United News of Bangladesh

Chief Adviser Prof Muhammad Yunus has called upon those countries and institutions that shelter stolen assets to return the wealth to its rightful owners, noting that the current global financial system has failed to prevent the illicit transfer of resources from developing nations.  "Do not be complicit in this crime. Return the wealth to its rightful owners - the farmers, the workers, and the ordinary taxpayers," he said, adding that in some cases, the very rules of international financial institutions have enabled the movement of vast sums of illegal money into tax havens around the world. Speaking at the 80th United Nations General Assembly (UNGA) on Friday, Prof Yunus said recovering the illicit assets stolen from Bangladesh is now one of the highest priorities of the interim government.  In the past 15 years, he said, billions of dollars were siphoned off abroad through corruption.  "We are working tirelessly to bring this wealth back. Yet legal process in the concerned countries and different other obstacles are hurting our efforts," Prof Yunus said, stressing that without sincere political commitment from the countries concerned Bangladesh will not be able recover this asset.  UNGA: Prof Yunus seeks a future without autocrats, safeguarding power for people He proposed the adoption and enforcement of strong international regulations to prevent the plunder of resources from developing countries and to ensure their return when stolen. "When we assumed responsibility, we uncovered the vast scale of corruption and theft of public resources, and the severe economic vulnerability it had created," Prof Yunus said. He said they are determined to put an end to this, so that development is never again used as an excuse to plunder the wealth of the people. To stabilise the fragile economy, he said, they have taken difficult but necessary reform decisions.  Among the most important is reforming the revenue collection system, Prof Yunus said.  For the first time, legislation has been enacted to separate the policy-making body from the implementing authority.  "This ensures transparency and accountability, and it will expand our revenue base. These measures are fully aligned with the Sevilla Commitment adopted at the recent FFD4 Conference," he said. Just as Bangladesh is striving to implement reforms in line with the Sevilla Commitment, Prof Yunus hopes that the developed world will also honor their responsibilities under that collective pledge. "We also believe that reform of decision-making and governance in global financial institutions is urgently needed," he said. "Equally vital are an inclusive framework for international tax cooperation, coordinated global measures against illicit financial flows and corruption and stronger international cooperation for the recovery of stolen and illicit assets," Prof Yunus said.

Amazon founder Jeff Bezos said he will give away the majority of his wealth during his lifetime, becoming the latest billionaire to pledge to donate much of his vast fortune. Bezos, whose “real-time” worth Forbes magazine estimates at roughly $124.1 billion, made the announcement in a joint CNN interview with his girlfriend Lauren Sanchez that was released on Monday. The billionaire didn’t specify how - or to whom - he will give away the money, but said the couple were building the “capacity” to do it. “The hard part is figuring out how to do it in a levered way,” Bezos said during the interview. “It’s not easy. Building Amazon was not easy. It took a lot of hard work and very smart teammates. And I’m finding - and Lauren’s finding - that philanthropy is very similar. It’s not easy. It’s really hard.” Read: Forbes Real-Time Billionaires List: India’s Gautam Adani overtakes Jeff Bezos again Bezos had been criticized in the past for not signing the Giving Pledge, the campaign launched by Bill Gates, Melinda French Gates and Warren Buffet to encourage billionaires to donate the majority of their wealth through philanthropy. His ex-wife McKenzie Scott signed that pledge in 2019 and has since emerged as a formidable force in the world of philanthropy, showering charities throughout the country with unexpected - and often secretive - contributions. In the past three years, she’s given more than $12 billion to historically Black colleges and universities, women’s rights group and other nonprofits. Bezos, who divorced from Scott in 2019, stepped down as Amazon CEO last year to devote more time to philanthropy and other projects. Among other donations, he’s pledged $10 billion to fight climate change as part of his Bezos Earth Fund initiative. Last year, he gave $510.7 million to charity, according to The Chronicle of Philanthropy. Read: 3 Bangladeshi companies on Forbes list On Saturday, Bezos and Sanchez announced they will give a no-strings-attached $100 million grant to singer Dolly Parton, who’s been praised for her philanthropic work that helped create the Moderna vaccine for COVID-19. Bezos had given a similar grant to chef José Andrés and CNN commentator Van Jones last year.

The Anti-Corruption Commission (ACC) on Tuesday asked the former managing director of Eastern Refinery, Chattogram Rezaul Alam and his wife to submit their wealth statements. A notice signed by ACC's director Akter Hossain Azad has been sent to the couple, according to the commission’s public relations wing. Read:ACC files graft case against 3 Krishi Bank officials and two others The notice sought statement of their all immovable or movable property acquired in the name of the couple and their dependents. The source of income and the detailed information on how those were acquired will have to be submitted to the ACC within 21 working days of receiving the notice.

The world is facing an unprecedented crisis with the Covid-19 pandemic. Day after day all the failures in our economic and social system and thinking process are being revealed.