Friday, October 20, 2017 LETTERS

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Need for combined university admission test

Dear Editor:
The Shahjalal University of Science and Technology deserves appreciation for delaying the announcement of date for admission test which news was published in the press recently and will apply to only those who will not get an opportunity in Dhaka University (DU) where admission test results were scheduled to be published on the last October 19.
Conversely, Jahangirnagar University (JNU) admission test was held before the test at Dhaka University. So, a large number of students participated in the test though many of them will not qualify. Around three hundred thousand students along with their guardians across the country came to the JNU to participate in the admission test and it was a great hassle on the part of the university authorities to organize the admission test for a huge number of students. Almost all students applied for other universities—-although many of them will not attend the test—-particularly those who will be selected for the Dhaka University. Students from the poor and marginalised groups could apply for only a few universities.
I hope from next year onwards no university admission test should be held earlier than publication of Dhaka University admission test results. Preferably, a combined admission test for all universities may be organised from the next year like medical college admission tests.
Md. Tofazzel Hossain
Email: tofa01@gmail.com

Comment

Dear Editor:
The Shahjalal University of Science and Technology deserves appreciation for delaying the announcement of date for admission test which news was published in the press recently and will apply to only those who will not get an opportunity in Dhaka University (DU) where admission test results were scheduled to be published on the last October 19.
Conversely, Jahangirnagar University (JNU) admission test was held before the test at Dhaka University. So, a large number of students participated in the test though many of them will not qualify. Around three hundred thousand students along with their guardians across the country came to the JNU to participate in the admission test and it was a great hassle on the part of the university authorities to organize the admission test for a huge number of students. Almost all students applied for other universities—-although many of them will not attend the test—-particularly those who will be selected for the Dhaka University. Students from the poor and marginalised groups could apply for only a few universities.
I hope from next year onwards no university admission test should be held earlier than publication of Dhaka University admission test results. Preferably, a combined admission test for all universities may be organised from the next year like medical college admission tests.
Md. Tofazzel Hossain
Email: tofa01@gmail.com


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Illicit financial flows propel crime and corruption

Dear Editor:
Regrettably worldwide more money flows illegally out of developing and emerging countries each year—facilitated by secrecy in the global financial system—than they receive in foreign direct investment and foreign aid combined. Beyond bleeding the world’s poorest economies, this propels crime, corruption, and tax evasion globally. Unrecorded capital flow from Bangladesh stood $61.63 billion between 2005 and 2014, riding mostly on misinvoicing, according to a report of the Global Financial Integrity (GFI). The Dhaka Tribune reported on May 03, 2017 that on average, $6.16 billion was siphoned out of Bangladesh in that period.
This refers to Mr. A M K Chowdhury’s informative article (“Money laundering and default loans are threatening economy”) published in this paper on 13 October 2017. Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
Default loan is creating alarming situation for Bangladesh’s banking sector. In five years to the end of FY 2016 the amount of total default loan in the banks reached to Tk.70,430 crore including Tk. 11,237 crore defaulted in July – March of the current fiscal year. A sum of Tk.12,350 crore were rescheduled in 2014, Tk.19140 crore in 2015 and Tk. 15,420 crore in last year.
Importantly, Bangladesh Bank (BB) reserve heist___which involved $101 million (Taka 800 crore)___was the biggest financial scam in the banking sector during the AL –led government. The cyber thieves stole the money from BB foreign currency account with the Federal Reserve Bank of New York. Almost the entire amount was transferred to the Philippines banking system and small amount of it to Sri Lanka by suspected Chinese hackers on February 5, 2016. However, the Philippine government has returned $15 million so far.
The GFI report also revealed that illicit capital flight from Bangladesh was on a higher trend from 2007 following political turmoil of the time, and it continued until 2013 when the highest $9.66 billion was siphoned off. Of the total $61.63 billion illicit capital flow, $56.83 billion was through trade misinvoicing while the rest $4.8 billion could not be traced in the balance of payments data, the report added.
The Washington-based research and advisory organisation unveiled the report, titled “Illicit Financial Flows (IFFs) to and from Developing Countries: 2005-2014”.
Commenting on the report, former chief economist of Bangladesh Bank pointed out that under-invoicing in export and over-invoicing in import are the key drivers behind illicit capital flight.
The Global Financial Integrity (GFI) is a non-profit, Washington, DC-based research and advisory organization, which produces good quality analyses of unlawful financial flows, advises developing country governments on effective policy solutions, and promotes pragmatic transparency measures in the international financial system as a means to global development and security. GFI works to curtail illegal financial flows by producing groundbreaking research, promoting pragmatic policy solutions, and advising governments.
Every year, roughly $1 trillion flows illegally out of developing and emerging economies due to crime, corruption, and tax evasion—more than these countries receive in foreign direct investment and foreign aid combined. Many developing countries have failed to grow past the point where foreign aid is no longer necessary. For years, development economists were puzzled by the lack of growth in developing economies despite large aid inflows.
Shafiq Adnan Nabil
Neelkhet, Dhaka

Comment

Dear Editor:
Regrettably worldwide more money flows illegally out of developing and emerging countries each year—facilitated by secrecy in the global financial system—than they receive in foreign direct investment and foreign aid combined. Beyond bleeding the world’s poorest economies, this propels crime, corruption, and tax evasion globally. Unrecorded capital flow from Bangladesh stood $61.63 billion between 2005 and 2014, riding mostly on misinvoicing, according to a report of the Global Financial Integrity (GFI). The Dhaka Tribune reported on May 03, 2017 that on average, $6.16 billion was siphoned out of Bangladesh in that period.
This refers to Mr. A M K Chowdhury’s informative article (“Money laundering and default loans are threatening economy”) published in this paper on 13 October 2017. Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
Default loan is creating alarming situation for Bangladesh’s banking sector. In five years to the end of FY 2016 the amount of total default loan in the banks reached to Tk.70,430 crore including Tk. 11,237 crore defaulted in July – March of the current fiscal year. A sum of Tk.12,350 crore were rescheduled in 2014, Tk.19140 crore in 2015 and Tk. 15,420 crore in last year.
Importantly, Bangladesh Bank (BB) reserve heist___which involved $101 million (Taka 800 crore)___was the biggest financial scam in the banking sector during the AL –led government. The cyber thieves stole the money from BB foreign currency account with the Federal Reserve Bank of New York. Almost the entire amount was transferred to the Philippines banking system and small amount of it to Sri Lanka by suspected Chinese hackers on February 5, 2016. However, the Philippine government has returned $15 million so far.
The GFI report also revealed that illicit capital flight from Bangladesh was on a higher trend from 2007 following political turmoil of the time, and it continued until 2013 when the highest $9.66 billion was siphoned off. Of the total $61.63 billion illicit capital flow, $56.83 billion was through trade misinvoicing while the rest $4.8 billion could not be traced in the balance of payments data, the report added.
The Washington-based research and advisory organisation unveiled the report, titled “Illicit Financial Flows (IFFs) to and from Developing Countries: 2005-2014”.
Commenting on the report, former chief economist of Bangladesh Bank pointed out that under-invoicing in export and over-invoicing in import are the key drivers behind illicit capital flight.
The Global Financial Integrity (GFI) is a non-profit, Washington, DC-based research and advisory organization, which produces good quality analyses of unlawful financial flows, advises developing country governments on effective policy solutions, and promotes pragmatic transparency measures in the international financial system as a means to global development and security. GFI works to curtail illegal financial flows by producing groundbreaking research, promoting pragmatic policy solutions, and advising governments.
Every year, roughly $1 trillion flows illegally out of developing and emerging economies due to crime, corruption, and tax evasion—more than these countries receive in foreign direct investment and foreign aid combined. Many developing countries have failed to grow past the point where foreign aid is no longer necessary. For years, development economists were puzzled by the lack of growth in developing economies despite large aid inflows.
Shafiq Adnan Nabil
Neelkhet, Dhaka


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