Dhaka, April 13 -- Transparency International Bangladesh (TIB) has scathingly criticised the newly passed Bank Resolution Act, claiming it provides a legal gateway to rehabilitate "identified looters" by allowing former shareholders of troubled banks to regain ownership.

The graft watchdog warned on Monday that the legislation could turn the banking sector back into a "sanctuary for corruption and looting" by prioritising impunity over accountability for those responsible for the industry's collapse.

In a statement, TIB Executive Director Iftekharuzzaman pointed out a significant departure from the previous "Bank Resolution Ordinance" issued during the interim government's tenure.

While the ordinance prohibited those responsible for a ...