The initiative to combat money laundering that started with a bang has zero results

The initiative was started with a bang, a task force was formed, and a decision was taken to amend the law. But even after a year and a half, not a single taka of the money laundered abroad has returned to the country. This time, the strategy has changed and the responsibility of returning the laundered money has been directly given to the affected commercial banks. While this new decision is gaining support, questions are also being raised.

The interim government has been making efforts from the beginning to return the money laundered abroad. An investigation committee was formed with the Bangladesh Financial Intelligence Unit (BFIU), NBR, CID and ACC. It was accompanied by a high-level task force. However, there is no visible progress even after a year and a half of efforts.

In this reality, the BFIU has said that it will no longer take the responsibility of returning the laundered money. In a meeting with the Governor of Bangladesh Bank, the chairmen and managing directors of the affected banks have been informed that the bank from which the money was laundered will take the initiative to return it.

Bangladesh Bank spokesperson Arif Hossain Khan said that even though the money went out of the country through various processes after the loan was disbursed, it still remains as an asset in the bank's books. Therefore, it is the responsibility of the bank concerned to ensure the quality of the assets.

The investigative agencies have already identified 11 industrial groups, including Sheikh Hasina's family, as major money launderers. Former Land Minister Saifuzzaman, S Alam, Beximco, Sikder, NASA and Orion Group are on the priority list. UCB, Janata Bank, IFIC and AB Bank will lead the way in returning this money. Nine more commercial banks will be associated as associates.

The banks are also considering a commission-based agreement to take the help of international audit and legal institutions. Anwarul Islam, Managing Director of Agrani Bank, said that this initiative has been taken after seeing the real possibility of returning it. The main work of foreign consultant firms is stolen asset recovery.

Economist Dr. Zahid Hossain welcomed the initiative. He said that it is natural for a person to return his lost money himself. Those who have money will also have more interest. However, there is no reason to think that the government's cooperation will not be needed in this process.

According to economists, about 234 billion dollars were laundered during the Awami League government. In Bangladeshi currency, which is more than 28 lakh crore taka. A large part of this went through various banks. It remains to be seen how much this money is returned with the new strategy.