Form Special Prosecution to take action against those involved

During the 15 years of the Awami League government (from 2009 to 2023), a staggering 28 lakh crore taka has been laundered abroad. This information has been revealed by the White Paper Drafting Committee, formed by an interim government to investigate irregularities and corruption in Bangladesh's economy. The amount of money published in the white paper is astonishing. It raises the question of how much corruption, plundering, and financial manipulation occurred during Sheikh Hasina's rule so that on an average of 1 lakh 80 thousand crore taka could be laundered annually.

The commission has informed the Chief Advisor that during Hasina’s tenure, the prices of land in various projects were inflated, and discrepancies in land purchases were made to adjust and increase the project costs. This manipulation amounts to a staggering 1 lakh 95 thousand crore taka. In some cases, project costs have been increased by up to 70 per cent. A significant portion of this money has been laundered abroad.

We know that during Sheikh Hasina’s tenure, various news outlets have reported on the issue of money laundering from the country at different times. Anti-corruption international organizations have also published several reports on money laundering. However, I would say that no other institution has provided concrete information revealed in the white paper. At the same time, we would like to commend the new government, as after assuming office, they have started working on the recovery of laundered money abroad with the help of Bangladesh Bank's BFIU, CID, and the Anti-Corruption Commission (ACC).

We also know that a special class of people in the country import goods from abroad by underreporting their prices. Through this, they not only evade taxes but also launder money. The Governor of Bangladesh Bank had previously warned that strict action would be taken against those involved in these activities, but such measures have not yet been implemented. Nonetheless, I would still say that after the fall of the Awami League government through a student-led uprising, money laundering has significantly decreased. Additionally, the amount of remittance sent by expatriates through legal channels has also increased.

Previously, the issue of trade-based money laundering was not given proper attention. However, after the interim government's strict measures, it has become clear that large businesspersons and individuals were laundering billions of taka under the guise of business transactions.

The various sectors of the economy are deeply interconnected. As a result, part of the business community, along with politicians and bureaucrats, has been involved in laundering money abroad, which has also contributed to the rise in non-performing loans (NPLs) in the country. Therefore, if effective and stringent measures are not taken immediately against non-performing loans, corruption, and the hundi system, there is a risk of a severe economic crisis in the country. Hence, a special prosecution to bring those involved in money laundering to justice should be initiated without delay.