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Return wealth to its rightful owners: CA
Chief Adviser Prof Muhammad Yunus has called upon those countries and institutions that shelter stolen assets to return the wealth to its rightful owners, noting that the current global financial system has failed to prevent the illicit transfer of resources from developing nations.
"Do not be complicit in this crime. Return the wealth to its rightful owners - the farmers, the workers, and the ordinary taxpayers," he said, adding that in some cases, the very rules of international financial institutions have enabled the movement of vast sums of illegal money into tax havens around the world.
Speaking at the 80th United Nations General Assembly (UNGA) on Friday, Prof Yunus said recovering the illicit assets stolen from Bangladesh is now one of the highest priorities of the interim government.
In the past 15 years, he said, billions of dollars were siphoned off abroad through corruption.
"We are working tirelessly to bring this wealth back. Yet legal process in the concerned countries and different other obstacles are hurting our efforts," Prof Yunus said, stressing that without sincere political commitment from the countries concerned Bangladesh will not be able recover this asset.
He proposed the adoption and enforcement of strong international regulations to prevent the plunder of resources from developing countries and to ensure their return when stolen.
"When we assumed responsibility, we uncovered the vast scale of corruption and theft of public resources, and the severe economic vulnerability it had created," Prof Yunus said.
He said they are determined to put an end to this, so that development is never again used as an excuse to plunder the wealth of the people.
To stabilise the fragile economy, he said, they have taken difficult but necessary reform decisions.
Among the most important is reforming the revenue collection system, Prof Yunus said.
For the first time, legislation has been enacted to separate the policy-making body from the implementing authority.
"This ensures transparency and accountability, and it will expand our revenue base. These measures are fully aligned with the Sevilla Commitment adopted at the recent FFD4 Conference," he said.
Just as Bangladesh is striving to implement reforms in line with the Sevilla Commitment, Prof Yunus hopes that the developed world will also honor their responsibilities under that collective pledge, reports UNB.
"We also believe that reform of decision-making and governance in global financial institutions is urgently needed," he said.
"Equally vital are an inclusive framework for international tax cooperation, coordinated global measures against illicit financial flows and corruption and stronger international cooperation for the recovery of stolen and illicit assets," Prof Yunus said.