Economy
New Visa Policy will Lessen Money Laundering says Foreign Minister
Foreign Minister Dr. AK Abdul Momen expressed optimism on Saturday (May 27) regarding the potential of the new US visa policy to effectively combat the detrimental practice of money laundering to the United States.
Speaking to the media after attending an event at the International Mother Language Institute, he highlighted that US visas are commonly sought by affluent individuals such as government employees, politicians, businessmen, and certain members of civil society. He pointed out that those who possess the financial means to secure foreign education for their children and own assets are typically the ones involved in money laundering activities.
Dr. AK Abdul Momen underscored that these individuals engage in illicit practices to transfer funds from the country and invest in foreign assets. Implementing restrictions on such individuals, he noted, would help safeguard the country from financial losses caused by money laundering. While the government does not possess specific data on the exact amount of money laundered abroad annually, a US-based think-tank, Global Financial Integrity, estimated that Bangladesh incurred a substantial loss of $49.65 billion or approximately Tk 4,71,675 crore on average between 2009 and 2015 (excluding 2014). This loss primarily resulted from trade misinvoicing and under-invoicing, with an average of Tk 84,475 crore being siphoned off from the country each year during that period.
Addressing any concerns about the government’s reaction to the new visa policy, the foreign minister clarified that the issuance of US visas is solely the concern of the United States, not Bangladesh. He emphasized that the country would not engage in any clamor or fuss demanding US visas.
Regarding the return of special security protocols for the Indian and Saudi ambassadors, Dr. AK Abdul Momen stated that there is no lack of security in the country. He indicated that no ambassador has requested additional security measures thus far, and no foreign country has engaged in any wrongdoing that would make them potential targets for attacks. Therefore, he expressed confidence and reassured that there is no cause for concern in this regard.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
