Dhaka seeks MoU with 15 nations to bring back smuggled money

Bangladesh has sent the draft of a Memorandum of Understanding (MoU) to 15 countries towards inking agreements with them regarding exchange of information about money siphoned off.
“The countries concerned are examining the draft MoU at present and the agreement will be signed as soon as they agree to them,” a high official of Bangladesh Bank said yesterday.
Bangladesh is looking to making these agreements with the USA, UK, India, Thailand, Sri Lanka, the Philippines, Mauritius, Indonesia, Japan, Nepal, UAE, The Maldives, Myanmar, Vietnam and Cambodia.
Earlier last month, Bangladesh signed an MoU with Malaysia to bring back the money smuggled out of the country into Malaysia, and vice versa.
However, the government has not yet sought any information regarding any corruption suspects or their smuggled money even a month after the signing of such an agreement.
Bangladesh Bank (BB) sources said that the BB can seek information from Kuala Lumpur only after the government, or any government agency, initiates a process seeking information about corruption suspects.
According to sources, the draft MoUs says that both countries will share information regarding specific corruption suspects.
"Bangladesh can ask for money back only after it is proven in a Bangladeshi court that the money was illegally gained and smuggled out of the country," a BB official said referring to the proposal made.
“It is not expected that all the countries have corrupt suspects and money has been smuggled out of the country concerned, but agreement will remain in place in case such a situation ever arises,” the official added.
When the present caretaker government initiated efforts to bring back money smuggled out of the country, the efforts failed as there were no agreements to the effect between the concerned countries.