Bangladesh Chief Adviser Professor Muhammad Yunus on Wednesday called for the establishment of stronger international legal frameworks to prevent the laundering of billions of dollars in stolen wealth to offshore tax havens and wealthy nations, according to a post on his verified Facebook page.
“Most of the time we know where this stolen money is coming from. Yet, we accept it as a genuine transfer without taking any action,” Professor Yunus said during a meeting with Transparency International (TI) Chair François Valerian at the State Guest House Jamuna.
The Chief Adviser said the current global financial system has failed to stop the transfer of tens of billions of dollars from countries in the Global South to offshore safe havens and developed nations, where stolen assets are often welcomed and legalized by enablers.
“Sixteen billion dollars were siphoned off annually from Bangladesh during the autocratic regime,” he noted.
Professor Yunus strongly criticized international banking and financial rules that “make it easy” for illicit money to be parked in offshore islands and rich countries.
TI Chair François Valerian praised the interim government’s efforts to recover stolen assets but emphasized the need for stronger international cooperation and tougher financial regulations to curb money laundering.
“We need stronger international regulations and better enforcement,” Valerian said.
The Chief Adviser also condemned the “double standards” of some financial institutions that knowingly hold illicit funds. He urged TI to amplify its advocacy and help convene an international forum to establish binding global laws to stop stolen billions from finding safe havens.
Iftekharuzzaman, Executive Director of TI Bangladesh, noted that joint advocacy by TIB and TI’s UK chapter had contributed to freezing properties acquired by associates of Sheikh Hasina.
Lamiya Morshed, Senior Secretary and Coordinator of SDG Affairs, was also present at the meeting.