What to do if bank owners take cash from the vaults: Wahiduddin Mahmud
Noted economist Wahiduddin Mahmud has raised concerns about the involvement of bank owners in cases of money laundering from banks and said a follow up of the money flow from the banking system can reveal the whereabouts of the laundered funds.
"Billions of taka have been laundered from banks, and this money has not been taken out in bags by someone. If the money flow in the banking system is monitored, it can easily be understood who is responsible and where the money has gone," he said at an event organised by the Economic Reporters Forum (ERF) on Saturday.
Wahiduddin Mahmud laid emphasis on proper monitoring to combat money laundering and said even though these transactions may appear anonymous, there remain 'footprints' of money flow within the system.
In a specific example, the economist mentioned a case where a Hallmark Group official was interrogated at the jail gate and expressed frustration at the failure to use the digital system in curbing money laundering.
Regarding money laundering by bank owners, he questioned what actions could be taken if the owners obtain permission from the Bangladesh Bank and take cash from the vaults.
Besides, he believes that a significant portion of money laundering takes place through bank exchange houses in abroad.
Wahiduddin Mahmud further explained that when a country experiences increased uncertainty, it pushes up money laundering. People transfer their money to safer countries.
He also noted that money laundering methods have evolved over time, with new techniques such as acquiring dual citizenship or permanent residence permission being used.
Besides, small traders launder money by engaging third parties during the process of exporting and importing goods.