The Financial Integrity of Bangladesh: Some Observations

The financial integrity of Bangladesh has been tremendously questioned in case of money
trafficking, money laundering, terror financing and mismanagement of banking money etc. over
the years and Bangladesh is drastically suffering from financial distress, indiscipline,
mismanagement and embezzlement, which has acute impact on the financial credibility,
integrity, sufficiency and discipline of the total financial framework.

Bangladesh is yet to establish a good, sound, ethical, effective, efficient and timely financial
system where there should be effective and sustainable regulation and supervision system in
which accountability, transparency, reliability, efficiency and effectiveness must be ensured with
utmost integrity, professionalism, sincerity, strength and viability.

Some people of Bangladesh have tremendous scarcity of patriotism, honesty, confidentiality and
ethics leading to money trafficking and money laundering, which have an acutely negative
impact on the financial and economic soundness, solvency, efficiency and effectiveness at a
large scale.

Local investment has been drastically hampered; productivity, employment, savings, income
generation and overall standard of living have been impaired for this type of money
mismanagement and Bangladesh is gradually susceptible to the financial complications of the
existing world, rather than assuming good financial features, which is becoming deteriorating the
financial and economic stability, strength, balance, integrity and proficiency of the emerging
economy like Bangladesh.

Mismanagement of the banking money has been an incredibly matter of concern for the financial
and non-financial sectors as a problem of the most structured and formalized monetary base
system where unbelievable amount of money has been mismanaged, embezzled and manipulated
by the people of different vested interests.

It is reported that the private sector banking system has been a victim of default of huge amount
of money alongside the public sector banking system where it is practically impossible, unviable
and non-implementable to control and manage the huge sum of banking money with proper and
logical leadership, guidance, direction, management and responsibility.

There appear no strong, effective and efficient authorities concerned in Bangladesh in managing
and safeguarding this hard-earned structured money though Bangladesh Bank (BB), finance
ministry and other regulators have insufficient and ineffective performance in safeguarding this
money for the greater welfare of the total banking system in general.

The banking system in Bangladesh has been suffering from longer-lasting idle money as lack of
efficient investment opportunities inside the country and now it’s pathetic that this unmanaged
money has been mismanaged by the scrupulous people inside and outside of the banking system
highlighting misuse of power and muscleman-ship.

Some people who are convicted of embezzlement have been brought under conventional
punishment though the uncontrollable and seemingly impossible vicious cycle is yet to recognize
and bring under exemplary pecuniary and non-pecuniary punishment for the safety, security,
safeguard and stability of the total banking sector.

The export sector of Bangladesh suffers from lack of ethics, integrity, proper management,
proper communication, suitable markets and other complexities of open and hidden for which the
important and preferred sub-sectors like shrimp, leather, tea and other products and services have
confronted huge obstacles and limitations over the years.

Bangladesh is yet to discover some suitable, sympathetic, effective and efficient markets for its
expansion of products, services and human resources where proper and effective communication,
correspondence, warmth of relationship, mutual exchange, mutual understanding and trust etc.
must be maintained for the longer-lasting human and business relation.

Bangladesh is yet to reduce its socio-economic complications like poverty, hunger, malnutrition,
maltreatment, unemployment etc. to a greater extent for which it can gradually develop itself as a
trusted and emerging economy in the South-Asian countries.

The tiny theft and robbery found in urban and rural areas have turned its most dangerous,
destructive, uncontrollable and incredible form and face represented in the unbelievable incidents
of mismanagement of banking money over the years where the system of banking police and
detective arrangement should be initiated to control and curb the incredible incidents of money
mismanagement in the banking industry.

It’s essential, but hardly difficult to initiate a financial body and authority to manage and control
this impossible and hard achievable task of proper money management and there need proper
communication, co-operation, mutual trust and understanding, mutual help etc. among different
groups of financial importance to find out ways of preserving financial integrity, soundness,
security, safety and sufficiency with proper rights and responsibilities.