THE Finance Minister on Sunday admitted that it is very difficult to trace those who are involved in money laundering. He said, everyone knows that capital is being siphoned off abroad, but, shrugging off the failure to limited manpower, he said that he does not know how to find out if someone has assets overseas. The Finance Minister was speaking at a pre-budget meeting with chairmen of different parliamentary standing committees.
The FM said many have houses in Malaysia or posh apartments in Dubai, “But how do you detect that? He said that despite the efforts of intelligence agencies, NBR, Bangladesh Bank, police he doesn’t know how to catch the money launderers.
The biggest proof of money laundering is that national savings are more than investments. Currently, investment stands at 26 per cent of the GDP (Gross Domestic Product) while savings account for 29 percent. Then where are the rest 3%? This cannot disappear to thin air.
On the other hand, banks, non-banking financial institutions (NBFIs), capital market intermediaries, money changers, insurance companies, NGOs, government and semi-government and autonomous bodies, RAB, BGB, passport and immigration officials are the reporting agencies who are supposed to keep a watch on the ex-country movements of money. But some of the officials of these agencies are reportedly directly involved in money laundering.
High-ups in some bank managements are involved in money laundering. But the mid-level officers of those banks owned by businessmen-turned politicians are being used as scapegoats while the top management remain behind the scene. This has happened due to ignorance among the bankers about money laundering. Most of them don’t understand how money laundering is taking place. These same persons, not coincidentally, have strong links with the ruling regime.
We don’t buy the frivolous idea that preventing money laundering is difficult, especially, in this age of technological revolution in the finance sector. On the contrary, we have seen substantive news reports that the political elite close to the ruling party are siphoning off money due to the the tacit approval of government agencies. So there will be no halt in money laundering unless there is a clear political will and a distinction is made between business interests and political lobbying. As long as there will be impunity on the basis of political identity, crimes of this sort will continue and farcical comments from the top brass of the cabinet will not help to improve the situation.
The people in power are involved in big money laundering. It is understandable why the Finance Minister Mr. AMA Muhith finds it not safe to know about money laundering and foreign assets acquired through money laundering.
It is because of abundance of black money and as because the government itself has no popular support, this government is not in a position to stop money laundering. It is not of any use asking to find out how garment owners and corrupt politicians have become owners of properties in the hope of enjoying good life abroad when a changed government will not protect them.
