Govt optimistic about recovering laundered money with int’l support

The interim government is making significant strides in its efforts to recover laundered money from abroad, with high-ranking officials expressing optimism about bringing back a substantial portion of the illicit funds within this year.

Finance Adviser Dr. Salehuddin Ahmed and Special Assistant to the Chief Adviser for the Ministry of Finance, Anisuzzaman Chowdhury, have both highlighted the government’s commitment to this cause, alongside international cooperation and legal frameworks.

Finance Adviser Dr. Salehuddin Ahmed, speaking after a meeting of the Advisers Council Committee on Government Purchase, expressed confidence in initiating the process of repatriating laundered money. He revealed that the government plans to sign agreements with concerned countries to facilitate the recovery. While acknowledging the challenges posed by the sheer volume of funds and the legal complexities involved, Dr. Ahmed assured that progress would be evident in the coming months. He also mentioned that the Bangladesh Bank would provide further updates on the matter.

Chief Adviser Professor Muhammad Yunus has also emphasized the urgency of recovering the laundered money, describing it as the government’s top priority. During a meeting on preventing money laundering, he directed authorities to intensify their efforts and ensure the funds are returned to the country as soon as possible. A high-powered meeting on the recovery of laundered money will now be held monthly, with the next session scheduled after Eid-ul-Fitr to assess progress.

Anisuzzaman Chowdhury, Special Assistant to the Chief Adviser, highlighted the growing international interest in assisting Bangladesh with the recovery of laundered money. He noted that many countries and organizations have offered cooperation, making the task more feasible. However, he stressed the need for confidentiality to avoid jeopardizing the efforts, as those responsible for laundering the money remain active and vigilant.

Chowdhury also underscored the importance of establishing proper legal frameworks in line with international standards to facilitate the recovery process. He pointed out that international organizations like the World Bank are playing a crucial role in supporting these efforts. While the countries holding the laundered funds benefit from international laws, their willingness to cooperate offers hope for success.

Beyond the issue of laundered money, Chowdhury addressed broader economic concerns, noting that while Bangladesh’s GDP growth remains stable, several sectors are fragile and require immediate attention. He expressed concerns about the country’s impending graduation from Least Developed Country (LDC) status, arguing that the process is based on misleading indicators. He highlighted the lack of export diversification, with 85% of export income still reliant on ready-made garments, and called for reducing this dependency to 60%.

Chowdhury also emphasized the need to strengthen the banking sector and improve domestic revenue collection. He pointed out the declining tax-to-GDP ratio, which has dropped from 12% to less than 7%, and the increasing reliance on foreign debt. To address these issues, he plans to focus on developing the capital market and enhancing resource mobilization.

The interim government’s efforts to recover laundered money are gaining momentum, with both domestic initiatives and international support playing pivotal roles. While challenges remain, the optimism expressed by key officials and the commitment to legal and procedural frameworks offer hope for significant progress in the near future. At the same time, addressing broader economic vulnerabilities remains a critical priority for ensuring sustainable growth and development.