Money talks, bribes walk

In a small Bangladeshi town, a politician sought advice from his lawyer friend after making a questionable move. The politician had run afoul of the law and was on the brink of a scandal. The lawyer warned him that bribing the local judge -- renowned for his incorruptibility -- would never work. Still, the politician half-jokingly suggested, "What if I send a gold bar to the judge as a gift?" The lawyer laughed, certain that no bribe could distort the judge. Months later, the politician returned, grinning. Perplexed, the lawyer asked how he managed to win. With a sly smile, the politician replied, "I sent the gold bar in my opponent's name!" One can only wish our politicians channelled that cleverness for the people's betterment.

Bangladesh historically ranks low on Transparency International's Corruption Perceptions Index, highlighting widespread corruption. Reports consistently identify police, customs, judiciary, local government, education, healthcare, and public procurement as problematic areas. While institutions like the Anti-Corruption Commission strive for change, significant challenges remain as ACC is assumed to have similar syndromes.

Since the interim government took charge, there have been many discussions in various forums, even with big corporations. Fortunately, no one pointed a finger at our top advisors. Meanwhile, bribery elsewhere remains rampant, only now sporting a colourful new look. Corruption has not improved; it's merely been rebranded with a dash of innovation.

A recent event left us all wide-eyed -- a whopping Tk 730 crore was ingeniously flipped from black to white money by a prominent group! Their explanation? Hard to swallow. Picture a government bureaucrat drowning in unregistered real estate cash, desperate to offload it, while a banker wonders how a bank CEO could own an apartment worth Tk 26 crore. Bribery is not just an office affair; it's moved to third-party venues where a mediator seals the deal. And when questioned about the skyrocketing rates, they casually dropped a "high risk, high return" mantra. Their newfound knowledge might soon put financial consultants out of a job!

Globally, bribery schemes have grown more sophisticated. In Brazil's Operation Car Wash, illicit payments were funnelled through shell companies and offshore accounts to disguise bribes as legitimate transactions. The 1MDB scandal in Malaysia revealed bribes masked within complex financial instruments and cross-border transfers. In Eastern Europe, some bribes are hidden within routine business expenses or processed through digital methods and cryptocurrencies, making them harder to detect. These cases show that bribery tactics are evolving alongside modern financial systems, posing significant challenges for regulators and law enforcement worldwide.

Bribery has far-reaching consequences for an economy like Bangladesh's. It distorts resource allocation and undermines fair competition, leading to inefficient use of public funds. This, in turn, hampers service delivery and infrastructure development. Investors often shy away from corrupt environments, reducing foreign direct investment and slowing economic growth. Furthermore, bribery deepens social inequality, as those with means can secure preferential treatment, while honest individuals and businesses face undue hurdles. Overall, bribery weakens institutional trust, increases the cost of doing business, and stifles sustainable economic development.

Singapore is widely cited as a role model for eradicating bribery and corruption. The city-state's success stems from strict anti-corruption laws, an independent and empowered anti-corruption agency, rigorous enforcement, and a culture of transparency. By implementing severe penalties for corrupt practices and promoting transparent, accountable governance, Singapore has minimised bribery in both the public and private sectors. Another recent example is Rwanda, with its robust anti-corruption measures -- featuring independent oversight, strict penalties, and transparency.

Robust anti-corruption measures -- like those in Singapore and Rwanda -- offer a beacon of hope. By embracing transparency and accountability, Bangladesh can eliminate bribery, ignite sustainable growth, and secure a brighter future. With immense public expectations on the interim government, it's truly now or never!

The author is the president of the Institute of Cost and Management Accountants of Bangladesh and founder of BuildCon Consultancies Ltd