Saturday | 11 January 2025 | Reg No- 06
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Saturday | 11 January 2025 | Epaper

Government must focus on bringing back laundered money 

Published : Monday, 23 September, 2024 at 12:00 AM  Count : 504
MD Asadullah Al Mahmud
Bangladesh today faces a new reality. The end of a 15-year-long undemocratic regime has brought the country's economic crisis into sharp focus. The downfall of the Hasina government on August 5 has left the country grappling with widespread past corruption, media suppression, and institutional decay. One of the most pressing issues now is the recovery of massive amounts of money laundered abroad by influential figures during this time. Repatriating this wealth is essential to reviving the economy, strengthening foreign reserves, and restoring public trust in the country's governance.

Various reports indicate that significant sums of money have been funneled out of Bangladesh by corrupt individuals. Qatar-based Al Jazeera recently revealed that a former land minister smuggled Tk 8,000 crore abroad. In another case, Nafisa Kamal, daughter of a former finance minister, is alleged to have laundered Tk 800 crore. Salman F Rahman, a prominent businessman and political figure, has also been linked to laundering thousands of crores. Additionally, the S Alam Group is under scrutiny, both domestically and internationally, with Singapore's financial intelligence agency investigating its massive overseas assets.

The scale of this looting has been devastating for the Bangladeshi economy. Foreign reserves are rapidly depleting, foreign debt is at an all-time high, and the country's financial stability is under severe threat. Recovering these laundered funds is not only a matter of economic necessity but also of justice. It represents the stolen wealth of the Bangladeshi people, and its return is crucial for rebuilding a stable and transparent financial system.

International cooperation will be vital in retrieving this money. Bangladesh must work closely with global organizations like the United Nations Office on Drugs and Crime (UNODC), the International Monetary Fund (IMF), the World Bank, and the Financial Action Task Force (FATF). These institutions can help trace illicit financial flows and identify hidden assets. Additionally, the United Nations Convention against Corruption (UNCAC) offers a legal framework for asset recovery through international cooperation. Bangladesh should leverage this agreement to secure support from foreign governments in tracing and repatriating laundered money.

Bilateral relations with countries where much of this wealth is suspected to be hidden, such as Singapore and Malaysia, must be strengthened. Collaborative agreements can enhance the flow of financial intelligence, while legal frameworks can help facilitate the swift recovery of stolen assets. Singapore's ongoing investigation into the S Alam Group's overseas holdings is an encouraging sign, but Bangladesh must continue to push for similar actions in other jurisdictions.

However, international efforts alone will not be enough. Bangladesh must also address its own internal weaknesses. For years, political interference and a lack of professionalism have eroded the country's law enforcement and judiciary. This has allowed corruption to thrive, with little fear of prosecution or accountability. If the country is to bring back laundered money, it must first restore the integrity of these institutions.
The new government's first priority should be to depoliticize and professionalize the judiciary and law enforcement agencies. Without independent and effective institutions, efforts to combat corruption will be futile. Moreover, restoring confidence in these agencies is essential not just for asset recovery but also for reassuring both domestic and foreign investors that Bangladesh is serious about reform.

In addition to reforming existing institutions, the government should establish an independent and empowered Anti-Corruption Commission (ACC). This body would be responsible for investigating high-profile cases of corruption, particularly those involving political elites. The ACC must operate transparently, regularly updating the public on the progress of its investigations and actions. Transparency is key to ensuring that public trust is maintained and that international partners are willing to assist in the repatriation process.

To further enhance accountability, the government should form a specialized commission dedicated solely to recovering laundered money. This commission's role would be to identify the total amount of money that has been siphoned off, determine the sources of those funds, and create strategies for their repatriation. Regular reports should be made public to ensure that the process is transparent and that citizens can hold the government accountable for its efforts.

While recovering laundered money will provide a significant boost to Bangladesh's foreign reserves, it is not a cure-all for the country's broader economic troubles. Bangladesh must also address deeper structural issues within its economy. The banking sector, in particular, has been severely affected by corruption and mismanagement. Restoring trust in the sector is essential to attracting both domestic and foreign investment, which will be necessary for long-term economic growth.

The government must implement strict oversight measures to prevent fraud and looting in the banking sector, ensuring that future incidents of money laundering and corruption are minimized. This will also help restore investor confidence, which has been badly shaken by the financial mismanagement of recent years.

The role of the media in this process cannot be understated. Over the last 15 years, press freedom in Bangladesh has been severely restricted, preventing the public from accessing accurate information about corruption and economic mismanagement. For any effort to recover laundered money to succeed, there must be a free and independent press that can hold both the government and private sector accountable. The new government must prioritize restoring press freedom, as a transparent media will ensure that the recovery process remains in the public eye and free from political manipulation.

Repatriating laundered money is a challenging and time-consuming task, but the rewards are immense. Not only will it provide much-needed foreign exchange reserves, but it will also send a powerful message that Bangladesh is committed to rooting out corruption and restoring transparency to its governance.

Ultimately, the process of recovering laundered funds and restructuring the country's economy will require a coordinated effort between the government, international partners, and domestic institutions. While the road ahead may be difficult, the potential benefits are immense. By bringing back stolen wealth, Bangladesh can take a crucial step toward economic recovery, social justice, and a more transparent, accountable future.

The writer is an entrepreneur


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