Bangladesh loses approximately $13 billion every year to illicit financial outflows, creating significant challenges in recovering this vast amount, according to Dr Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB).  He highlighted the issue while addressing a seminar titled ‘Odious Debt & Recovery of Bangladesh’s Laundered Wealth’, organised by the Economic Reporters' Forum (ERF) and Sombabonar Bangladesh at the ERF Auditorium in Dhaka’s Paltan on Saturday. Dr Iftekharuzzaman emphasised the urgent need to hold financial criminals accountable, stating that “money launderers must face consequences, and anti-money laundering agencies should be made answerable to prevent future incidents.”  Appoint ACC leadership above political, bureaucratic influences: TIB He noted that while the government has initiated efforts to curb financial crime, stronger advocacy from civil society and political platforms is necessary to develop a sustainable anti-smuggling system. Reflecting on the recent efforts by Bangladesh Bank (BB) and the Bangladesh Financial Intelligence Unit (BFIU), Dr Iftekharuzzaman said that in previous years, these institutions had been accused of overlooking money laundering activities under autocratic influence.  However, he acknowledged that the central bank has now ramped up its efforts to tackle money laundering and to recover laundered funds. “But this should be turned into a sustainable system for the future." Dr Iftekharuzzaman also pointed to conditional requirements imposed by the International Monetary Fund (IMF) aimed at curbing loans to fictitious companies, but criticised the lack of action.  “Despite IMF conditions to halt loans to fake and paper-based companies, the practice persists,” he said.  Corruption rate in roads and highways sector was 23-40% in 15 years: TIB He added that Islami and other banks had allegedly lost funds to paper-based companies in fraudulent schemes – a practice, he noted, which Bangladesh Bank has since acknowledged.  Meanwhile, many legitimate companies fulfilling all requirements struggle to obtain loans. The seminar’s keynote paper was presented by Anisuzzaman Chowdhury, Emeritus Professor at Western Sydney University, Australia.  Other speakers included Professor Jasim Uddin Ahmed, former Vice-Chancellor of Jahangirnagar University, and Nayem Chowdhury, economist and founder of Astra Gattaca Oppenheimer in the USA.  The programme was moderated by a senior journalist and former editor of the Daily New Nation Mostafa Kamal Majumder.