Is BD a place for looters?

The High Court (HC) has raised a question whether Bangladesh is a place for plundering as a group of people, especially those with dual nationality, are smuggling huge money abroad.
It observed that the individuals with dual citizenship have more scope to launder money abroad easily.
The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat said the dual residency holders have less responsibility towards the country as their hearts are divided.
It passed the observation while holding hearing on a news report published in a Bangla daily recently under the headline 'Bideshey Sampad Kenar Utsab' (Festival of Purchasing Properties Abroad).
Considering the report, the HC on February 09 asked whether dual citizens could purchase properties abroad with the money earned in Bangladesh as per existing laws of the land and the constitution.
It also questioned the legality of holding different constitutional posts and government employments by such citizens.
During Monday's hearing, the bench wanted to know from Anti-Corruption Commission (ACC) counsel Khursid Alam Khan whether dual citizens could get bank loans here.
The ACC lawyer replied that there is no bar for a dual citizen from getting a bank loan.
However, after getting a loan, most of the dual citizens are laundering the money abroad. Besides, money is being laundered in many ways, he added.
Then the court said, "Is this country a place for plundering?"
"Exactly, this is happening. They are receiving loans and transferring the money," replied Mr Khan.
The court said, "If the money is laundered abroad once, it's difficult to repatriate it. However, if you can trace the location of the money, you can impose a tax on that money."
"Many countries earn a huge remittance by this process. But we don't have such mechanism," it added.
"In receiving a loan from a bank or any financial institution, a Bangladeshi citizen and a dual citizen face the same conditions. However, there should have a proper guideline to grant loans for dual citizens as they have more scope to launder money abroad easily."
In the hearing, lawyer Manzill Murshid said, "Big loan scams started in Bangladesh, especially after the starting of political appointment in the board of directors of the banks."
"Some developed countries started granting citizenship by investment category a few years ago. Since then many people of Bangladesh started taking citizenship in this process. They are basically buying properties abroad with money from the country," he added.
The court can issue a rule upon the respondents asking them as to why they should not be directed to formulate a guideline in granting loans to dual citizens, he prayed to the HC bench.
At this stage, Mr Khan requested the court to issue a rule regarding the issue after hearing the Bangladesh Bank (BB) lawyer.
The HC then fixed February 19 for further hearing on the issue from the BB lawyer and the attorney general.
Barrister Ruhul Quddus Kazal, former secretary of the Supreme Court Bar Association, and AKM Amin Uddin Manik, deputy attorney general, also joined the hearing.

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