The Daily star Editorial : 05-04-16 (word meaning & Synonym)
Money laundering and terror finance
Act to avoid being classified ‘risky’
The news that Bangladesh might be classified’risky’ by the Asia/Pacific Group on Money Laundering (APG) is worrying. It is an issue that the government should take seriously. There are two sides to money laundering. Just think what the country could have done with the more than $55 billion that was, reportedly, siphoned off from the country between 2004 and 2013 alone. The issue has taken a new and more ominous dimension since terrorism and money laundering have become interlinked and are addressed by nations as such to combat the menace. Although the government has formulated a strategy paper to tackle the twin issues, it is not as comprehensive as it might be since the method and modalities of operationalising thestrategy is not specifically spelt out. That is what the APG has recently pointed out.
The country is also an underperformer in two indicators set out by the APG. Of them, one is swapping reliable information internationally, having an effective financial intelligence programme, and action taken against terrorists and their assets. The other assesses how effectively we use information gathered through financial intelligence and other activities in preventing money laundering and terror financing.
Our financial intelligence unit (FIU) must invigorate the process of inter-agency coordination and draw out specific plans to prevent laundering and terror financing. The existing laws against money laundering need to be implemented quickly. This is essential touphold our national security interests. Foreigndirect investment to the country will dry up if Bangladesh is classified as risky. The government should do away with all the impediments that hinder strict and rapid implementation of anti-money laundering laws.