It is not difficult to get back laundered money | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
May 28, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, MAY 28, 2025
It is not difficult to get back laundered money

Panorama

Iftekharuzzaman
09 December, 2020, 12:55 pm
Last modified: 09 December, 2020, 03:54 pm

Related News

  • TIB hails first step in freezing laundered wealth in UK
  • Abolish all direct, indirect opportunities to legalise black money permanently: TIB to govt
  • Rights of people with disability remain unfulfilled, says TIB chief
  • TIB for ensuring CAG office's efficiency in Public Audit Bill-2024
  • DMP commissioner's statement on rape shocking, should be withdrawn: Iftekharuzzaman

It is not difficult to get back laundered money

On the occasion of International Anti Corruption Day, The Business Standard’s Morshed Noman spoke to Iftekharuzzaman, Executive Director, Transparency International Bangladesh on ways to prevent money laundering

Iftekharuzzaman
09 December, 2020, 12:55 pm
Last modified: 09 December, 2020, 03:54 pm
Sketch of Iftekharuzzaman.
Sketch of Iftekharuzzaman.

It is possible to bring back siphoned money – earned through corruption – with the help of an existing national and international framework of law.

For this, courage, goodwill and skills are key to carrying out the purpose, according to Transparency International Bangladesh (TIB) Executive Director Iftekharuzzaman.

The TIB executive director shared his observations in a recent interview with The Business Standard. 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

TBS Illustration.
TBS Illustration.

Iftekharuzzaman said since smuggled money has been recovered before, the authorities concerned know the whole process.

Asked why laundered money is not brought back now, though it was brought back years ago, he said maybe there used to be skills to do that job before – skills that are lacking now. 

"In a true sense, there might be much want for goodwill at present," he added.

The whole process of retrieving siphoned-off funds is now easier because it should follow the United Nations Convention Against Corruption (UNCAC).

Under the convention, it is possible to make agreements with other countries to retrieve the smuggled funds. 

It is possible to get help if the authorities concerned want, he said, adding, "If it was possible in 2012-13, it is also possible now."

Iftekharuzzaman thinks that an amendment to the Money Laundering Act has created a lack of coordination in the work of all other organisations involved in anti-money laundering activities.

"However, I think it is possible to work in a coordinated manner within the existing law," he continued.

An anti-money laundering unit led by the Anti-Corruption Commission (ACC) will be able to reap benefits, he hopes.

On the recent comment of Foreign Minister AK Abdul Momen that the government officials laundered more money, the TIB high-up said there was a public perception on the issue beforehand.

One thing that has become transparent is that for the first time, a responsible person in the government has acknowledged that government employees are involved in money laundering.

He noted that the incidence and level of corruption in the country is still alarming, and there is no reason for complacency. 

The TIB executive director described the state of corruption in the health sector as a result of long-standing accumulated graft in the sector.

Bangladesh is still far behind on the global index of corruption and its position in Asia is only above Afghanistan which is embarrassing for the country. 

He emphasised the importance of political will to reduce the magnitude of corruption, highlighting the need for exemplary justice for the perpetrators from outside the realm of fear and discrimination. 

Apart from this, other state and constitutional institutions should be made functional along with the ACC.

Iftekharuzzaman observed that many organisations are ineffective due to party influence. 

"So we have to ensure their effectiveness and more dynamism is expected from the ACC to prevent corruption in the country," he added.

According to the researcher, the ACC can still play a big role in preventing and suppressing corruption in terms of legal and institutional capacity.

The ACC was quite active in the first two years since its current commission took the charge, he said, observing that there were several positive measures taken against lower- and mid-level corrupt people.

 

Features / Top News

laundered money / International Anti Corruption Day / TIB

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Inflation, exchange rate shocks to intensify fiscal pressure in FY26
    Inflation, exchange rate shocks to intensify fiscal pressure in FY26
  • Poor documentation, evidence plague stolen asset recovery efforts
    Poor documentation, evidence plague stolen asset recovery efforts
  • Illustration: TBS
    'Where is the transparency in economic activities of this government?' asks Debapriya

MOST VIEWED

  • Selim RF Hussain. Sketch: TBS
    BRAC Bank MD Selim RF Hussain resigns
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Depositors need not worry as govt will take over banks before merger: BB governor
  • Graphics: TBS
    Suspicious banking activities surge by 56% since July: Cenbank
  • Photo: Collected
    DU student assaulted for protesting eve-teasing at Chadni Chowk
  • Illustration: TBS
    Bangladesh sees highest-ever per capita income of $2,820 in FY25, BBS provisional data shows
  • Officials protest inside the Secretariat on Tuesday, 27 May 2025, over a government ordinance amending the Public Service Act, 2018. Photo: Rajib Dhar
    Protest at Secretariat suspended as govt assures decision on ordinance tomorrow

Related News

  • TIB hails first step in freezing laundered wealth in UK
  • Abolish all direct, indirect opportunities to legalise black money permanently: TIB to govt
  • Rights of people with disability remain unfulfilled, says TIB chief
  • TIB for ensuring CAG office's efficiency in Public Audit Bill-2024
  • DMP commissioner's statement on rape shocking, should be withdrawn: Iftekharuzzaman

Features

In recent years, the Gor-e-Shaheed Eidgah has emerged as a strong contender for the crown of the biggest Eid congregation in the country, having hosted 600,000 worshippers in 2017. Photo: TBS

Gor-e-Shaheed Boro Maath: The heart of Dinajpur

1d | Panorama
The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

2d | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

2d | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

2d | Wheels

More Videos from TBS

Trump delays 50% tariffs on EU goods

Trump delays 50% tariffs on EU goods

9h | Others
Eid may be celebrated in Bangladesh on June 7

Eid may be celebrated in Bangladesh on June 7

10h | TBS Today
Livestock passion made successful farmer

Livestock passion made successful farmer

49m | TBS Stories
TSMC begins construction on US semiconductor plant

TSMC begins construction on US semiconductor plant

10h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net