Money laundering is done under the guise of import and export

Bangladesh Bank Governor Abdur Rauf Talukdar once again said that money is being laundered under the guise of import and export. An astonishing 100 such loans were closed last July.

He said this while addressing the opening ceremony of the three-day development conference of the Bangladesh Institute of Development Research (BIDS) at a hotel in the capital, Dhaka, on Thursday (December 1).

Abdur Rauf Talukder said, “Money has been sent abroad through overinvoicing (showing the price of the product higher) and underinvoicing (showing the price of the product lower) in the case of exports. In this case there has been 20 to 200 percent overinvoice.”

The governor also pointed out the opposite example and said, “A Mercedes-Benz car worth $100,000 was opened for import credit for only $20,000. The remaining amount has been sent to Hundi.”

Pointing out that there is no ban on imports, he said, “Everyone can import if the loan is opened at the right price.” Imports are not being controlled in any way. However, there are 30 to 35 luxury goods which are not imported, the duty-tax has been increased on some of these goods. LC margin has been increased on all these products.”

Planning Minister MA Mannan presided over the opening ceremony of BIDS under the chairmanship of Vinayak Sen. The main article was presented by Sadiq Ahmed, Vice Chairman of Policy Research Institute (PRI), a private research institute.


Source: দৈনিক আজাদী by dainikazadi.net.

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