Gold policy needed to curb its smuggling
The arrest of a man near the Patuakhali border with 17 gold bars worth Tk. 90 lakh is a reminder that gold smuggling is a major problem faced by border guards and customs officials. Hardly a month passes when there isnt a gold haul incident in the country. In most cases, the carriers, often gullible people lured into bringing the metal for a price, end up behind bars. Surprisingly, prosecution for gold related crimes has been very low and masterminds never caught.
People coming from either the Middle East or Singapore are often the carriers, a fact that indicates that the gold smuggling kingpins may be residing in these countries. Unfortunately, once a carrier is caught, the trail goes cold, leaving the law enforcers in the dark about how to pursue the main source.
The smuggling of gold will never stop unless Bangladesh formulates a gold import policy soon. So far, most gold sold legally are through auctions called by Bangladesh Bank and the shocking truth is that more than 80 per cent of gold, which is sold by jewelers, have dubious antecedents. The gold merchants of the country cannot be blamed either because since there is a demand for the metal in the market, especially in winter months due to rise of weddings, they have no other option but to look for shady links to get the product.
In such circumstances, gold trade is almost always enveloped in something unscrupulous. There has been call for a policy for some time though progress has been slow. At a time when the country is also fighting to eradicate militancy, smuggling of the precious metal raises concern because the main purpose of the gold may not be to end up in a social function but as a payment for illegally purchased weapons.
No possibility can be sidelined since militants will always try to devise new ways to hoodwink the law and avoid suspicion. Interestingly, the local media never carries reports as to what happens to the carriers when they are freed on bail or the cases against them quashed due to insufficient evidence of collusion.
If the main objective is to have the seizing of gold bars reported then the operation is nothing but smokes and mirrors. The government should pass a gold policy, ensure legal import of the metal and seek the support of INTERPOL to trace the sources of gold smuggling.
