Transparency International Bangladesh (TIB) has expressed deep concern over growing illicit flight of money out of the country and urged the government to take advantage of the relevant national and international legal instruments to bring back the stolen money.
It also called upon the government to bring to justice those involved in this money-laundering crime, said TIB Executive Director Dr. Iftekharuzzaman in a statement here on Saturday.
This anti-crime watchdog also urged the governments of host countries to cooperate in sending the stolen black money and strengthen their legal and financial structures to stop hosting corrupt money. Referring to recent disclosures by credible sources like the Swiss banking authority and UNDP, the TIB chief said the illicit flight of capital has reached alarming level, costing as high as 30 percent of GDP.
He said, the rate of illegal outflow of capital from Bangladesh has allegedly become higher than that of any other country, which is a matter of deep disappointment and embarrassment.
Lauding the statement of the Prime Minister’s announcement on June 27 that that her government would bring the money back, Dr Iftekhar said this is the time to arrest this ominous trend.
“We are encouraged by the Prime Minister’s announcement given the necessary political will, it is in fact in the capacity of the government and relevant agencies of the government to repatriate stolen assets and prevent further outflow by ensuring exemplary punishment to those found guilty of this crime,” he added.
The statement urged the government to immediately arrange Mutual Legal Assistance (MLA) with the Swiss and other governments of host countries of corrupt money so that stolen assets can be brought back.
Bangladesh, as a State Party to the UN Convention against Corruption (UNCAC), can secure legal and technical cooperation and support from other State Parties of the Convention. And the recent repatriation of corrupt money from Singapore is an example, added the statement.
“We call upon the Bangladesh Bank, Anti-corruption Commission, National Board of Revenue and the Attorney General’s office to launch a coordinated effort to take advantage of the opportunity created by Bangladesh’s membership of UNCAC and Egmont Group,” said the TIB chief.
He said the primary responsibility for such international corruption does lie in the systemic weaknesses and governance deficit in Bangladesh. “Enforcement of laws, effective monitoring and accountability at the supply side through highest level of political commitment without fear or favour are indispensable,” he added.
“We are also deeply concerned that a welcoming environment for laundered money in the capital markets of the recipient economies remains no less an offender”, Dr. Iftekhar said, adding that some countries like Switzerland have recently become more proactive than before in facilitating repatriation of stolen money to the countries of origin, which may be helpful for Bangladesh.
