The executive director of Transparency International (TI), Dr. Iftekharuzzaman, has stated that certain financial reforms have caused money laundering to partially stop. On Thursday, September 4, he made this statement during a press conference in the capital, Dhanmondi.

In light of François Valerian, the chairperson of the TI International Board, visiting Bangladesh, TIB arranged the press conference. For three days, François Valerian is in Dhaka.

When asked if there has been a reduction in money laundering, Dr. Iftekharuzzaman indicated that certain preventive measures have been implemented. The banking sector has been identified as a significant area for money laundering. Reforms have been introduced in this sector, which have curtailed previous opportunities for fraud. Many individuals involved have either faced legal action or have fled the country, suggesting they no longer play a role in these activities. However, it cannot be claimed that new participants have not emerged or are not currently emerging.

He emphasized the necessity for further reforms within the banking sector, noting that substantial changes have already been made. Key actions have been taken to address the systems that facilitated the laundering of large sums of money.

He pointed out that more resources and efforts are required to combat money laundering than what is currently being allocated to recover the laundered funds.

The TIB executive director remarked that money laundering also occurred with funds sent by expatriates, stating, “Funds were often transferred through hundis rather than through banking channels, which facilitated money laundering. This practice is now being controlled to some extent. However, I cannot assert that money laundering through misinvoicing or the forgery of import and export trade invoices has been entirely eradicated.”

He mentioned that controlling money laundering would be feasible if the recommendations from the ACC Reform Commission are enacted, stressing that preventing money laundering should be a priority.

At that moment, Francois Valérian stated, “There is no democracy without journalists, and without democracy, it is impossible to combat the abuse of power.”

He added that he has been closely monitoring the mass movements of students and the general populace since last year, where youth, women, workers, and ordinary citizens have united against the corrupt dictatorship.

He stated that while we are witnessing the emergence of dictatorships globally, the situation in Bangladesh has been quite the opposite. This is why the international civil society regards Bangladesh with admiration. Reform initiatives are currently in progress here, including the Reform Commission, the Consensus Commission, and various other measures, many of which have been suggested by TI Bangladesh. It is essential that these reforms are sustainable. Significant transformations are required in the state’s structure and the manner in which power is exercised. I am confident that this endeavor will succeed through the proactive involvement of civil society.

Following the collapse of the dictatorship, citizens anticipate that the government will minimize corruption to its lowest possible level. In this context, does TI’s relevance in Bangladesh diminish? In reply to this inquiry, he affirmed that it does not, in any way. Regrettably, it must be acknowledged that the issue of corruption persists in Bangladesh, just as it does in every nation worldwide. Wherever there is authority, there exists the temptation to misuse that authority. Therefore, TI’s mission is never truly complete.