Focus on reclaiming stolen wealth
The extent of corruption that occurred under the former Awami League regime is truly astonishing, and a recent example highlights this issue. According to Transparency International Bangladesh (TIB) Executive Director Dr Iftekharuzzaman, various incidents indicate that an estimated $12-15 billion has been laundered from Bangladesh annually, over the past 15 years. Although he admitted that finding the exact amount may be impossible—and many believe the total could be much higher—even this conservative estimate suggests that between $180 billion and $225 billion has been laundered out of the country during AL's tenure.
Of the $15 billion laundered, $3 billion was reportedly sent abroad through trade misinvoicing and by foreign citizens working in the country. Around $2.2 billion was laundered by unscrupulous manpower brokers who sent money abroad to secure visas and work permits for overseas jobseekers. Additionally, approximately $7.5 billion was laundered each year through mobile financial services, according to the TIB chief. What's even more worrying is the fact that the Bangladesh Bank, Anti-Corruption Commission, and the Office of the Attorney General allegedly used to facilitate the laundering of money.
For all latest news, follow The Daily Star's Google News channel. So, instead of these institutions working to prevent serious financial crimes, they actually ended up enabling them. This goes to show to what extent our various governance institutions were corrupted by the former regime. Further aiding these criminals were certain countries that, by introducing golden visas and second home options, made it easier to launder money. This is precisely how a former Bangladeshi minister was able to purchase over 300 properties abroad, which is suspected to be only the tip of the iceberg.
Although it may be possible to recover some of this laundered wealth, the complexity of the process makes it extremely challenging. And this is where we believe the interim government should urgently focus its efforts. Bangladesh should immediately enact a law and seek to sign agreements with other countries for the repatriation of the smuggled money. State agencies such as the ACC, the Criminal Investigation Department (CID), the National Board of Revenue (NBR), the attorney general, and the Bangladesh Financial Intelligence Unit (BFIU) should pursue a coordinated approach to achieve this goal.
Moreover, the government should immediately begin reforming these institutions to prevent future laundering of wealth. For example, the agencies currently working to retrieve the laundered wealth took absolutely no action against major launderers during AL rule. Therefore, going forward, these institutions must be strengthened and granted the independence needed to carry out this important work. And corrupt individuals who worked within these institutions should be held accountable for their inaction or illegal activities.
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