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Finance Advisor Salehuddin Ahmed has said the financial sector is rife with “trickery” due to a lack of transparency in financial reporting and the superior intelligence of money launderers compared with bankers, including Bangladesh Bank officials.
He also blames inadequate auditor responsibilities for the issue, bdnews24.com reports.
On Monday, Salehuddin said money laundering occurs through multiple layers of transactions, making it harder to trace the flow of illegal funds.
“They [money launderers] are much smarter than the bankers, including those at Bangladesh Bank, which is why they are able to carry out such large-scale money laundering,” he said.
He said the financial sector has seen significant “trickery” due to this cleverness, adding, “I can now clearly see what is happening, or rather, what is not happening. This is why auditors must be more responsible and transparent.
“Journalists should perform social audits to ensure everything is being done correctly and that all information is provided accurately.”
He also emphasised that the government expects accurate and precise analytical reporting on the financial sector.
“We don’t have magic at our disposal. We are moving the economy forward with a balance of both negatives and positives. While we are not doing everything perfectly, significant progress has been made.”
On politics, Salehuddin said: “Someone recently called an interim government weak and ineffective. This is the narrative of those aiding ‘fascists’. Such narratives only embolden the ‘fascists’.”
Despite such criticism, Salehuddin defended the government’s actions, saying: “The government hasn’t misappropriated funds. It has stabilised the banking sector, and reserves have increased. However, negative messaging about the government does not help.”
Highlighting the contrast between ordinary people’s limitations and money launderers’ capabilities, Salehuddin said: “While citizens cannot send even the equivalent of $100 abroad, money launderers manage to send hundreds of millions out of the country.”
The Chairman of the Financial Reporting Council (FRC) Md Sajjad Hossain Bhuiyan, also weighed in on the issue.
He said the first step towards financial transparency is audited financial reports.
“Can money launderers do magic? I don’t understand how they can transfer such large sums.”
Sajjad added that if financial reports are accurate and transparent, no one would be harmed.
“Accurate audit reports ensure stock prices remain stable, investors are not harmed, and banks can lend responsibly. With integrity from both banks and the FRC, the financial sector will improve, and order will be restored.”