Singapore pledges cooperation in repatriating laundered money
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Singapore pledges cooperation in repatriating laundered money
Chief Adviser Professor Dr Muhammad Yunus has called on Singapore to help recover billions of dollars laundered from Bangladesh and reduce the cost of emigration from Bangladesh.
On Sunday (November 10), Singapore’s High Commissioner to Bangladesh Derek Low met with the Chief Adviser. In a nearly hour-long discussion, Professor Yunus told Ambassador Low that a large amount of money has been laundered from Bangladesh to many countries, including Singapore. We need full cooperation from Singapore, he said.
Ambassador Low pledged to help repatriate laundered money.
Professor Yunus urged Singapore to work with Dhaka to significantly reduce the cost of recruiting workers from Bangladesh.
He said the interim government wants to reduce the cost of emigration so that expatriates can send more money to their families. We can work with Singapore to develop a model framework to reduce the cost of recruitment, the Chief Adviser said.
The High Commissioner assured support and advised Bangladesh to digitalize its foreign recruitment system to reduce the risk of human trafficking and labor exploitation.
The bilateral meeting also discussed trade and investment cooperation, the foreign policy of the interim government, shipping, education and healthcare for their respective people.
Professor Yunus said that Bangladesh is ready for business with its economy recovering well just three months after the fall of the authoritarian government. Now is the right time to do business in the country.
Francis Chong, Senior Director of the Singapore Ministry of Trade and Industry said that Bangladesh had proposed a free trade agreement with Singapore in 2021. A feasibility study on the proposed FTA has been completed and both countries will now determine the scope of how to start negotiations on a free trade agreement.
Low said Singapore would be happy to share its expertise in water treatment and waste-to-energy management. He proposed cooperation between the food agencies of both countries.
Regarding the foreign policy of the interim government, Professor Yunus said that his government is maintaining good relations with its neighbors and is trying to revive SAARC as a platform for greater engagement with its South Asian neighbors.
He sought Singapore's support for Bangladesh's inclusion as a sectoral dialogue partner in ASEAN. In response, Derek Low said that his country is positive about this.
Professor Yunus said that since the interim government took power, Dhaka has received widespread support from its allies in the west and east.
"We do not differentiate between the east and the west. We have to build bridges everywhere," Professor Yunus said.
Also present at the meeting were Lutfe Siddiqui, Special Envoy to the Chief Adviser, Lamia Morshed, Senior Secretary and Principal Coordinator for SDGs and Michael Lee, Singapore's Charge d'Affaires in Dhaka.
