Transparency International (TI) Chairperson Dr François Valérian, during his first-ever visit to Bangladesh, has emphasized the urgent need to curb illicit financial flows and strengthen anti-corruption reforms.
Speaking at a press briefing on Thursday in Dhaka, he warned that large-scale money laundering is depleting the country’s wealth and obstructing its development.
Valérian said: “Suppressing the media, blocking the free flow of information, and threatening journalists in their work nurtures a culture of secrecy. And a culture of secrecy is a powerful weapon for the abuse of power.”
He further said that journalists reveal the truth and speak out against corruption, which is why ensuring their protection is vital. “Civil society has no direct mechanism to provide security to journalists. But what we can do is speak about their safety, raise concerns. Democracy can never be restored in a violent environment.”
Valérian said: “A violent environment helps perpetuate abuse of power. Therefore, it is a grave concern in almost every country where journalists, civil society, and ordinary people face such violence.”
He added: “Every year we publish the Corruption Perceptions Index, although not all sectors are fully reflected there. It is true that in recent years, Bangladesh’s ranking has improved somewhat. In August last year, we saw the fall of a corrupt regime. But has corruption ended? Clearly not. However, reform efforts have begun, some are in progress and these initiatives will contribute to improving the index.”
He stressed: “For countries that improve their index, we advise them to hold powerful individuals involved in corruption accountable in order to ensure good governance.”
At the press briefing, TIB Executive Director Dr Iftekharuzzaman revealed that in the past 16 years, Bangladesh has lost about $234 billion through money laundering, equivalent to approximately Tk28 lakh crore. On average, $16 billion is laundered each year, which amounts to about 3.4% of the country’s GDP.
He said: “Globally, only about 1% of laundered money is ever recovered. Therefore, preventing illicit outflows is far more effective than trying to retrieve funds once they have left the country.”
Explaining the consequences of these losses, Valérian said: “Every year, Bangladesh loses $16 billion. Beyond the direct outflow, the long-term economic damage is even greater. This money could have been used for education, infrastructure, and essential services for Bangladesh’s vast population. Had this money not been stolen, the country’s GDP would have been much higher.”
Valérian also noted: “We have always worked both with and against those in power. This means we participate, but we also criticize. As a result, we too have been criticized. In Bangladesh’s history, no government has refrained from criticizing TIB. I believe the next government formed after February’s elections will also be unhappy with our activities.”
He further said: “Global civil society, like us, is currently praising the reforms underway in Bangladesh and keeping a close watch. The government has taken initiatives by forming reform and consensus commissions. TIB has provided many of its recommendations for these reforms. Our clear advice is that these reforms must be sustainable.”
Dr Iftekharuzzaman added that TIB’s cooperation with the Anti-Corruption Commission (ACC) is strictly advisory and operates under a formal memorandum of understanding (MoU), ensuring there is no conflict of interest.
Both Valerian and Iftekharuzzaman warned that without strong anti-corruption measures, Bangladesh will continue to suffer financially and socially. “Curbing money laundering and protecting journalists are now top priorities,” Valérian said.
