https://www.newagebd.net/post/country/242607/finance-adviser-for-speeding-up-anti-money-laundering-activities

Already some of the bank accounts of suspected money launderers had been  frozen, he said, adding that they would sit again soon to review the overall situation.

Answering a question over bringing the smuggled out money back, the adviser said that they would definitely look for destinations.

Illicit fund outflows cost the country US$8.97 billion in 2014, according to a report by the Global Financial Integrity.

The county also lost $75 billion between 2005 and 2014 due to illegal outflow of fund through Hundi and trade misinvoicing, said the US-based GFI.

Emphasising the need for maintaining international laws in this regard, Salehuddin Ahmed said that they would plug loopholes in generation of undisclosed money that according to him was the main driving force for the capital flights.

Bangladesh Bank governor Ahsan H Mansur and other high officials attended the meeting after a gap of two years.

Earlier on the day, the finance and planning adviser presided over a meeting on inflation, where he gave necessary directives to contain the high inflation crossing double digit in July.

The central bank governor who attended the meeting told reporters that the general point-to-point inflation would come down at an acceptable level gradually within the next 5–6 months, said state-owned wire service BSS.

BSS further quoted the governor, ‘If extortions can be resisted in the market, if we can boost production through agricultural inputs, then inflation will come down at an acceptable level gradually within the next five to six months.’

‘This is my expectation, but we’ll have to work and give more time... We’ll have to work in many areas, let’s see and we’ll deliver our best,’ he said.

Mansur said that there was no denying that there was a shortage of foreign exchange in the country for which businesses could not import as much as they could.

‘It’s putting an impact on the market. These things will ease up gradually acknowledging the practical scenario. Our forex constraints will also ease up,’ he added.

Turning to the foreign currency situation, Mansur, also a former executive director of Policy Research Institute, said that the crisis in foreign currency reserves would not go away overnight.

‘We’ll have to walk and thus move forward through maintaining transactional flow in a balanced way. Hopefully, these can be done. We’ll also talk with the development partners on how to increase the flow of reserves. On the whole, we’ll get the desired results after some months,’ he continued.

He said that the foreign currency reserve should have to be contained at a minimum level and it could not be reduced at an irrational level, otherwise there would be lack of confidence in the market.

Asked whether there was any discussion on the formation of the banking commission, he said that although there was no discussion today, the issue would surely be discussed as banking sector reforms should have to be done.

‘The government will take the necessary decision and we, from the Bangladesh Bank, will also sit with the government and talk with stakeholders the concerned.  We’ll have to frame a strategy and roadmap. Hopefully you’ll know once it takes place,’ he added.

About the previous government’s decision of bank merger, Dr Mansur termed that decision as a ‘premature’ and ‘half-hearted’ effort. ‘Everything can come in the context of overall banking sector reforms like merger, liquidation, recapitalisation, ownership change and these are the options.  But, what can be applied to which bank in which context can be determined,’ he said.