BANGLADESH ranked 51st among 145 developing nations in the money siphoning list, according to the latest study of Global Financial Integrity released on Monday, as reported in an English daily. That is, the country is loosing money progressively with each passing year. A worrisome large amount has been drained off from the country at an average of $1.31 billion per year between 2003 and 2012. The GFI said, this huge sum has been funneled out of the country through misinvoicing; every single dollar that passed across the boundary reflects corruption, malpractice and irregularities. Experts attributed political indulgence in all the economic institutions, which ignited this illegal money outflow during the last couple of years.
The study – Illicit Financial Flows from Developing Countries: 2003-2012 – revealed that only in 2012, the illicit amount of money flown out stood at $1.78 billion. In 2011, the figure was $593 million. Among the South Asian nations, India ranked 4th, Nepal 68th, Myanmar 72nd, Afghanistan 104th, Sri Lanka 105th, Pakistan 111th, the Maldives 123rd and Bhutan 131st. The data used to formulate the study were based on International Monetary Fund, the World Bank, the UN COMTRADE, the US Department of Commerce and the European Statistics. The figures were identified through discrepancies in balance of payments data and direction of trade statistics, as reported to the IMF, to detect flows of capital that are illegally earned, transferred, and/or utilised.
According to two other reports, Bangladesh ranked second among top 10 countries of migrants in 2014 under “Malaysia My Second Home Program.” It was third among the top 10 countries of migrants under the project in 2012. A staggering amount of Tk 60 billion was laundered to Malaysia for purchasing property while Tk 40 billion was laundered for business or other investment from Bangladesh.
As per ‘Foreign Currency Control Act”, it is illegal to remit such big amounts abroad. The other report said, deposits by Bangladeshi citizens at various Swiss banks rose by 62 percent year-on-year in 2013. Again, it just gives the amount of our black money kept abroad.
Only considering these two 2nd home projects in Malaysia and deposits in Swiss Banks, experts said most of the amount has been siphoned mainly due to relatively easy ways to transfer ill-earned money of the political leaders, businessmen and bureaucrats.
As capital flights gradually swallow up the national productivity, decrease investment and lower employment, we advise the government to stop money outflow immediately. Corrupt elements in the government must be brought to book who use the unethical banking channel to keep money safe abroad. Businessmen and the bureaucrats turned politicians in the party in power always seen more active in getting away with their illegally earned cash.
