Plea for bringing back $150 billion laundered in 15 years

Dollar 100 currency notes

Speakers at a seminar on Saturday called for starting the process of recovery of wealth laundered for transferred from Bangladesh in an illicit way to get back estimated 150 billion dollars stolen money during the last 15 years.

Eminent economist Anisuzzaman Chowdhury made the keynote presentation at the seminar where TIB executive director Iftekharuzzaman spoke as the chief guest with Editor of GreenWatch Dhaka moderating the proceesings. 

The programme was organized by the Sambhabonar Bangladesh in association with the Economic Reporters‘ Forum (ERF) at the ERF auditorium. Former Vice-Chancellor of Jahangirnagar University Prof. Jasim Uddin Ahmad, US based economist Dr. Nayeem Chowdhury, ERF president, Refayet Ullah Mirdha, general secretary, Abul Kashem and activist Syed Ahmed and Engr Rajib spoke at the programme among others.

Dr. Iftekharuzzaman said that the whole system of governance was corrupted through politicization to secure the rule of those who made it to power since 2009 permanent. Under their system of governance loan defaulters were given charge of dictating economic policies with the intention of making illicit transactions as well as laundering money. He said that corrupt elements even made the central bank an instrument for the destruction of the banks.

The TIB executive director who is also the head of the commission for reform of the Anti-corruption Commission said the task was bringing back the stolen money was difficult and near impossible but things may move if some legal instruments were created with the countries of destination of the ill-gotten money.   

Anisuzzaman Chowdhury, emiratus professor of West Sydney University, Australia said that the estimated 150 billion dollars of stolen wealth was equal to Bangladesh’s foreign debt which means the country would not have faced indebtedness has the money not been stolen.

He explained how money was laundered through manipulation of import and export invoices and also siphoned off from project aid given by donors and said journalists should put up a strong pressure for a review of the situation to take steps for recovery of the wealth.

He said that the Philippines have almost recovered all the money transferred from that country during the rule of Ferdinand Marcos in the eighties because of the functioning of a strong commission assigned with the job. Even his son now in power cannot stop the work of the commission.

He said that some developed countries have created open windows for flight of such ill-gotten money to benefit their economies. Bangladesh should take up cases of such transactions with these countries to return the laundered wealth.

Responding to a question he said that 17 billion dollars was laundered through the banking system. Anis Chowdhury said there were precedents of refusal to repay loan money irresponsibly disbursed by donors. In Bangladesh the rulers did not look after the welfare of the people but instead bought weapons and ammunition and used those on the people.