BB trying to sign MoU with Malaysian counterpart

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Shakhawat Hossain
The central bank has taken a move to sign a memorandum of understanding (MoU) with its Malaysian counterpart to expedite the process of bringing back funds smuggled out of the country by corrupt elements, sources said.
Besides signing the MoU with the Bank Negera (Malaysia's central bank), which is expected to be completed within this month, the Bangladesh Bank may also strike similar deals with the authorities concerned of the UK and Singapore.
Sources, however, said such deals does not guarantee return of the funds siphoned off by corrupt politicians and bureaucrats.
"The deals will at least give sufficient scope for the government to know details about the money smuggled out of the country," said a senior ministry of finance (MoF) official.
It is very important, first of all, to assess the amount of money smuggled out of the country before taking the next course of action, as the task of brining back the money is a difficult one, added the MoF official.
Finance and planning adviser Mirza Azizul Islam has recently said the present government is trying hard to bring back the money smuggled out of the country. But, he said, it is a time consuming process.
The protection to investment, according to the adviser, given by the countries concerned is proved to be the biggest hurdle to the efforts for bringing back such funds.
The finance and planning adviser, however, appreciated the central bank's role and assistance towards the government initiative to bringing back the money transferred illegally.
According to the sources, the government has already traced out nearly Tk 30 billion smuggled-out fund. However, it could not bring back a penny out of that amount.
It has, however, realised substantial amount of money as fine from companies and individuals who were found involved in illegal transactions at home and aboard.