Shahidul Islam Shahid :Bangladesh has lost a staggering US$ 42 billion (approximately Tk 3,276 billion as the money out flown to developed countries in 22 years from 1990 to 2011 through illicit ways by tax dodgers, according to two research reports of the United Nations Development Programme (UNDP). The actual volume of the illicit money laundered during the corresponding period could be much higher as no data for capital out flow from Bangladesh for the year of 1992 was available, the reports said. The studies titled “Illicit Financial Flows from Least Developed Countries: 1992-2008” and “Illicit Capital Outflows from Developing Countries 2001-2011,” carried out recently said Bangladesh tops the 48 least developed countries (LDCs), from where capital outflows to developed countries. Bangladesh is followed by Angola, which lost US$ 23 billion and 682.7 millions from 2001 to 2011, the UNDP said. During the corresponding period the volume of illicit financial outflow from Bangladesh is US$ 34 billion and 192.6 million.The UNDP experts, who carried out the studies, calculated that the average yearly illicit financial outflows from Bangladesh at US$ 1,899.6 million (equivalent to Tk 147,178 million). The UNDP said, “Approximately 65 per cent of illicit financial flows from LDCs are through trade mispricing or over invoice and under invoicing, when imports are overpriced and export under priced on customs documents.The document said, “The illicit outflow of capital from LDCs taken place through corruption, trade in smuggled goods, over and under invoicing import and exports and criminal activities such as drug trafficking and counterfeiting.”According to a recent disclosure of the Bank of Switzerland, Bangladeshi citizens have siphoned off Taka 3,000 billion, which is deposited with different banks of Switzerland, the world biggest tax heaven. Experts regretted that regulatory authorities in Bangladesh, including Bangladesh Bank, National Board of Revenue (NBR) and Anti-Corruption Commission (ACC), have no coordination to bring back money siphoned off the country.They said Bangladesh does not need foreign aid if the money illegally taken out of the country could be brought back.They suggested that the government should take the issue for bringing back the money that was laundered out from the country as a prime task and activate ‘economic diplomacy;’ through the Ministry of Foreign Affairs in coordination with the Finance Ministry and other agencies. The Bangladesh Bank recently taken an initiative to convince senior officials of the Bank of Switzerland and Swiss government to furnish information about siphon off money to Swiss banks. Officials of both Swiss government and Swiss central bank have denied cooperating with Bangladesh. In contrast with Bangladesh, India is successfully dealing with the issue. The Central Economic Intelligence Bureau (CEIB) of India and other investigative agencies have received information of 600 cases of money laundering from foreign ‘sources’ this year. “This 600 Indians are under probe now,” said a story of PTI on Thursday.The Indian investigative agencies have successfully received information of 24,000 cases of money laundering last year, The Times of India reported Thursday.
