The country’s economy is suffering badly as thousands of crores of taka are being smuggled abroad through fraudulent means. The money which could have been invested in the country’s ongoing development is being laundered from the country by corrupt individuals.
The government has taken several initiatives to stop these activities as it is having a negative impact on the country’s overall economy. Local investment is being affected due to illegal money transfer, which leads to a shortage in employment opportunities. Therefore it is imperative to stop money laundering.
In order to deter criminals from illegally transferring money, strict penalties must be given to those who are caught doing so. Already there are many legal provisions for stopping illegal money transfer, but they are not being implemented properly. In many cases, the money is generated through corruption and smuggled abroad. However, the government can take legal the initiative to bring back the money by collaborating with foreign authorities.
The government has taken several
initiatives to stop these
activities as it is having a negative impact
on the country’s overall economy
Different government agencies, including law enforcement agencies, are working hard to prevent money laundering. A financial intelligence unit has been formed at Bangladesh Bank which is working around the clock to prevent illegal money transfers. However, the private banking sector needs to cooperate with the public sector in order to become more efficient at blocking money laundering. Officials at each and every bank must be trained to spot unusual transactions and alert the authorities accordingly.
Further cooperation from foreign government is needed to bring crooks to justice and bring back the money to the country. Moreover, the government is also working to improve coordination within its internal agencies. A Central Coordination Taskforce has been set up to stop money laundering, prevent financing of terrorist activities and bring back the money already transferred outside the country.
