Steps underway to assess amount of money laundered, swindled: CAO

The chief adviser's office (CAO) on Wednesday said works are underway to assess the amount of money laundered abroad or swindled by some corrupt businessmen and influential people of the country.

"Audit works will begin to determine the money swindled by the corrupt people . . . (but) it can be assumed that the amount could be over 100 billion dollar," the CAO office said in a statement.

It said initiatives were taken by now to bring reforms in the banks and financial institutions involved in such corruption and money laundering while the interim government by now reconstituted the governing boards of the Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank and Union Bank.

"Reforms in other banks and financial institutions will start as well. The actual information of the money laundered will be collected through new managements and audit works will begin to determine the money swindled by the corrupt people," the statement read.

It said the new managements of the banks started works to seize the local swindlers assets and bring the laundered money back home with support from Bangladesh Bank's Financial Intelligence Unit (BFIU), police's Criminal Investigation Department (CID) and the Anti-Corruption Commission (ACC).

"The authorities concerned have already sought cooperation from foreign organizations in returning the laundered money to the country," the statement said.

“The government will soon form a banking commission to unearth the true picture of each bank through investigations and formulate an implementable roadmap to reform banks within six months,” it said.

The aim of the Bangladesh Bank and the government is to build a strong banking sector which would be capable to follow all the international standards.

The statement, however, said the task would require international technical assistance and funding.

Bangladesh Bank and the government have taken initiatives to restructure the banks by seizing the assets of embezzlers and bringing their laundered money home.

The restructuring of banks and structural reforms in financial sector are a time-consuming matter but the government is committed to turning the country’s financial sector into an international standard one, the statement said.