International legal institutions and law firms are being appointed to recover money smuggled out of the country at various times. The Board of Directors of the Central Bank has given policy approval in this regard on Sunday. The organization will be appointed soon. Bangladesh will take the assistance of the World Bank and the United States government in selecting eligible institutions.
Meanwhile, Chief Adviser Professor Muhammad Yunus called on Singapore for help in recovering the money smuggled from Bangladesh and reducing immigration costs. Singaporean High Commissioner to Bangladesh Derek Low met with the Chief Adviser today. In the discussion of about an hour, Professor Yunus told the ambassador that a lot of money has been smuggled from Bangladesh to many countries including Singapore.
According to a press release from the Chief Adviser’s office, Professor Muhammad Yunus called on the country’s High Commissioner Derek Lowe to help recover money smuggled from Bangladesh to Singapore. Singapore’s High Commissioner has promised to cooperate. Professor Yunus urged Singapore to work with Dhaka to significantly reduce the cost of recruiting workers from Bangladesh. He said the interim government wants to reduce the cost of immigration so that expatriates can send more money to their families. The Chief Adviser talks about creating a model framework with Singapore to reduce recruitment costs.
The meeting was also attended by Chief Adviser’s Special Envoy Lutfe Siddiqui, SDG Affairs Senior Secretary and Chief Coordinator Lamia Morshed and Singapore’s Charge of Affairs in Dhaka Michael Lee.
Assuring support, the High Commissioner suggested digitizing Bangladesh’s foreign recruitment system, saying it would reduce the risk of human trafficking and labor exploitation. The bilateral meeting also discussed trade and investment cooperation, foreign policy of the interim government, shipping, education and healthcare. Professor Yunus said that Bangladesh is now ready for business as the economy has recovered well just three months after the fall of the dictatorial government. Now is the right time to do business in this country.
Bangladesh proposed a free trade agreement with Singapore in 2021, said Francis Chong, senior director of Singapore’s Ministry of Trade and Industry. A feasibility study has been conducted on the proposed FTA. Both countries will now determine the scope of how to begin negotiating a free trade agreement.
Regarding the foreign policy of the interim government, Prof. Yunus said that his government is maintaining good relations with its neighbors and is trying to revive SAARC as a platform for greater engagement with its South Asian neighbors. He sought Singapore’s support for Bangladesh’s inclusion as ASEAN’s sectoral dialogue partner. In response, Derek Lowe said that his country is positive in this regard.
Professor Yunus said, “Since the interim government assumed power, Dhaka has received a lot of support from its western and eastern allies. We do not distinguish between East and West. We have to build bridges everywhere.’
Forensic audit of cash will be
done irregularly before the 2018 election, Bangladesh Bank appointed an administrator on August 21. The board of Bangladesh Bank has decided to conduct a forensic audit based on the application of the administrator. Through this audit, how much fake e-money has been released since the establishment of cash, showing the investment of five foreign companies under the cover of shell companies, using the name of postal department in the ownership of cash will be investigated.
Source: samakal