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Expats seek Hamid’s intervention to stop financial crimes in Bangladesh.

Bangladeshi expatriates in the USA have urged Bangladesh President Advocate Abdul Hamid to intervene into the ongoing rampant financial crimes in Bangladesh

They described some of the crimesas ‘bank dacuities’ and the misappropriation of money in the financial institutions of the country,, according to a press release.

Addressing a seminar on massive financial crimes, they have also urged the Bangladesh President to set up a neutral, credible and acceptable investigation commission to investigate into the financial crimes, including money laundering of around Tk20 billion, a year, publish a White Paper that would be made public as soon as possible and set up a tribunal to bring the culprits under justice.

International Committee Against Financial Crimes in Bangladesh, an worldwide campaign demanding trial for financial crimes against Bangladeshi people, in association with Washington based worldwide watch dog of Illicit money transfer called Global Financial Integrity (GFI), organised the seminar styled  ‘Financial Crimes in Bangladesh’ at Jewish Center of Jackson Heights in New York on 30th September.

Renowned economists Dr Showkat Ali of School of Business and Finance, Long Island University, New York, presented a paper on ‘Massive Financial Crimes in Bangladesh: How to Ensure Accountability’, while Dr Dev Kar, chief economist of Global Financial Integrity (GFI), presented another paper on ‘Illicit Money Transfer from Bangladesh: Policy Recommendation for Government’.

Dr Mahfuz Chowdhury, a professor of Economics at the State University of New York and Mahmudur Reza Chowdhury, an expert in Socio-Politics and founder of Mukta Forum, also intervened the seminar, which was attended by a number of Bangladeshi expatriates.

Kauser Mumin, editor of Community Report in NY moderated the seminar while Imran Ansary, writer and human rights activist made the welcome remarks.

Dr Showkat Ali in his paper, said: “Economic justice for all is one of the most fundamental human rights. If it is denied anywhere in any society through the governmental corruption as well as nonpublic private corruption, then certainly all the basic principles of fundamental rights are violated.  If it continues unhindered then not only that particular society suffers but the very existence of that nation could be jeopardized or questioned.”

Referring to various researches by different international and Bangladeshi institutions, he said: “In last 45 years, we had lost worth hundreds of billion dollars of our national wealth due to governmental corruption, money laundering, nationalised and private bank heist. The most recent USS100 million Bangladesh Bank, our national treasury heist, the largest-ever in Banking history. The main financial abuse methods are share market manipulations and insider trading, defaulted loans by politicians and loans forgiven to members of parliament, bureaucrats and business people.”

Citing the the recently published research of GFI, on Illicit Money Transfer Worldwide, Dr Dev Kar said: “The amount of money transferred from Bangladesh Illegally as mentioned in our recent report is a conservative one. In reality, the amount will be higher.”

“Organisations like GFI, who works on illicit transfer of money worldwide, mainly depend on the data provided by the Bank administrations. And, cooperation by the banks around the world with us, is limited,” added Dev Kar.

In response to a question from the audience, he said: “If Bangladesh government really wants to stop illicit transfer of money, they can approach with the organisations like GFI with a determination.”

“If decided by the highest authority of the government,  Bangladesh even does not need to pay the research organizations, because there are countries like Norway, Sweden and Finland including some other OECD members who regularly give funds for the research of Illicit Money Transfer,” said Dev Kar.

Terming the customs and banking administrations of most of the developing countries including Bangladesh as the most corrupted organs of the government, Dev Kar concluded with a suggestion that ultimately it is the people of Bangladesh who have to come up with ideas on how to stop Illicit Money Transfer and in that regard seminars like this can help in increasing awareness among the mass people.’

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