Bangladesh Financial Intelligence Unit (BFIU) chief Masud Biswas said some products have been imported showing a higher price ranging from 20 to 200 per cent and that has been prevented by strengthening the monitoring.
“Now we have to work on products that are being imported showing a low price to evade tax and one such product is vehicle, and monitoring is being strengthened to this end,” he said.
Masud Biswas made these remarks replying to queries from newsmen at an event on releasing the annual report 2021-22 of BFIU at the Bangladesh Bank on Monday.
He said, “It is a very difficult task to bring back the laundered money. Dollar that is laundered once cannot be recovered easily. Developed countries are getting back 1 per cent of their laundered money. They are working to bring back the money that evaded taxes. And, we have to do so.”
BFIU additional director Md Kamal Hossain presented the annual report at the event. BFIU deputy head Nazmul Islam, directors Rafiqul Islam and Arif Hossain and other senior officials were present.
According to the report of Washington-based research organisation Global Financial Integrity (GFI), Bangladesh has seen a capital flight of 49.65 billion from 2009 to 20018 due to misinvoicing during import and export.
The BFUI, however, said the information of GIF report is not entirely credible.
On the freedom of BFIU’s activities, Masud Biswas said, “I enjoy full freedom in my work but there is a shortage of manpower. Bangladesh Bank, too, is being operated with 50-50 per cent of required work force. What we found in our investigation is sent to law enforcement agencies, that is why we have to depend on them for our success since law enforcers go to grassroots and can take legal action.”
Usually, the BFIU prepares report and then sends those to various law enforcement agencies including Anti-Corruption Commission and police’s Criminal Investigation Department.
Regarding Bangladeshis' deposit in Swiss banks, BFIU additional director Md Kamal Hossain said some 250 Swiss banks have been operating in various countries across the world. As a result, Swiss banks reports cover money deposited from every country. Bangladesh expatriates from various countries deposited money in these banks. And, only 3 per cent of money deposited in Swiss banks is owned by individuals and that is Tk 2.42 billion while the remaining money is the liability of other banks and unadjusted account.
“Only the money that is being deposited in Swiss bank is being published in media, what is our liability in those banks is not being published. Switzerland has changed the law and information on those who are making deposit will be known next year. For this reason, names of the individuals, topics of allegation and name of certain Swiss bank will have to be sent to them,” he added.
According to the Swiss central bank, Bangladeshi nationals deposited about 82.75 billion in various Swiss banks in 2021, which was 53.47 billion in 2020.
Replying to a query on whether money laundering causes dollar crisis, Masud Biswas said import has dropped and situation will be normal in the coming days.