Money laundering: Law there, enforcement missing, says TIB | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • 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
    • Get the Paper
    • 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

Sunday
July 20, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • 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
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JULY 20, 2025
Money laundering: Law there, enforcement missing, says TIB

Bangladesh

TBS Report
05 October, 2023, 10:30 pm
Last modified: 05 October, 2023, 10:31 pm

Related News

  • CID arrests BSB Global Network Proprietor Khairul Bashar in money laundering case
  • CID seizes Tk62cr assets linked to Dhamaka Shopping over embezzlement
  • Travel ban imposed on 3 for abetting ex-land minister in money laundering
  • Anti-corruption orgs seek greater action from UK govt on money laundered from Bangladesh amid visit by Yunus
  • Black money whitening provision completely against state reform objectives: TIB slams interim govt

Money laundering: Law there, enforcement missing, says TIB

Dr Iftekharuzzaman says there is limited precedent for action against politically influential or well-connected individuals

TBS Report
05 October, 2023, 10:30 pm
Last modified: 05 October, 2023, 10:31 pm
Money laundering: Law there, enforcement missing, says TIB

Although there have been substantial advancements in legal frameworks to curb money laundering, there appears to be a lack of government initiative in effectively enforcing these regulations, according to the anti-corruption watchdog Transparency International Bangladesh (TIB). 

There are two aspects in combating money laundering: legal and practical, TIB's Executive Director Dr Iftekharuzzaman said at a press conference on Thursday.

There has been a fair amount of progress in legal implementation but in most cases, the practical progress is very low, he said while presenting a review of the implementation of the UN Convention against Corruption (UNCAC) treaty in Bangladesh.

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

"Even though there is a law, the Anti-Corruption Commission is not able to work as expected. There is little precedent for taking action against people who are politically powerful or have administrative connections," the economist said. 

There is a lack of initiative, goodwill, coordination and capacity of the government in implementing these laws, he added.  

Despite strong legal frameworks, Bangladesh struggles with UNCAC commitments – a leading legally binding treaty against corruption – due to capacity constraints, coordination issues, and enforcement gaps, resulting in ongoing corruption and money laundering challenges. 

The assessment has revealed significant obstacles in Bangladesh's anti-corruption endeavours, including ineffective enforcement against corruption in the private sector and foreign bribery, the economist said. 

Dr Iftekharuzzaman also pointed out that unjust changes in legislation and administrative actions have impeded the Anti-Corruption Commission's (ACC) ability to combat corruption effectively. 

Moreover, the ACC faces challenges with limited personnel and resources in addressing complex corruption and financial misconduct issues.

He raised concerns about the ACC's independence due to a problematic provision in the Civil Service Act, requiring prior permission to arrest public officials under investigation, which could compromise the commission's autonomy.

Besides, policy gaps and enforcement issues in money laundering and international fund recovery efforts have hindered the ACC's control due to administrative restrictions and poor coordination.

While the Bangladesh Financial Intelligence Unit (BFIU) has the potential, capacity constraints and political influence have hindered both the ACC and BFIU in their efforts.

Dr Iftekharuzzaman asserted that lacking strategic steps, the government's repatriation roadmap faces persistent gaps in initiative, capacity, coordination, and resolve, often due to the influence of wrongdoers.

Advocate Sultana Kamal, chairperson of TIB's Board of Trustees, voiced concerns about corruption's adverse effects on both society and government mechanisms, highlighting the government's responsibility in addressing this issue and underscored citizens' rights to voice their concerns. 

She, however, expressed optimism that the ongoing review would prompt the government to take concrete actions to tackle the acknowledged challenges.

After the review, the anti-corruption watchdog recommended reforms: ensuring ACC and judiciary autonomy, lifting civic space restrictions, enhancing financial management transparency, strengthening anti-bribery laws, boosting ACC's capacity, and improving ACC-BFIU coordination in combating money laundering and illicit funds.

Top News

TIB / Money laundering

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

  • Infograph: TBS
    Liquidation of troubled NBFIs may cost govt Tk12,000cr in taxpayer money
  • Infograph: TBS
    Dhaka to seek G2G coal import, investment in solar plants in CA’s visit to Jakarta
  • Infograph: TBS
    Govt outlines Tk16,738cr health, nutrition programme for five years

MOST VIEWED

  • Representational Photo: Collected
    Railway allocates special trains for Jamaat's national rally in Dhaka
  • Chief Adviser Muhammad Yunus and SpaceX Vice President Lauren Dreyer after a meeting at state guest house Jamuna on 18 July 2025. Photo: Focus Bangla
    SpaceX VP Lauren Dreyer praises Bangladesh's efficiency in facilitating Starlink launch
  • Dollar rate falling fast – what it means for the economy
    Dollar rate falling fast – what it means for the economy
  • Governments often rely on foreign loans. Russia’s loans covered 90% of the Rooppur Nuclear Power plant project's cost. Photo: Collected
    Loan tenure for Rooppur plant extended 
  • Representational image. Photo: Unsplash
    Mobile operators give 1GB free data to users observing 'Free Internet Day' today
  • Smuggled goods seized at Sylhet border on 18 July 2025. Photo: TBS
    BGB seizes smuggled Indian goods worth Tk6cr from Sylhet border areas

Related News

  • CID arrests BSB Global Network Proprietor Khairul Bashar in money laundering case
  • CID seizes Tk62cr assets linked to Dhamaka Shopping over embezzlement
  • Travel ban imposed on 3 for abetting ex-land minister in money laundering
  • Anti-corruption orgs seek greater action from UK govt on money laundered from Bangladesh amid visit by Yunus
  • Black money whitening provision completely against state reform objectives: TIB slams interim govt

Features

Tottho Apas have been protesting in front of the National Press Club in Dhaka for months, with no headway in sight. Photo: Mehedi Hasan

From empowerment to exclusion: The crisis facing Bangladesh’s Tottho Apas

9h | Panorama
The main points of clashes were in Jatrabari, Uttara, Badda, and Mirpur. Violence was also reported in Mohammadpur. Photo: TBS

20 July 2024: At least 37 killed amid curfew; Key coordinator Nahid Islam detained

9h | Panorama
Jatrabari in the capital looks like a warzone as police, alongside Chhatra League men, swoop on quota reform protesters. Photo: Mehedi Hasan

19 July 2024: At least 148 killed as government attempts to quash protests violently

1d | Panorama
Illustration: TBS

Curfews, block raids, and internet blackouts: Hasina’s last ditch efforts to cling to power

1d | Panorama

More Videos from TBS

Why has India failed to utilize its potential?

Why has India failed to utilize its potential?

39m | Others
After Gopalganj, the reason why NCP is facing obstacles in Cox's Bazar?

After Gopalganj, the reason why NCP is facing obstacles in Cox's Bazar?

11h | TBS Today
What does Jamaat Nayeb Ameer Abdullah Taher say about reforms?

What does Jamaat Nayeb Ameer Abdullah Taher say about reforms?

11h | TBS Today
The tendency of central banks to buy gold is increasing worldwide.

The tendency of central banks to buy gold is increasing worldwide.

11h | 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