‘So many tricks in money laundering’: Finance adviser’s stark realisation
Finance adviser Salehuddin Ahmed has said that companies are smarter than the government, and that is why they have been able to launder so much money.
“Now I am realising how many types of tricks are used in money laundering,” he said.
The finance adviser made the remarks while speaking as the chief guest at the inauguration ceremony of the academic activities of the Economic Reporters Forum (ERF) Institute in Paltan, Dhaka on Monday.
A seminar titled “Financial Transparency in the Corporate Sector” was also held at the event organised by ERF.
Finance secretary Md Khairuzzaman Mozumder, chairman of the Financial Reporting Council (FRC) Md. Sajjad Hossain Bhuiyan, president of the Institute of Chartered Accountants of Bangladesh (ICAB) NKA Mobin, and former commerce secretary Shubhashish Bose, among others, spoke at the event.
The programme was presided over by ERF president Daulat Akhtar and conducted by ERF general secretary Abul Kashem.
The finance adviser said the money launderers are quite skilled in this matter. They do not just send money directly. They launder it through multiple layers. First, they send it from one place to another, and then from there, they send it to yet another place.
Salehuddin Ahmed commented that the interim government is working with both strengths and weaknesses.
He said, “Bangladesh’s image abroad is very good. Someone at an event on Sunday described the interim government as crippled. These are the kinds of narratives from some people that are helping the fascists. I see that through such narratives, the interim government is being further weakened and the fascists are being further encouraged.”
“That person also said that the interim government has not misappropriated any money, has made banks more stable, and has increased foreign exchange reserves,” the finance adviser added.
“However, it is not that we are doing everything right. When we talk with various development partners, we see that they are quite positive about Bangladesh,” Salehuddin Ahmed stated.
Addressing the auditors, the adviser said that auditing should not be confined only to paper and documents; it must also verify where the money came from and how it was generated.
He said that some media sometimes publish such reports that can weaken the government or influence fascist forces.
He urged the journalists to focus on responsible, constructive, and fact-based reporting saying, “When we highlight the positive aspects, trust is built. But reckless reporting creates mistrust.”
Salehuddin Ahmed praised the patriotism and dedication of many professionals working in both government and private sectors, and called on the media and training institutions to establish a more disciplined and stronger verification system.
Addressing the event, finance secretary Khairuzzaman Mozumder said, “The insights of economists and analysts are helpful in budget formulation. Last year, when the government was under pressure to control inflation while preparing the budget, analysts suggested a contractionary budget. We had thought of a big budget, but on your advice, we made a comparatively smaller and realistic budget. The credit goes to you.”
FRC chairman Md Sajjad Hossain Bhuiyan said efforts are ongoing to bring transparency into the corporate sector. The first document to bring financial transparency is the audit report. And if the value of assets is stated properly in the financial report, and loans are given by banks against those assets, then the banks will later be able to recover the loans.