CA calls for global action to curb laundering of stolen money

Bangladesh Chief Adviser Professor Muhammad Yunus on Wednesday urged the creation of stricter international legal frameworks to prevent the laundering of billions of dollars in stolen wealth to offshore tax havens and wealthy nations.

"Most of the time We know where this stolen money is coming from. Yet, we accept it as a genuine transfer with no initiative to taking any action,” Professor Yunus said during a meeting with Transparency International (TI) Chair François Valerian at the State Guest House Jamuna.

The chief adviser said the existing global financial system has failed to prevent the transfer of tens of billions of dollars from countries in the Global South to offshore safe havens and many developed countries where stolen assets are welcomed and legalised by enablers.

"$16 billion were annually siphoned off from Bangladesh during the autocratic regime," he noted.

Professor Yunus sharply criticised international banking and financial rules that "make it easy" for looted money to be parked in places like the Offshore Islands and many rich countries.

TI Chair François Valerian commended the interim government’s efforts to recover stolen assets but stressed the need for more effective "international cooperation" and stronger financial regulations to stop money laundering.

"We need stronger international regulations and better enforcement," Valerian said.

The chief adviser also condemned the "double standards" of some financial institutions for knowingly holding illicit funds.

Professor Yunus urged TI to amplify its voice and help convene an international forum to enact binding international laws to stop stolen billions from finding safe havens.

Iftekharuzzaman, head of TI Bangladesh, said joint advocacy by the TIB and UK chapter of TI had contributed to freezing properties acquired by associates of Sheikh Hasina.

Lamiya Morshed, senior secretary and coordinator of SDG Affairs, was also present at the meeting.