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The Bangladesh economy endured 16 years of unrestrained looting under the Awami League, followed by 18 months of "massive looting" during the interim administration.
The newly elected government now inherits an economy riddled with the challenges of war. This "six-week-old" infant government faces a mountain of crises: global economic pressure, energy shortages, the safety of expatriates, ensuring remittance flows, and fulfilling its election manifesto.
Internal crises left behind by the previous 18-month regime further complicate the landscape. These include cases filed against established businesspeople and industrialists, the arbitrary labelling of individuals as "fascist collaborators," the rise of mob violence, the freezing of bank accounts, strained relations with neighbours, and rising youth intolerance and unemployment.
While resolving these issues requires a reasonable timeframe, the government must immediately take positive steps regarding frozen bank accounts. Authorities should prosecute those facing serious allegations but must swiftly release accounts frozen merely on suspicion to stimulate the economy.
Chaos in bank account freezing
The Bangladesh Bank lacks accurate data on the total number of frozen accounts because, besides the Bangladesh Financial Intelligence Unit (BFIU), courts, the National Board of Revenue (NBR), and the Anti-Corruption Commission (ACC) also issue freeze orders.
In the 2023-24 financial year, the BFIU received 17,345 Suspicious Transaction Reports (STRs), a 22.96% increase from the previous year.
During the Yunus administration, accounts were frozen in several stages. First, they targeted a few identified looters who plundered state assets. Second, they froze the accounts of complicit businesspeople. Third, they targeted certain bureaucrats and professionals.
Beyond these, a significant number of accounts were frozen due to mob extortion. Influential figures and "reformist" businessmen reportedly pulled strings to freeze the accounts of competitors or those who refused to pay bribes. Consequently, the 18-month interim period saw significant looting through the arbitrary seizure of assets.
