of the Attorney General were used to facilitate money laundering.

He also criticized some countries that attract laundered money by introducing golden visas and second homes.

In Bangladesh, if a foreign citizen wants to buy a luxurious house in Gulshan in Dhaka, he or she will not be able to make the purchase.

But in many countries, governments will not question whether a Bangladeshi wants to buy a luxury apartment there.

“This is how a former Bangladeshi minister bought over 300 properties abroad and it is the tip of the iceberg – there are many such cases. It proves that besides the supply side, there is also a demand side in the form of countries like Bangladesh. Many countries have created opportunities for money launderers.”

While it is possible to recover the laundered money, it is extremely difficult and almost impossible, Iftekharuzzaman said.

Until Bangladesh makes law and signs agreements with other countries on returning the money, it will not be possible to retrieve the laundered money.

“France willingly returned the laundered money to some former French colonies in Africa because it believed French-speaking people would face financial problems. All countries will not be as proactive as France in returning the money.”

Singapore alone returned $9.3 million to Bangladesh in the Siemens case between 2007 and 2013 because the Singapore government cooperated.

A coordinated approach is needed between government agencies such as the ACC, the Criminal Investigation Department, the National Board of Revenue, the Attorney General and the Bangladesh Financial Intelligence Unit (BFIU) to recover the laundered money.

The government has started negotiations with a number of countries, such as the US, UK and EU, to bring back the stolen money.

“But it will be a surprise if the interim government can get back even $100 million during its term. Even one cent returned will be a surprise.”

Bangladesh will have to take measures to stop money laundering by implementing institutional reforms.

“It is expected that the next elected government will also follow the amended rules to discourage money laundering.”

The ACC did not take action against the senior cadres of the previous government, but after August 5, the same people are taking action against more than 200 powerful people, Iftekharuzzaman added.

Mostafa Kamal Majumder, editor of GreenWatch Dhaka, moderated the seminar jointly organized by the ERF and Sombhabonar Bangladesh.

Jasim Uddin Ahmad, former Vice Chancellor of Jahangirnagar University, ERF President Mohammad Refayet Ullah Mirdha and ERF Secretary General Abul Kashem also spoke.