Domestic watchdogs make compact with DFID, IGC

Dhaka,  Tue,  22 August 2017
Published : 15 Mar 2017, 00:22:34
Fighting capital flight, money laundering

Domestic watchdogs make compact with DFID, IGC

FE Report

The National Board of Revenue (NBR), the Anti-Corruption Commission (ACC) and the Bangladesh Bank (BB) with backup from IGC and DFID will make joint efforts to stop money laundering from the country.

Officials said the International Growth Centre (IGC) and the Department for International Development (DFID) of the UK will provide financial and technical support to the trio in carrying out the task smoothly.

The IGC is funded by the British DFID, based at the London School of Economics (LSE), and works in partnership with the University of Oxford.

The decision on support was taken in a meeting held on the NBR premises in Dhaka Tuesday.

Senior secretary of the Internal Resources Division (IRD) and NBR chairman Md Nojibur Rahman, ACC commissioner and former NBR chairman Dr Nasir Uddin Ahmed and IGC director Qadir Khan, among others, attended the meeting.

Contacted, the NBR chairman said the IGC representatives narrated their experiences of working with counterparts in many developing countries to conduct research on issues related to revenue policy and administration such as staff motivation, transfer pricing, and data analysis.

"Money laundering also came up for discussion. We designated the director general of research and statistics wing as focal point for this purpose," he said.

Official sources said the IGC would provide support to the BB, the NBR and the ACC in finding out those involved in money laundering and in combating the offence from the root.

They said the centre would provide need-based support to the entities and help in building awareness.

Available NBR and BB data will be used for checking money laundering and capital flight from the country. Currently, customs intelligence is also working on this issue on a priority basis.

In the meeting, IGC director Adnan Qadir Khan said the Growth Centre is willing to extend all-out cooperation to the government at its own cost to check money laundering -- a global problem against which the UN has spearheaded a campaign.

He sought support from the NBR and the ACC in the conducting research into this money-laundering issue.

The IGC aims to promote sustainable growth in developing countries by providing demand-led policy advice based on frontier research.

It directs a global network of world-leading researchers and in-country teams in Africa and South Asia and works closely with partner governments to generate high-quality research and policy advice on key growth challenges.

Editor : A.H.M Moazzem Hossain
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