Tk 28 trillion laundered during Awami League rule

Head of the committee to investigate the irregularities and corruption in the country’s economic sector, Debapriya Bhattacharya, hands over white paper to Chief Adviser Professor Muhammad Yunus at the Chief Advisor’s Office in Tejgaon, Dhaka, on 1 December 2024

 A total of USD 234 billion or approximately Tk 28 trillion was siphoned off aboard during the tenures of the Awami League governments between 2009 and 2023, thus, an average of Tk 1.80 trillion was laundered annually. Corrupt politicians, businessmen, financial players, middlemen and government officials moved these funds during the Awami League terms

This estimation on money laundering came to light after the committee to prepare a white paper on state of economy in Bangladesh handed over the white paper titled ‘Dissection of a Development Narrative’ to the Chief Adviser to the interim government Dr Muhammad Yunus on Sunday. The Committee prepared the report based on the Global Financial Integrity Reports (GFIRs) and certain assumptions.

The White Paper said, “Over the recent past years, illicit financial outflows have emerged as an alarmingly growing phenomenon in Bangladesh, a malignant tumour that was devouring a significant part of the country’s economy and wealth.”

The average illicit outflow was equivalent to 3.4 per cent of Bangladesh’s current GDP (gross domestic products) or about one-fifth of export earnings and remittance inflows in the 2023-24 fiscal. The illicit outflows, on average, was more than twice the net flows of foreign aid and FDI flows over the corresponding period.

The head of the White Paper Committee 2024 and distinguished fellow of the Centre for Policy Dialogue (CPD) , Debapriya Bhattacharya handed over the White Paper to the chief adviser at an event at the Chief Adviser’s Office. Other members of the committee were also present.