The GFI report also revealed that illicit capital flight from Bangladesh was on a higher trend from 2007 following political turmoil of the time, and it continued until 2013 when the highest $9.66 billion was siphoned off.
Corrupt businessmen and Bangladeshis have laundered the money under the disguise of trade misinvoicing, brought residential properties in the EU, the US, Canada, Malaysia, established business ventures in Singapore and Thailand, deposited black money in Swiss banks and made investments in Malaysia’s Second Home scheme.
The people associated with the government are engaged in corruption and illicit transfer of capital. So, we can’t expect any remedy. But lies about ‘so-called’ development have started to be exposed to the people. That should be disturbing.
But Bangladesh can follow India’s lead and go for demonetization – but it will only work if our crooks and business leaders keep piles of cash. While it may affect criminals, it is hardly likely to affect businessmen and politicians. This ‘dirty’ practice can only be contained if there is the strong political will to do so.
