An amount of $15 billion was siphoned off from Bangladesh every year on average during the 15-year rule of the Awami League government.

“However, there is no real account of how much money was smuggled [out the country] then,” Transparency International Bangladesh (TIB) Executive Director Dr Iftekharuzzaman said while addressing a seminar in Dhaka on Saturday.

The Economic Reporters’ Forum and Sombhabonar Bangladesh organised the event titled “Odious Debt & Recovery of Bangladesh’s Laundered Wealth.”

Dr Iftekharuzzaman, also the head of the Anti-Corruption Reform Commission, said although it is possible to bring back the laundered money, the process is very complicated.

“Steps should be taken to bring the money back through legal agreements and understandings with the country where the money has been siphoned off. Money laundering and corruption will not stop unless there is any change in the political, bureaucratic, and business culture.”

He said the state has to play a key role in preventing money laundering.

The TIB executive director said work is ongoing to repatriate the money smuggled into the USA, the UK, and the European Union countries.

“Meanwhile, the government held meetings with the authorities concerned of the USA and the UK. If even a single penny comes back in the next two years, that will also be a big achievement,” he added.