New York, September 30:

Expatriates Bangladeshis in USA and and international experts in a seminar on

massive financial crimes in Bangladesh urge Bangladeshs President Advocate
Abdul Hamid to intervene to stop the rampant financial crimes in Bangladesh
including bank dacuities and the misappropriation of money in the financial
institutions of the country immediately.
They also urge Bangladeshs President to set up a neutral, credible and
acceptable investigation commission to investigate the financial crimes, including
money laundering around 20 billions, a year, publish a White Paper that would be
made public as soon as possible and set up a tribunal to bring the culprits under
justice.
At a seminar on Financial Crimes in Bangladesh at Jewish
Center of Jackson Heights held on 30th September organized By
International Committee Against Financial Crimes in Bangladesh
an worldwide campaign demanding trial for financial crimes against Bangladesh
people, in associated with Washington based worldwide watch dog of
Illicit Money Transfer, Global Financial Integrity (GFI).
Prominent economists Dr. Showkat Ali of School of Business and
Finance, Long Island University, New York, presented a paper
titled Massive Financial Crimes in Bangladesh: How to Ensure
Accountability, and Dr Dev Kar, Chief Economist of Global
Financial Integrity (GFI), presented paper titled Illicit Money
Transfer from Bangladesh: Policy Recommendation for
Government.
Dr Mahfuz Chowdhury, a Professor of Economics at the State
University of New York and Mahmudur Reza Chowdhury, an expert
in Socio-Politics and Founder of Mukta Forum, also intervened in
the panel.
The Seminar was attended a number of expatriate Bangladeshis
who are working in various fields abroad.
Kauser Mumin, Editor of Community Report in NY moderated the
seminar and Imran Ansary, writer and human rights activist made
the welcome remarks.

Dr. Showkat Ali in his paper, said, economic justice for all is one of the
most fundamental human rights. If it is denied anywhere in any society through the
governmental corruption as well as nonpublic private corruption, then certainly all
the basic principles of fundamental rights are violated. If it continues unhindered
then not only that particular society suffers but the very existence of that nation
could be jeopardized or questioned.
Referring to various researches by different international and Bangladeshi
institutions, he said in last 45 years we had lost worth hundreds of
Billion dollars of our national wealth due to governmental
corruption, money laundering, nationalized and Private Bank
heist. The most recent S100 million Bangladesh Bank, our
national treasury heist, the largest ever in Banking history of the
world. The main financial abuse methods are share market
manipulations and insider trading, defaulted loans by politicians
and loans forgiven to members of parliament, bureaucrats and
business people.
Citing the the recently published research of GFI, on Illicit Money
Transfer Worldwide, Dr. Dev Kar said: The amount of money
transferred from Bangladesh Illegally as mentioned in our recent
report is a conservative one. In reality, the amount will be more
higher.
Organizations like GFI, who works on illicit transfer of money
worldwide, mainly depend on the data provided by the Bank
administrations. And, cooperation by the Banks around the world
with us, is limited, Dr. Kar added.
In reply to a question from the audience, he said: If Bangladesh
government really wants to stop illicit transfer of money, they can
approach with organizations like GFI with a determination.
Dr. Kar said, If decided by the highest authority of the
government, Bangladesh even does not need to pay the research
organizations, because there are countries like Norway, Sweden
and Finland including some other OECD members who regularly
give funds for the research of Illicit Money Transfer.

Terming the Customs and Banking administrations of most of the

developing countries including Bangladesh as the most corrupted
organs of government, in conclusion of his remarks, Dr. Dev Kar
suggested, ultimately it is the people of Bangladesh who has to
come up with ideas on how to stop Illicit Money Transfer and in
that regard seminars like this can help in increasing awareness
among the mass people.
Mahmudur Reza Chowdhury said, as a nation we are now sharply divided
for party political interests and for narrow class interests is the root of our moral
economic and political fall in many aspects. Let us try to perform our moral and
social obligations with farsighted view and with individual honesty. Than we can
minimize and control any mismanagement and can save nation and society from
further destruction.
He said, whether it is economic, social or political whatsoever if at its end it is a
benefit to the common people, only then does it have true value, furthermore, we
needs to be sustainable and durable for the society and state it only serves a part of
the social interest which may be called or be seen as a politically correct under any
controlled regime but it can not be considered as a real development or progress.
Imran Ansary in his introductory remark said, it is absolutely unfortunate
that the country is now sandwiched by the native bank-robbers
and plunderers. It is almost an everyday news item that there is
another case of embezzlement from a bank. With a myriad
approach, such practice of looting has become nothing but a
hackneyed matter. Loan defaulting, share market scam,
development project to name a few, are the fashions of looting
the peoples money. The worst, horrific part of these phenomenon
is that the public money is now being laundered to different safe
havens from Bangladesh.
The speakers also urge patriotic people of Bangladesh both home
and abroad, with the spirit of freedom, for our national
sovereignty join our hands together to bring these corrupt
criminalists justice and restore the basic economic and human
rights of the teeming millions in Bangladesh.