Salehuddin says money launderers smarter than bankers, rues lack of transparency

Finance Advisor Salehuddin Ahmed has said the financial sector is rife with “trickery” due to a lack of transparency in financial reporting and the superior intelligence of money launderers compared with bankers, including Bangladesh Bank officials. He also blames inadequate auditor responsibilities for the issue. On Monday, Salehuddin said money laundering occurs through multiple layers of transactions, making it harder to trace the flow of illegal funds. “They [money launderers] are much smarter than the bankers, including those at Bangladesh Bank, which is why they are able to carry out such large-scale money laundering,” he said. He said the financial sector has seen significant “trickery” due to this cleverness, adding, “I can now clearly see what is happening, or rather,...