“During the tenure of the Awami League, $15 billion has been laundered each year,” says Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB). According to him, over the last 15 years of Awami League’s rule, at least $15 billion has been siphoned off annually.
However, he believes it may not be possible to determine the exact amount of money laundered from Bangladesh.
He made these remarks on Saturday, October 2, at a seminar organized by the Economic Reporters Forum (ERF) and Bangladesh of Possibilities.
Dr. Iftekharuzzaman stated, “The Governor mentioned that $17 billion was laundered from the banking sector, but the actual amount is likely even higher. Influential individuals close to the then-government laundered $12-15 billion annually through the banking sector and under the guise of trade.”
He added, “This money was siphoned off by exploiting the state structure over the last decade and a half.”
Dr. Iftekharuzzaman noted that it is possible to retrieve the laundered money, but the process is highly complex.
He urged for steps to recover the money through legal agreements and memorandums with the countries to which the money was laundered. He warned that without changes in the political, bureaucratic, and business culture, money laundering and corruption will not end.
He further stated that efforts are already underway to recover the laundered money from the United States, United Kingdom, and European Union countries. The government has already held meetings with the United States and the United Kingdom. He emphasized that if even a single penny is recovered within the next two years, it would be a significant achievement.
The TIB Executive Director also remarked that those who introduced the culture of loan defaults in Bangladesh are the very same influential individuals who, from five-star hotels, devised banking policies, which were then merely announced by Bangladesh Bank.
