No step has been taken as yet to crack down on money
launderers, and no progress has been made either to recover the siphoned-off
money.
Although Bangladesh Financial Intelligence Unit (BFIU) unearthed a number of
money laundering incidents, there has been no progress in addressing the
matter so far.
The Anti
Corruption Commission (ACC) has not recovered any money after it recovering the
Tk200 million (20 crore) laundered by late Arafat Rahman Koko, younger son of
Bangladesh Nationalist Party (BNP) chairperson Khaleda Zia in 2013.
Activities
on recovering laundered money are on hold.
In his
budget speech of 2016-17, finance minister Abul Maal Abdul Muhith told the
parliament that money laundering had become a global phenomenon.
The
National Board of Revenue (NBR) was to create an independent unit to tackle
illicit financial flows.
Although
money laundering increases, NBR is yet to create it.
Muhith
recently criticised the media reports on the money laundering by Bangladeshis
to Swiss banks.
The
finance minister in the parliament said business transactions between
Bangladesh and Switzerland had increased significantly, which is in no way money
laundering.
Muhith
also admitted, however, that a certain amount of money is siphoned
off.
According
to the annual report of the Swiss National Bank in 2016, Tk55.60 billion (5560
crore) from Bangladesh was deposited in Swiss banks. It was Tk46.27 billion
(4627) in 2015.
In the
parliament, Muhith revealed a report prepared by Bangladesh Bank and BFIU.
According
to the report, 93 per cent of the money from Bangladeshi banks was deposited in
the Swiss banks, which amounts to Tk 51.60 billion (5160 crore).
Only
Tk3.99 billion (399 crore) was deposited by individual Bangladeshis.
However,
the import-export data shows Bangladesh paid Tk36.87 billion (3687 crore) to
Switzerland for import purposes in 2016.
Bangladesh
earned Tk10.22 billion (1022 crore) through export to Switzerland during the
period.
So
deposits of Bangladeshi banks in Swiss banks do not tally with the
export-import records.
The head
of BB intelligence unit and one of the deputy governors Abu Hena Mohammad Razi
Hassan said many expatriate Bangladeshis also do business, their deposits were
shown in the annual report of Swiss National Bank.
Speaking
to Prothom Alo, former BB governor Salehuddin Ahmed said the trade between
Bangladesh and Switzerland is not large.
BB should
find out who are depositing money in the Swiss banks, he suggested.
According
to Global Financial Integrity (GFI), a Washington-based research and advisory
organization, Tk728.72 billion (72872 crore) was siphoned off from Bangladesh
in 2014.
A lion’s
share of the amount was laundered, hiding the real figures during export and
import.
The
activities of BFIU were questioned as it did not take any step to tackle money
laundering. The unit could not find the deposits of individual Bangladeshis in
Swiss banks.
Speaking
to Prothom Alo, Abu Hena Mohammad Razi Hassan claimed the deposits of
Bangladeshis in Swiss banks were decreasing. Most of the money was deposited
through banking channels, he defended.
He,
however, he admitted BFUI failed to find out who deposited money in Swiss
banks.
About the
GFI report, Hassan said, "We do not agree with their report. After
investigation of money laundering cases, we are sending reports to ACC which
will bring back the money".
According
to BB, there is no study as to how many ways the money is siphoned off in name
of trade.
The
central bank has started working on it.
A
committee headed by general manager of the financial stability department of BB
Kabir Ahmed has been formed. The committee will formulate a policy to tackle
money laundering after carrying out a study.
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