POST TIME: 20 November, 2019 00:00 00 AM / LAST MODIFIED: 19 November, 2019 11:45:28 PM
Crack down on money laundering a must!

Crack down on money laundering a must!

While the government is carrying out a nationwide purging operation to root out deeply entrenched unethical operations from gambling, to bribery to the indiscriminate abuse of responsible posts aimed at self-aggrandisement, the issue of money being sent overseas illegally has also come under spotlight. In busting a variety of unlawful practices that ran behind elaborate pretence, a murky world of money laundering has been discovered. It’s believed that millions have been taken away from the country to be stashed away in foreign lands.

There are several reasons for money laundering with the prime one being the creation of safe foreign deposits in case the law catches up with unscrupulous elements within the country. The government has to take this issue with utmost seriousness and adopt a comprehensive, transparent and accountable strategy to deal with it. Clamping down on money laundering should focus on all sections of society and political allegiance must not be a deciding factor as to who will and won’t be investigated.

The authority has set a truly remarkable example by carrying out the purging operation within the ruling party’s sister bodies without any fear and favour. A similar approach is needed in tackling with aberrations in other areas. Recently, Bangladesh sought robust cooperation and coordinated efforts of all countries to curb money laundering and terror financing as it is a global issue and no single country can deal with the phenomenon.

At a seminar, held recently, it was unanimously agreed that since money launderers are constantly upping their techniques and evolving their methods, the scourge can only be tackled once other countries are cooperative. Siphoning of funds usually involves tech savvy people with the methods adopted becoming sophisticated. In such a scenario, the attention has to be given not only to money laundering per se but to the potential of the funds being used to instigate social disharmony. One macabre aspect of illegal money is its usage for radical purposes.

Since terror financing is linked to laundered money, all countries need to provide utmost cooperation about dubious fund movements. In finding out money laundering routes, the authority has to delve deeper in many of the unlawful operations within the country. The recent exposure of casinos can work as a starting point because reportedly, much of the money earned from gambling were sent overseas. It’ safe to speculate that laundering operations have countless anodyne facades which can only be found once several nations work through a common platform. However, success in uprooting this menace relies on an unbiased approach.