Terror financing and Islami Bank

During the second week of last month, Bangladesh Bank had requested the State Minster for Home Affairs for an enquiry into the matter. In the meantime Islami Bank in response to Bangladesh Bank's letter had informed Bangladesh Bank that charges were being framed against as many as 20 of its officers and employees and that due disciplinary actions would be taken against the individuals.

We strongly feel that imposing a fine of a meagre sum of Tk 1 lakh is too negligible a penalty against a commercial Bank . What one really needs to do is to take much sterner measures. In the meantime the enquiry against 20 officials currently being charge sheeted should be carried out by an independent body that should include amongst others, officials from the Ministry of Home, preferably one or two members from the Intelligence Agencies. In this regard we are also in agreement with the Managing Director that individuals involved in such offences should be tried in the criminal courts of justice. After all, these transactions and financing have directly contributed to the murder of innocent people.

It has been a number of months since the relevant agencies of the Administration had identified the sources of terror financing including the organisations involved. Several weeks ago a leading Bangla Daily had also published the names of individuals along with corresponding individual bank account numbers, yet the disciplinary actions taken so far against the perpetrators are exchange of a few letters between the Bangladesh Bank and the bank allegedly involved in the transactions including imposition of a fine of Tk 1 lakh.

We are certain that such light measures will not make the slightest dent on the existing scenario of terrorist acts but may end up as an incentive for revival of terror acts with renewed vigour. We urge the Administration to move more decisively with a strong hand and without any further loss of time.