Chief Adviser Prof Muhammad Yunus on Wednesday called for tougher international legal frameworks to stop billions of dollars in stolen wealth from being laundered into offshore tax havens and wealthy nations.
“Most of the time we know where this stolen money is coming from. Yet, we accept it as a genuine transfer with no initiative to take any action,” he said during a meeting with Transparency International (TI) Chair François Valerian at the State Guest House Jamuna.
Yunus said the global financial system has failed to prevent the transfer of tens of billions of dollars from countries in the Global South to offshore safe havens and developed countries where stolen assets are welcomed and legitimized.
“Sixteen billion dollars were annually siphoned off from Bangladesh during the autocratic regime,” he noted.
He sharply criticized international banking and financial rules that “make it easy” for looted money to be parked in offshore islands and rich countries, condemning the “double standards” of institutions that knowingly hold illicit funds.
TI Chair François Valerian praised the interim government’s efforts to recover stolen assets but stressed the need for stronger “international cooperation” and stricter enforcement of financial regulations.
“We need stronger international regulations and better enforcement,” Valerian said.
Yunus urged TI to amplify its voice and help convene an international forum to establish binding global laws to stop stolen billions from finding safe havens.
Transparency International Bangladesh (TIB) Executive Director Iftekharuzzaman said joint advocacy by TIB and TI UK had contributed to freezing properties acquired by associates of Sheikh Hasina.
Senior Secretary and SDG Affairs Coordinator Lamiya Morshed was also present at the meeting.
