Chief Adviser (CA) Professor Muhammad Yunus has called for urgent international reforms to stop the flow of illicit wealth from developing countries into offshore havens and wealthy nations, saying existing global financial systems are enabling large-scale corruption.

“Most of the time we know where this stolen money is coming from, yet it is accepted as legitimate transfers without any action,” Yunus said on Wednesday during a meeting with Transparency International (TI) Chair François Valerian at the State Guest House Jamuna.

The Chief Adviser said that the Global South loses tens of billions of dollars each year through illicit transfers, with much of the money finding safe passage into offshore jurisdictions and major economies. He cited Bangladesh’s own experience, noting that “sixteen billion dollars were siphoned off annually during the autocratic regime.”

Yunus condemned what he described as “double standards” within the global financial system, where stolen assets are “welcomed and legalized” by certain banks and financial intermediaries. He urged TI to help mobilize an international forum to press for binding legal frameworks that would prevent stolen wealth from being laundered into safe havens.

TI Chair Valerian praised Bangladesh’s interim government for its asset recovery initiatives but said stronger global cooperation is crucial. “We need tougher international regulations and better enforcement to stop money laundering,” he said.

Iftekharuzzaman, head of Transparency International Bangladesh (TIB), noted that advocacy by TIB and TI’s UK chapter had recently helped freeze properties acquired by associates of former Prime Minister Sheikh Hasina.

Senior Secretary and SDG Affairs Coordinator Lamiya Morshed also attended the meeting.