Photo: Collected
It is widely discussed how corruption, money laundering, and defaulted loans have created multiple crises in the country's economy. Members of Parliament from the opposition party have demanded that a special commission or a comprehensive action plan be implemented without delay to address these issues. They made this demand during the general discussion on the proposed budget for the fiscal year 2024-2025 in the National Parliament on Monday.
In addition to calling for the formation of a 'special commission' to combat corruption, they also demanded strict punishment for the corrupt, including the confiscation and prosecution of their assets. We stand in solidarity with their demands.
The rising prices of goods, pervasive corruption, money laundering, looting and anarchy in the banking sector, and the massive accumulation of defaulted loans have exacerbated the economic crisis. To overcome this situation, it is crucial to bring all corrupt individuals to justice.
During the discussion, members of parliament from the opposition party also highlighted that a substantial amount of money is being smuggled abroad each year. They demanded the disclosure of the list of debtors. However, we believe that merely publishing the list is insufficient. It is essential to take comprehensive actions to recover the defaulted debt.
The issue of debt defaulters has been discussed for years, and various initiatives have been taken to recover defaulted loans. It is crucial to investigate why these sectors are not reaping the desired benefits despite numerous efforts. Given that corruption, money laundering, and defaulted loans have led to multiple crises in the country, effective and urgent measures must be implemented to address these issues.
In response to a question from a Member of Parliament in the National Parliament on Monday, the Finance Minister stated that the process of compiling a list of the country's top defaulting individuals and institutions is underway. In response to another question, he mentioned that various initiatives have been taken to prevent loan scams in financial institutions. These include identifying defaulting borrowers and willful defaulting borrowers through the prescribed process and taking legal action against them. He also noted that the existing laws contain provisions related to defaulting borrowers and willful defaulting borrowers, and circulars have been issued by Bangladesh Bank with the necessary instructions. The benefits of these measures must be ensured.
Corruption is a major cause of money laundering, and defaulting on loans is also a form of corruption. If corruption is prevented, money laundering and loan defaults will also decrease. The country's economy is suffering severely due to excessive defaulted loans and money laundering. It is crucial to find a way out of this situation.
Proper implementation of the law is essential in this case. Identifying loopholes in the money laundering process is vital. Effective measures should be taken to close these gaps by accurately pinpointing the channels through which money is being laundered. No matter how many steps are taken to prevent defaulted loans and money laundering, the desired results will remain elusive without strict measures to combat corruption.
Messenger/Disha
