Chief Adviser Professor Muhammad Yunus has urged the formulation of strong international laws to prevent the illicit transfer of billions of dollars from countries like Bangladesh to foreign destinations. He made these remarks during a meeting with Transparency International (TI) Chairman François Valérian at the state guesthouse Yamuna on Wednesday (September 3).
Professor Yunus stated, “We often know where this laundered money comes from, but it is accepted as legitimate transfers. No adequate measures are being taken.”
He highlighted that the current global financial system enables the unchecked transfer of billions of dollars from South Asia and other regions. During autocratic regimes, approximately $16 billion was siphoned out of Bangladesh annually.
Criticizing international banking and financial regulations, Yunus said, “These rules facilitate the easy transfer of looted money abroad.”
He further noted that some financial institutions knowingly hold illicit funds, which is unacceptable. Yunus called on TI to lead the creation of an international forum to formulate binding laws to prevent laundered money from reaching safe havens.
TI Chairman François Valérian remarked, “The interim government is working to recover stolen assets, but more effective international cooperation and stronger regulations are needed.”
Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), stated that joint efforts by TIB and its UK chapter have made it possible to seize assets acquired by associates of Sheikh Hasina.
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