Finance Adviser Salehuddin Ahmed has warned that the lack of transparency in corporate financial reporting, inadequate auditing, and the clever tactics of money launderers have contributed to widespread financial irregularities in Bangladesh.
He made the remarks yesterday (September 29) at a seminar organised by the Economic Reporters’ Forum (ERF) on “Financial Transparency in the Corporate Sector” held at the ERF office in Paltan Tower of the capital Dhaka.
“Money laundering involves multiple layers. Funds change hands several times before reaching specific destinations. The launderers are smarter than bankers, including officials of Bangladesh Bank, which is why they have succeeded in moving large sums abroad. Their cunning has caused many irregularities in the financial sector,” Salehuddin said. He added that auditors must be more responsible and transparent, and journalists should act as social auditors to ensure proper disclosure of information.
The financial adviser stressed that the government expects accurate and analytical reports on the financial sector, not just a narration of events. “We don’t have magic. We balance positives and negatives to advance the economy. Not everything is perfect, but progress has been made in many areas,” he noted.
Salehuddin also criticized negative narratives that undermine the government’s efforts. “Some statements encourage fascists and give a false impression about Bangladesh’s governance. In reality, the government has stabilized banks and increased reserves,” he said.
Highlighting Bangladesh’s improving international reputation, he said, “Foreign donors and companies speak positively about Bangladesh. Our people are hardworking and diligent, and expectations are high for future economic growth.”
Pointing to the scale of money laundering, he said that while ordinary citizens cannot easily send even $100 abroad, money launderers have managed to transfer hundreds of crores overseas. On this, Sazzaduzzaman, Chairman of the Financial Reporting Council (FRC) Bangladesh, said, “Audited financial reports are the first step toward transparency. I don’t know how money launderers do it, but they can move any amount of money.”
The seminar was presided over by FRC President Dawlat Akhtar Molla and moderated by General Secretary Abul Kashem. Finance Secretary Khairuzzaman and ICAB President N K A Mobin were also present.
LND/SAE
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