Enormous sums of money are being laundered to overseas destinations through false shipment papers and letters of credit from Bangladesh by a heinous group of fraudsters, relevant sources have informed. Financial experts have urged Anti Corruption Commission (ACC) and other authorities concerned to investigate these scams without delay to safeguard the country's economy from catastrophic circumstances.
An influential bunch of money launderers are opening letters of credit but reportedly they are not importing any goods. Rather the total amount of money is being illegally transferred to foreign countries, monetary sources have mentioned. These corrupted people have shifted mammoth amounts of money to other countries in such unlawful ways, sources close to banking platforms have stated.
Trade deficit has exceeded 7.6 billion USD during July to November of ongoing fiscal year as a result of unrestrained money laundering, economists have asserted. Simultaneously, civil society members have condemned Bangladesh Bank and Finance Ministry for their total failure to halt illegal money transfer.
Reportedly Commerce Ministry has no control over Bangladesh Compe-tition Commission which is another reason behind irresistible capital flight. Higher officials of Compe-tition Commission don't care about the directives from Commerce Ministry because they are submissive to a few senior bureaucrats at Prime Minister's Office, sources close to administrative wings have reported.
Finance Ministry is not providing necessary assistance to Bangladesh Competition Commission, such allegations have also come up from concerned quarters.
Economists have called upon the government to carry out penetrative inquiries about the letters of credit (LC) involving big sums of money which were opened during last couple of years.
Shipment papers, bill of entry papers, letters of credit and information from Bangladesh Bank's server should be thoroughly examined to identify the people who are laundering money in this way, economists have remarked.
Over-invoicing and under-invoicing are also often done by money launderers for transferring money to foreign countries illegally while forgery of shipment papers and letters of credit are some of the newest techniques.
Most of the people committing financial crimes like money laundering have close alliance with offshore companies in other countries reportedly. Immense amounts of bank loans are being mishandled every now and then and most of these defaulted loans are laundered abroad, analysts have made such comments in their observations.
Customs officials, bankers and shipping agencies should be put under well-regulated accountability to resist money laundering, eminent citizens have expressed this opinion. Economists have also blamed Bangladesh Bank's weak surveillance for the augmentation of money laundering.
Washington-based Global Financial Integrity and Swiss banks have in the meantime unveiled reports about the increase of money transfer from Bangladesh to foreign countries. Bangladesh Bank's former governor Dr. Mohammed Farashuddin recently said that 65 billion US dollars were laundered to foreign countries from Bangladesh during 2004 to 2014.
The Asian Age spoke to some prominent economists and esteemed citizens who have exposed deep worries about the extremely adverse impact money laundering has been hammering on Bangladesh's economy.
Bangladesh Bank's former governor Dr. Salehuddin Ahmed said to The Asian Age, "These money laundering allegations should be investigated immediately. Finance ministry, National Board of Revenue and Bangladesh Bank can jointly conduct this scrutiny. Illegal money transfer cannot be stopped if stern actions against money launderers are not taken quickly."
Caretaker government's former adviser Dr. Hossain Zillur Rahman told The Asian Age, "The government should try hard to establish an investment-friendly atmosphere in the country to stop capital flight. Local entrepreneurs should be further encouraged to invest money at home."
Dr. Abul Barakat, President of Bangladesh Economics Association said to The Asian Age, "Money laundering allegations should be investigated seriously to establish good governance in banking and financial sectors. Bangladesh Bank should clarify what steps have been taken to restrain money laundering."
Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB) said to The Asian Age, Bangladesh is a member of United Nations. Money-launderers from Bangladesh are sending money to some specified countries which are UN members too.
So, Bangladesh can identify those money-launderers through UN. Moreover, Bangladesh government can resort to international money laundering laws for nabbing financial scammers. Besides, Bangladesh Bank, National Board of Revenue and Anti-Corruption Commission can take strong actions against the culprits who are committing such monetary rackets.
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