Bringing back the transferred resources

It is credibly thought that a nexus of corrupt politicians-bureaucrats-businessmen and others smuggled out of Bangladesh huge resources over the years. Such thoughts were substantiated from successful investigations by the incumbent government in Bangladesh that led to even a good amount of such money being brought back to Bangladesh from abroad. The money was in an account that was operated by a son of our former Prime Minister who is currently living abroad. Needless to say, the recovered money was part of the kickbacks he received from so called business operators when his mother was the PM. He is also credibly suspected for stashing away further vast sums of money from his ill gotten riches abroad which are yet to be detected. Another son of the former PM has been also charged with similar doings. Besides, there are other potentates of that past government against whom cases for illegal money or asset holding abroad are in different stages
Indeed, the recovery of such resources of one of the world’s poorest countries has been a source of outrage to its people the majority of whom are not affluent and leada simple a simple and honest life of modest means. They would certainly be very pleased to learn that stolen money of the state or state’s resources would be recovered and spent on their welfare and the country’s development.
The total amount of smuggled resources is also not expertly guess-estimated to be a small one. It was expertly calculated that such smuggled resources under different regimes in the last 40 years would be so vast that their substantial recoveries could lead to an yield that would be enough to meet the entire expenditures of two consecutive national budgets. Thus, there should be every incentive to work spiritedly for the recovery of such resources as the same would be a big boost for the national economy.
More than a year ago it was observed by a minister that the process of recovering of such monies is fraught with many frustrating procedures and blocking factors. The minister’s words of caution were realistic and nothing irrefutable. But the nation would like to have more faith in the additional statement he made at that time that his government remained steadfast in its aim and actions to get back the pilfered money. There is also an opportunity now for developing countries that have suffered from transfer of their national resources abroad by members of corrupt regimes and dictators, to have their resources returned.It is called the Stolen Asset Recovery (STAR) programme. The STAR initiative started by the World Bank, in partnership with UNODC, is helping developing countries to recover assets stolen by corrupt leaders. It is designed to build institutional capacity in developing countries, strengthen the integrity of financial markets, assist in the asset recovery process, and monitor the use of recovered assets. ” Bangladesh and other countries stand a good chance of benefiting a great deal by relying on it and using its facility intelligently and competently. But Bangladesh of course has to first establish that monies of Bangladeshi origin flowed out of Bangladesh to make claims on the same. Doing of these things efficiently and coping successfully with the legal requirements and tangles in the host countries, may be looked at as hurdles. But the same are not impossible to overcome.
It is heartening to note that the present government of Bangladesh has been relatively much more active to get back the country’s pilfered resources. Bangladesh Bank (BB) is seen to be specially active to this end. Apart from interacting with the STAR initiative intensely, BB was trying hard to get the membership of the Egmont Group that would pave the way for its getting greater inter-state cooperation for bringing back the smuggled out resources. Recently, Bangladesh has got the membership of the Egmont Group . This was reported in this paper on Friday. Besides, Bangladesh has also formed the Bangladesh Financial Intelligence Unit (BFIU)– sometime ago– to strengthen its activities to get back illegallytransferred resources.