Wednesday , 18 July 2018
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Sans financial security, funds from Bangladesh will be channelled abroad

Abu Ahmed

Abu Ahmed, Professor of Economics, DU : The country’s money will keep winding up in foreign banks if the financial security cannot be ensured. This will enable multi-dimensional facilities toward the economy.
The affluent families are the ones keeping their money in the Swiss Bank. Middle class families usually do not hold that capability of reaching up to that. If they do not get enough security for their money in country’s banks then, there will be more people storing their money in more for eign banks. People, even if they want to, cannot travel from one country to another without a passport or visa. But money is not bound within such boundaries. It requires no such documents to be sent to another country and which is why no country in the world managed to stop Hundi. If there was investment-friendly environment in the country, there would be more money invested. Less money would have been transferred to the Swill Bank.
It is important to know the source of the money Bangladeshi citizens are keeping in the Swiss Bank. Those who work abroad, if they keep their money there, are not blameworthy. But if there is laundered money, it would definitely be faulty. Bangladesh Bank and its intelligence department should handle it in their own ways.
Swiss Bank used to not disclose any information about the money deposited in it. International convention forced them to disclose and maintain transparency of the money source, legality and all. Yet, till date, we failed to retrieve the actual amount transferred to Swiss Bank through illegal ways.
Based on an interview by Ashiq Rahman, translated by Sofian Khan.

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