LAUNDERING of money has become a common phenomenon at the moment when the country just stepped out from the high risk country list in money laundering and terror financing. Bangladesh Financial Intelligence Unit (BFIU) though gave several proposals to prevent money laundering that encourages terror financing the capital flights combative measures remain stagnant. But the situation did not change.
Sources said there is no progress in 31 out of 138 actions adopted in the national strategy for preventing money laundering and terror financing. In spite of prevailing inaction in general, Customs Intelligence has filed several cases against some businessmen on charges of laundering thousands of crores of taka through import of alcohol, cigarettes and various consumer goods using fake documents and addresses. Meanwhile, Anti-Corruption Commission (ACC) also interrogated several persons in this regard.
A former Central Bank governor said that illegal capital flight from the country was USD 9.66 billion only in 2013 which was worthy of three Padma-Bridge Construction projects. The amount has increased every year. While foreign investment remains low, and the country’s banking sector became vulnerable in terms of cyber protection and internal governance, the money laundering by a section of politicians, bureaucrats, and businesses has been driving the country to economic failure. Despite prevailing strict Anti-Money Laundering Acts in the country, the ghosts inside banks, including Bangladesh Bank and other perpetrators’ nexus with the ruling-party have bent the rule of law and made law enforcers abstain from taking action.
In 2016, Bangladesh went up 28 notches in the Anti-Money Laundering and Counter-terrorist financing index of the Basel Institute on Governance. The country came in at No. 82 out of 146 in the 2017 edition of the Basel AML Index, up from its previous spot of 54.
The state of country’s economy is not positive in general, except the remittance inflows and RMG exports, due to weakness in all governmental institutions. Besides, the current political situation which prevents laws from being impartial against offenders has made the situation totally uncharacteristic for economy.
