TIB for probing money laundering allegations

Transparency International Bangladesh (TIB) has called for opening investigation into various money laundering allegations to ensure exemplary punishment for those responsible in the incidents keeping above pity or fear.

TIB cautiously lauded the Customs Intelligence and Investigation Directorate (CIID) for unearthing information that 33 garment factories and buying houses were involved in laundering estimated Tk 8.21 billion in the last six years under the guise of export-import trade.

In the statement, TIB's executive director Dr Iftekharuzzaman said this incident proves that the relevant authorities have the ability to detect and curb trade-based money laundering incidents.

On an average, Bangladesh lost nearly Tk800 billion annually over trade mis-invoicing, according to a report released by Global Financial Integrity (GFI).

"We urged the institutions responsible for prevention and control of money laundering to be proactive in taking effective measures while respecting the public interest", he said.

Slamming the power of specialised institutions like the Anti-Corruption Commission (ACC) to end money laundering, Dr Zaman said since the inquiries and investigation of various crimes related to money laundering have been removed from the jurisdiction of the ACC, the ACC is not able to play its desired role regarding money laundering.

TIB also called for restoring the powers of ACC by amending Money Laundering Prevention Rules - 2019.

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