Many countries showing interest in repatriating laundered money: Anisuzzaman

Many countries and organisations have expressed interest in assisting the interim government in repatriating money laundered from Bangladesh, Anisuzzaman Chowdhury, special assistant to the chief adviser for the finance ministry, said today (11 March).

"As a result, bringing back the laundered money is possible," he said in response to a question from reporters on his first working day at the ministry at the Secretariat.

Meanwhile, Finance Adviser Salehuddin Ahmed expressed hope that the government would be able to repatriate some of the significant amounts of money laundered abroad within this year, UNB reports.

He made the remarks while speaking to reporters after the meeting of the Advisers Council Committee on Government Procurement at the Cabinet Division in the Bangladesh Secretariat.

"We will start the process of bringing back the laundered money as soon as possible. For this, we will sign agreements with the concerned countries," he added.

The finance adviser said the government has been making its best efforts, although the overall amount is substantial.

Salehuddin mentioned that this large sum of money is held in various countries, and some legal processes are also involved in bringing back the laundered funds.

"You will learn more about this matter in the coming months. Besides, Bangladesh Bank will be able to provide more information on the issue," he said.

Chief Adviser Muhammad Yunus on Monday directed the authorities concerned to intensify efforts to bring back the laundered money. He gave these instructions at a meeting on the prevention of money laundering at his official residence, Jamuna.

Anisuzzaman Chowdhury further said the countries where the money has been laundered are the beneficiaries and will not easily let it go. But, they are the ones offering cooperation to the chief adviser in this matter. "We are working quickly and hope to be successful," he added.

When asked who made the offers, Anisuzzaman declined to elaborate, stating that revealing such details could hinder the work.

"Some things must remain confidential. Those who took the money are not sitting idle, so we must maintain secrecy. For now, I'm sharing as much as I can; if we disclose more, our efforts will be hampered," he said.

He explained that there are legal considerations requiring proper laws in accordance with the relevant countries. "Various measures are in place, and we are receiving international cooperation, with many, including the World Bank, involved in this effort."

When asked about the country's economy and his priorities, he said although Bangladesh's GDP growth has not yet been affected, various sectors are in a very fragile state, and this can no longer be concealed.

"I want to emphasise the issue of LDC graduation. LDC graduation is happening based on false information, created to build a development narrative," he said.

He acknowledged that the indicators may be correct, but there has been no preparation for graduation. Export diversification has not occurred, and 85% of export income still comes from ready-made garments, whereas it should have been reduced to 60%.

Since 2018, it has been stated that the country will graduate from LDC status, but what preparations have been made in the past seven years? "I will focus on this. Additionally, I will work on developing the banking sector and increasing revenue collection, as there is excessive reliance on foreign debt," said the special assistant.

He said debt has risen since 2010, while domestic resource collection has stagnated. At one point, the tax-to-GDP ratio was around 12%, but now it is below 7%. "Collecting resources is not easy, and I will work on developing the capital market," he added.