Dhaka to go for deals with Manila, KL

The finance ministry has asked the foreign ministry to initiate talks with Philippines and Malaysia for signing bilateral agreements to bring back the money siphoned off by corrupt people.
"Following the law ministry's recommendations, the finance ministry has asked the foreign ministry for holding talks with the countries where corrupt people reportedly diverted money from Bangladesh," said a finance ministry source.
The foreign ministry has been asked to consider the issue of sharing financial information about the corrupt people as one of the main clauses of the agreement, the source said.
The present government suspects that corrupt people had siphoned off a huge amount of illegally earned money to different countries in last few years. But it could not take initiative due to non-existence of any agreement with the countries concerned.
Towards signing agreement with other countries, Bangladesh will focus on getting information about the amount of money these people allegedly have in foreign countries, the process through which the money was siphoned off and where it had been invested or deposited, the source said.
"Initially, we have asked the foreign ministry for holding talks with Malaysia and the Philippines authorities. However, we believe corrupt people also siphoned off money to other countries like United Kingdom, Singapore and Indonesia," the source added.
The government's initial effort to have agreements signed between central banks was frustrated by the law ministry as the Money Laundering Act does not permit it. Later, the law ministry suggested signing government-to-government agreement through the foreign ministry.
The government recently formed a 10-member task force led by the Bangladesh Bank governor to bring back the money siphoned off from the country in coordination with the efforts of different government wings.
The government is also working on a World Bank proposal in which it offered to cooperate in bringing back the money. "We are expecting a positive result by December regarding the repatriation of the money from abroad," said a source.
During his recent visit to London, Army Chief Gen Moeen U Ahmed told the local press that the caretaker government had already brought back $129 million while another $72 million is being repatriated. He also hoped to get back $240 million more.