BANGLADESH
Bangladesh’s Professor Yunus urges Singapore to help recover laundered funds and cut migration costs
Professor Muhammad Yunus, Chief Advisor to Bangladesh’s Interim Government, called on Singapore to assist in recovering billions of dollars laundered from Bangladesh and to work together on reducing migration costs. Singapore’s ambassador to Bangladesh pledged cooperation on both fronts.
Published
1 hour ago
on
11 November 2024
By
Yee Loon
DHAKA, BANGLADESH: Professor Muhammad Yunus, the Chief Advisor to Bangladesh’s Interim Government, urged Singapore to help recover billions of dollars illicitly transferred from Bangladesh and to cooperate in reducing the financial burden of migration for Bangladeshi workers.
The call was made during a meeting with Singapore’s Ambassador to Bangladesh, Derek Loh, on Sunday (10 November) at Yunus’s office in Dhaka.
During the one-hour discussion, Yunus emphasized the need for full cooperation from Singapore in recovering funds that were allegedly siphoned off from Bangladesh to several countries, including Singapore.
“A lot of money was siphoned off from Bangladesh to many countries, including Singapore,” Yunus said, stressing that these funds could help bolster Bangladesh’s economic recovery.
Migration costs also discussed
In addition to the financial repatriation request, Yunus called for a reduction in the cost of recruitment for Bangladeshi workers migrating abroad.He proposed a collaborative model with Singapore to lower recruitment fees, which would enable overseas workers to send more money home to their families.
“We need full cooperation from Singapore,” Yunus reiterated during the meeting.
Ambassador Loh expressed Singapore’s willingness to support these efforts, echoing Yunus’s sentiment on reducing migration costs.
He suggested that Bangladesh digitalise its overseas recruitment system to reduce human trafficking and exploitation risks, making the process safer for workers.
Loh also shared Singapore’s desire to collaborate with Bangladesh on eliminating rent-seeking behaviour in the recruitment process.
Trade and investment cooperation
The meeting also covered other areas of bilateral cooperation, including trade, investment, and development.Francis Chong, Senior Director at Singapore’s Ministry of Trade and Industry, noted that Bangladesh had proposed a Free Trade Agreement (FTA) with Singapore in 2021, and a feasibility study had already been completed.
Both sides are now discussing the scope for launching negotiations on a formal trade deal.
Loh further highlighted Singapore’s expertise in water treatment and waste energy management, offering to share this knowledge with Bangladesh.
The ambassador also proposed joint collaboration between the food agencies of both countries.
