Money laundering et al!

Money laundering happens to be a comparative recent addition to the financial buzzwords in vogue. What this phrase is being taken to precisely connote in the Land of the Pure is somehow still shrouded in mystery. For one thing, we do not appear to be quite clear on which side our “national bread” is buttered.

Years ago, the British press was abuzz with the glad tidings that Her Majesty’s Customs was ready to unveil, what was termed a “secret weapon against money laundering”. The “weapon” when presented to the expectant public turned out to be a pack of sniffing dogs trained in sniffing out currency concealed in suitcases of international travelers. It was proudly revealed that the dogs had been stationed at all “outward terminals” of Heathrow and Gatwick airports to sniff out hidden currency in the baggage of passengers departing the UK. There was no mention of incoming passengers. This should provide wholesome food for thought for those exhibiting concern about the downward trend of the economic indicators of the Land of the Pure.

Much has been said about the curse of “corruption” in this hapless land. Very little attention is paid, however, to the damaging fact that bulk of the yield of this curse is spirited out of the country to be deposited or invested in safe havens in the developed world. Let’s face it; corruption per se is not all that damaging for the national economy provided the ill-gotten wealth is reinvested within the country.

The hard-earned home remittances of our patriotic workers abroad are more than neutralised by the unsavoury practices of the corrupt elites at home. One uses the word “worker” advisedly because our white collar dual passport holders abroad hardly ever remit even part of their earnings to the home country, preferring to hold on to funds or invest them abroad. This country, thus, suffers twice — once due to the brain drain and again because of the withheld remittances.

Many of our highly qualified professionals working abroad happen to benefit from lucrative scholarships offered by our government agencies. Despite undertaking to return to the country and serve for at least five years, hardly anyone honours it.

On another note, do any of the NGOs sprouting in the country like wild mushrooms spare some time to prepare a study of this debilitating phenomenon? It would unravel a rotten and vicious cycle eating into the very vitals of the country. But would any NGO deign to go near the can of worms? That as they say, is another story.

The much heralded New International Economic Order tacitly encourages practices that result in a net transfer of resources from the developing world to developed economies. In effect, most of the surplus cash — helped not inconsiderably by lavish spending habits — of these entities in developing states gravitates naturally into the coffers of the developed world.

The economy of this blessed land is near collapse mainly due to such unsavoury practices. Can anything be done to check this? Instead of drowning the populace in a flood of statistics as is their wont, our blessed planners would be well advised to devise a cogent strategy to remedy this situation. For one, it just won’t do to invite foreign companies to sell non-essential consumer products in this impoverished land and repatriate their profits, as at present. This is particularly true of foreign beverages companies earning huge profits over the years without bothering to plough even a small percentage into projects providing clean drinking water in deprived areas, for instance.

Instead of bending over backwards to help out developed countries in their anti-money laundering campaigns, we are in dire need of developing our own national narrative. National interest is, or should be, our first priority.

The pity is that to talk about such matters is akin to hitting one’s head against the wall. Or worse.

Published in The Express Tribune, December 30^th, 2019.

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