DHAKA: Dr Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), has revealed that Bangladesh has lost between $12-15 billion annually due to money laundering during the tenure of the previous Awami League-led government. He emphasized the necessity for money launderers to face consequences and called for accountability from anti-money laundering agencies to prevent future incidents.
According to Bangladesh Sangbad Sangstha, Dr Iftekharuzzaman shared these insights while speaking at a seminar titled ‘Odious Debt and Recovery of Bangladesh’s Laundered Wealth,’ organized by the Economic Reporters’ Forum (ERF) and Sombabonar Bangladesh at the ERF Auditorium in the city. He highlighted recent efforts by Bangladesh Bank (BB) and the Bangladesh Financial Intelligence Unit (BFIU) to combat money laundering. Previously, these institutions faced criticism for allegedly overlooking such activities due to autocratic influence. However, Dr Iftekharuzzaman acknowledged the central bank’s incr
eased efforts in tackling the issue and emphasized the need for a sustainable system to recover laundered funds.
Dr Iftekharuzzaman also addressed the conditional requirements imposed by the International Monetary Fund (IMF) to curb loans to fictitious companies. Despite these measures, he criticized the lack of action taken, pointing out that banks like Islami had reportedly lost funds to fraudulent schemes involving paper-based companies. Bangladesh Bank, he noted, has since acknowledged these practices. He also mentioned the struggles faced by legitimate companies in obtaining loans, despite meeting all necessary requirements.
The seminar featured a keynote paper presented by Anisuzzaman Chowdhury, Emeritus Professor at Western Sydney University, Australia. Other notable speakers included Professor Jasim Uddin Ahmed, former Vice-Chancellor, and Nayem Chowdhury, economist and founder of Astra Gattaca Oppenheimer in the USA.