Stop money flight, bring back stolen money: TIB
Voicing deep concern over growing illicit flight of money out of the country, Transparency International Bangladesh (TIB) has 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 on Saturday said illicit flight of capital has reached alarming levels, costing as high as 30 per cent of 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, he said. ‘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
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