There are lots of kings and emperors of swindle up and about

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Money laundering is still among the core issues plaguing Bangladesh. There were several reports on money laundering in recent times, which confirms that Bangladesh is probably the top 30 countries with regards to illicit financial flows. According to Global Financial Index, a lot more than 61 billion dollars were siphoned out of Bangladesh between 2005 and 2014 which amounts to twenty five percent of our 2016-17 GDP.

An ACC probe has revealed another case of huge sums of money siphoned out of your country by a person who has most single-mindedly set himself about to cheat the country of a sizable amount of depositors' money. This he did over a period of time, taking loans from as much as four non-banking finance institutions. And that raises a whole lot of questions.

We ask where the checks and supervisions were when loans were given to PK Halder against companies that didn't exist at all. Isn't there something fishy here? Where will be the collaterals against the loans? The said Sultan of Swindle, as this paper has so aptly described him, has transferred all his ill-gotten wealth to Canada and has happily settled there. And there is very little opportunity of repatriating either him or the amount of money ever. And there are more such "sultans' in the united states.

Regrettably, despite the seriousness of the issue, all we've heard are repetitive homilies and commitments to stem the plague, which have not been converted into effective actions. In a far more recent report, GFI revealed that USD 5.9 billion was siphoned out of Bangladesh through trade misinvoicing in 2015 which reconfirms the actual fact that against the law money transfers are mostly related to trade ventures. But which has been helped by the unholy collusion between some bankers and traders. And thousands are transferred illegally by many foreigners working in Bangladesh.

The issue reflects the majority of all on the supervisory mechanisms, capacity and homework of the central bank. Although the Bangladesh Bank has been able to foil a few laundering attempts, many more are escaping the web through newer ground breaking means. We assume that all the relevant factors should be addressed, including transparency in every monetary transactions and loans, strict oversight by the Bangladesh Bank over recruiting agencies and, most of all political commitment, if the against the law outflow of our money is usually to be checked. 
Source: https://www.thedailystar.net

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