The recent findings of the Economic White Paper Committee informing us that Bangladesh lost an average of $16 billion annually to money laundering during the Awami League’s tenure from 2009 to 2023 are not simply alarming but simultaneously infuriating. It is truly incomprehensible how a regime that vowed to protect and lead this nation could be responsible for such callous and systematic looting.
With that said, the details of the looting and embezzlement shed further light on just how weakened Bangladesh became as an economy over the past 15 years, and why we are currently facing one economic challenge after the other. That Tk700,000 crore had been spent on the Annual Development Program over the past 15 years, with 40% of the funds embezzled, gives us a glimpse of just how systematic money laundering has crippled the nation.
To say that there is an urgent need for accountability and reforms in public financial governance is surely an understatement, and is only the tip of the iceberg as far as bringing widespread reforms into our governance. However, that the banking sector was identified as the most corruption-ravaged sector tells us that it is where we have the most work to do if we are to indeed ensure the future financial health of the country.
Additionally, there is no reason for Bangladesh to abandon its efforts to bring back what it has lost as a result of the corrupt practices of the previous regime. The interim government must be commended for fully committing to retrieving the stolen funds, and their decision to have meetings with international organizations, including the US Federal Bureau of Investigation (FBI), clearly shows action and not just words.
Bangladesh has a long and difficult road ahead in terms of rebuilding. If we are to indeed be successful, then bringing back our stolen money, along with establishing a culture of accountability, are non-negotiable.
