The Untouchables

Black money lies idle in foreign bank.
Among the launderers are leaders in high rank.
No accountability in institutions feeds the anarchy.
Progress made so far is in jeopardy.

A Bangladeshi daily recently divulged that Anti Corruption Commission had found $1 billion worth of money deposited in a Singaporean bank. The account had no nominee. It belonged to a Bangladeshi citizen. The report claimed the owner of the account was a Bangladeshi politician who was hanged for war crimes he had committed in 1971. His wife and children abstained from claiming the money, following their lawyer's advice to avoid any legal repercussions.

The incident once again laid bare gravity of corruption and money laundering taking place in Bangladesh. When it comes to plunder people's money, both the ruling party and the opposition are found on the same boat.

Earlier Singaporean media and Panama Papers revealed that brother of a ruling party politician and owner of a Bangladeshi corporate group was included in the list of Singapore billionaires. Despite the zero controversy involved in amassing the money, political connection and how the wealth was amassed provided enough air to run the rumor mill wild.

Hanged opposition politician was parliamentary advisor to then PM. In addition, he had run his own business affairs. His family members also head several business conglomerates in the country. Similarly, brother of the Bangladeshi billionaire in Singapore once headed the parliamentary committee for defense and held important portfolios.

Revelation of their documented and undocumented wealth in the media while they are holding important positions exposes impunity and less regard to public perception enjoyed by some public figures. In a civilized country, such revelation will lead to fall of government or resignation of concerned person.

Only recently government bodies displayed great concern and effort to detect and recover such clandestine wealth. Earlier such bodies were reluctant to make a move in this regard. The institutions established to detect and provide regular info about such wealth failed to live up to their utility. I came across an investigative report, carried by an online news outlet based in a foreign country, couple of months ago. It revealed that brother of the chief of a powerful institution, who received president's mercy for killing a person, was seen in a gathering with a notable politician of an off-shore heaven country in South East Asia. I previously ignored the report considering it as a political propaganda. But the recent news report evoked the photograph of that investigative story and underscored the nexus between such institution and corruption taking place at political corridor.

Earlier a report about a businessman who mediated arms purchase caused consternation in local press. He amassed huge fortune in Swiss banks and even appeared before Anti Corruption hearing.

Lack of accountability of these institutions perpetuates corruption and propels capital flight from the country towards off-shore heavens. The lack of accountability also let the vested quarter take unfair advantage of these institutions.

Meanwhile, inaction of these institutions also help seeding distrust and fear into the minds of the people. This hopelessness, in turn, contributes to capital flight and human trafficking. So one is feeding the another.

When disciples of rigid ideologies challenged existing laws, customs, traditions defying laws on the streets, it would not be naive to surmise this kind of statement. Specially when some of them found safe sanctuaries in many off-shore heaven countries. Even the architect of rapprochement between disciples of rigid ideologies and government breathed his last at a specialized hospital in Singapore this year. It is indeed interesting to see that the mastermind did not feel confident to take treatment in a country that is evolving under his mediation.

Let's just set aside the high profile political money transfer. Literally, businessmen, politicians, bureaucrats regularly launder money abroad. No one would raise concern if Bangladesh were a prosperous and welfare country. And inequality reached such a worrying level.

Advertisement of an international LED television manufacturer struck me. It pleaded the consumers to purchase LED TV set at a set price before the limited stock got finished as the manufacturing plant in Malaysia was shut down because of COVID-19. 170 million consumers' LED TV manufacturing plant was built in Malaysia! Sometimes I wonder how Bangladesh has become peripheral colony of off-shore heavens with the assistance of local powerful institutions. From cooking oil to port fees , this trace of hidden colonialism can be found.

In Bangladesh, we see sales executive of local commercial banks solicit people to bank with them and to have a credit/ debit card of their banks. Sometimes I have this weird feeling that perpetrators of corrupt acts, rioters, hatred preachers, disciples of rigid ideologies work just like sales executives of off-shore heavens to get new clients for them.

We are paying a high price for lack of accountability in key institutions. Bangladesh has been turned into a lawless jungle, a dumping ground of obsolete ideology, a transit route for drugs, a safe sanctuary for human traffickers, home of nouveau super rich and a paradise for money launderers.

Fortune lying idle in foreign banks is a stark reminder that establishing accountability in key institutions could stem the generation and laundering of such wealth.