Editorial
Islami Bank fined for third time
Sterner action needed for gross offence
Islami Bank has been fined once again for hiding suspicious transactions by militants. In an enquiry conducted in three branches, the Bangladesh Bank found evidence of money laundering by banned JMB members in collaboration with some officials of the Islami Bank. It may be mentioned that the bank had been penalised twice before on similar charges of violation of the provisions of Money Laundering Act. The Bangladesh Bank asked the Islami Bank to pay the fine, this time Tk. 1 lakh, and report what action it had taken against its 20 officials found guilty of assisting the militants. We strongly feel that imposing a fine of a meagre sum of Tk. 1 lakh is too negligible a penalty for gross irregularities on the part of a financial institution. What actually needed is much sterner measure against the offenders including the members of the board of directors and the managing director. In the meantime the enquiry against 20 officials found guilty should be carried out by an independent body that may include, amongst others, officials from the ministry of home and preferably one or two members from the intelligence agencies. We feel that individuals involved in such offences should be tried in the criminal court of justice. After all such transactions and financing have directly contributed to the proliferation of terrorism in the country. Several weeks ago a leading Bangla Daily had also published the names of individuals along with corresponding bank account numbers, yet the disciplinary actions taken so far against the perpetrators are mere exchange of a few letters between the Bnagladesh Bank and the bank allegedly involved in the transactions. We are certain that such light measures will not make the slightest dent in the existing network of terrorists. It may rather end up encouraging future terrorists with renewed vigour. We urge the administration to move more decisively with a strong hand and without any further loss of time.
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