During AL’s reign, $12-15 billion is laundered annually.

According to Iftekharuzzaman, executive director of Transparency International Bangladesh, between $12 and $15 billion have been taken out of the country annually over the past 15 years.

Iftekharuzzaman also provided a partial breakdown of money laundered for the year. For example, of the $15 billion laundered, $3 billion was sent by traders and foreign nationals working in the country.

Moreover, $2.2 billion was laundered by various people as large numbers of local workers were held hostage by illegal money senders for illegal visas and work permits.

“But it would be a surprise if the caretaker government could recover even $100 million during its tenure. Even one penny returned would be a surprise.”

— Itekharuzzaman

Apart from these two sources, $7.5 billion is laundered annually through mobile financial services, he said yesterday at a seminar on laundered money and how to recover money deposited at the Economic Reporters Forum (ERF) office in Dhaka.

Regarding Bangladesh Bank Governor Ahsan Mansoor’s recent remark that tycoons linked to the former Sheikh Hasina administration siphoned $17 billion from the banking sector during its tenure, he said the total amount laundered would be much higher as $17 billion was withdrawn using direct central bank assistance.

Other methods of money laundering were not mentioned, said Iftekharuzzaman, who also heads the Anti-Corruption Reform Commission created by the caretaker government last month.

Hundi was also used for money laundering and Bangladeshi expatriates also laundered money to buy assets abroad. Travel to obtain medical services has also been used for money laundering purposes.

The BB, the Anti-Corruption Commission (ACC) and the Attorney General’s Office were used to facilitate money laundering.

He also criticized some countries that attract laundered money by introducing golden visas and second home options.

In Bangladesh, if any foreigner wants to buy a luxury house in Gulshan in Dhaka, he will not be able to make the purchase.

But in many countries, governments won’t question whether anyone from Bangladesh would want to buy a luxury apartment there.

“This is how the former Bangladeshi minister bought more than 300 properties abroad, and this is the tip of the iceberg – there are many such cases. This proves that apart from the supply side, there is a demand side in the form of countries like Bangladesh. .Many countries have created opportunities for money laundering.”

While it is possible to recover laundered money, it is extremely difficult and virtually impossible, Iftekharuzzaman said.

Until Bangladesh passes legislation and signs agreements with other countries to return the money, it is impossible to recover the laundered money.

“France willingly returned laundered money to some former French colonies in Africa because it believed that French-speaking people would face financial problems. Not all countries will be as proactive as France in returning the money.”

Singapore alone returned $9.3 million to Bangladesh in the Siemens case between 2007 and 2013 because the Singapore government cooperated.

To recover laundered money, a coordinated approach is required between government agencies such as ACC, Criminal Investigation Department, National Board of Revenue, Attorney General and Bangladesh Financial Intelligence Unit (BFIU).

The government has started negotiations with some countries such as the US, UK and EU to return the stolen money.

“But it would be a surprise if the caretaker government could recover even $100 million during its tenure. Even one penny returned would be a surprise.”

Bangladesh will have to start working to stop money laundering by introducing reforms in government institutions.

“The next elected government is also expected to follow the changed rules to discourage money laundering.”

The ACC did not take action against the leaders of the previous government, but after August 5, the same people are taking action against more than 200 influential people, Iftekharuzzaman added.

Mostafa Kamal Majumder, Editor, GreenWatch Dhaka, moderated the workshop jointly organized by ERF and Sombhabonar Bangladesh.

Jasim Uddin Ahmad, former Vice-Chancellor of Jahangirnagar University, ERF President Mohammad Refayet Ullah Mirdha and ERF General Secretary Abul Kashem also spoke.