Chief advisor. Muhammad Yunus. file image.
Morningsun Online Desk //

In the face of the intense movement of the students, the chief advisor Dr. Muhammad Yunus.

This information was informed in a press release sent from the Press Wing of the Chief Adviser on Wednesday (August 28).

According to the notification, some unscrupulous businessmen and influential persons have embezzled huge amount of money anonymously and smuggled it abroad through extensive corruption and fraud in the banking sector in recent years, the exact amount of which is under investigation. It is mentioned in the notification that the amount of this embezzled money can be estimated to be more than lakhs of crores of rupees.

Without mentioning the names of the influential people, the notification said that reform activities have already started in banks and financial institutions related to such corruption and money laundering. Meanwhile, the boards of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, Union Bank have been reconstituted. The reform process will begin in the remaining banks and financial institutions. The actual information of these embezzled funds will be collected through the new management authority and the audit process will be started to determine the actual amount of money embezzled through them.

Indicating the strict attitude of the government towards the prosecution of money embezzlers, it is said from the Office of the Chief Adviser, with the help of the new management authority of the banks, Bangladesh Bank BFIU, CID and ACC, work has started to recover the embezzled money by acquiring the local assets of the embezzlers and bringing back the smuggled money abroad. The government has already started contacting various foreign organizations for help in bringing back the money.

Referring to the formation of the banking commission soon, the office of the chief adviser said, the commission will reveal the true picture subject to investigation in each bank concerned and formulate an implementable roadmap within six months for the restructuring of the banks.

It is mentioned in the circular that the aim of Bangladesh Bank and Government is to build a strong banking sector capable of complying with all international standards. However, time, international technical assistance and money will be needed to make this objective a success from start to finish. Bangladesh Bank and the government are taking action to restructure the banks by acquiring domestic and foreign assets of embezzlers and bringing them back from abroad.

This restructuring of banks and structural reform of the financial sector is a time-consuming matter. However, the notification also mentioned that the government is determined to make the financial sector of Bangladesh meet international standards.

Source: Bass.