Dhaka, Bangladesh (BBN)- Transparency International Bangladesh (TIB) on Saturday urged the government to take advantage of the relevant legal instruments, including UN Convention against Corruption (UNCAC), to bring back stolen assets and bring to justice those involved in money-laundering.
It also called upon the governments of host countries to cooperate in sending the stolen money back and strengthening their legal and financial structures to stop hosting corrupt money.
Referring to recent disclosures by credible sources like the Swiss banking authority and UNDP, TIB executive director Dr Iftekharuzzaman in a statement said illicit flight of capital has reached alarming levels, costing as high as 30 percent of gross domestic product (GDP).
More importantly, rate of illegal outflow of capital from Bangladesh has allegedly become higher than that of any other country, which is a matter of deep disappointment and embarrassment, according to the TIB executive director.
“Time to arrest this ominous trend is now. We’re encouraged by the Prime Minister’s announcement on June 27 that her government will bring the money back. Given the necessary political will, it is in fact in the capacity of the Government and relevant agencies of the government to repatriate stolen assets and prevent further outflow by ensuring exemplary punishment to those found guilty of this crime.”
Dr Iftekharuzzaman requested the government to immediately arrange Mutual Legal Assistance with the Swiss and other governments of host countries of corrupt money so that stolen assets can be brought back.
As a State Party to the UN Convention against Corruption (UNCAC), Bangladesh can secure legal and technical cooperation and support from other State Parties of the Convention. The recent repatriation of corrupt money from Singapore is an example.
“We call upon the Bangladesh Bank, Anti Corruption Commission, the National Board of revenue and the Attorney General’s office to launch a coordinated effort to take advantage of the opportunity created by Bangladesh’s membership of UNCAC and Egmont Group”, he noted.
The TIB executive director said the primary responsibility for such international corruption does lie in the systemic weaknesses and governance deficit in Bangladesh.
“Enforcement of laws, effective monitoring and accountability at the supply side through highest level of political commitment without fear or favour are indispensable”, he observed.
BBN/SSR/AD-28JUne14-5:47 pm (BST)
