The Bangladesh government is targeting 11 priority cases for recovering laundered money, aiming to conclude half within this year. An Asset Recovery Agency will be created, and international firms will assist in asset seizure globally. It is estimated that between $75 to $100 billion has been stolen through corruption and laundered mainly in offshore jurisdictions. A special law is set to be enacted to expedite repatriation.
The government has announced a plan to recover laundered money, focusing on 11 priority cases involving key figures such as Sheikh Hasina and former land minister Saifuzzaman Chowdhury. The aim is to close at least half these cases this year using legal channels, which will include appointing international firms to aid in asset seizure globally. An Asset Recovery Agency is also to be established to formalize the recovery process.
During a high-level conference chaired by Chief Adviser Muhammad Yunus, the government defined the scope of recovery efforts. CA’s Press Secretary Shafiqul Alam stated that upon the return of the funds, a portion would be allocated to the international firms involved. To facilitate these procedures, a special law will be enacted within a week, accelerating the repatriation of stolen assets.
According to central bank officials, it is estimated that between $75 billion and $100 billion has been illicitly taken from Bangladesh through various forms of corruption. Predominantly, these funds have been laundered in offshore locations, including the US, UK, Canada, and several Southeast Asian countries. Other national bodies, such as the Anti-Corruption Commission and the National Board of Revenue, will support ongoing cases beyond the 11 prioritized ones.
The Bangladesh Bank’s efforts include meeting with international partners for potential sanctions and collaborative investigation concerning the misappropriated funds, with a focus on major laundering destinations. The Chief Adviser’s Office refrained from naming additional entities under investigation to avoid complicating legal proceedings that may arise.
In a white paper addressing Bangladesh’s economy, it was reported that around $16 billion is transferred illegally each year, particularly during the current administration’s tenure. Notably, $17 billion is alleged to have been routed through the banking sector, as stated by Bangladesh Bank’s governor.
To improve asset recovery, the central bank governor has scheduled discussions with the UK’s All Party Parliamentary Group on Corruption, aiming to establish bans on the sale of laundered assets. Upcoming events also include a conference with international entities and stakeholders to enhance strategies concerning asset repatriation. This includes the Bangladesh Asset Recovery Conference in London planned for May, collaborating with notable international anti-corruption organizations.
International firms have expressed interest in aiding the government’s recovery efforts concerning funds over Tk200 crore. Support is being sought from organizations such as the World Bank and the US Department of Justice. Their involvement aims to facilitate the identification and confiscation of illegal assets.
Investigation initiatives reveal a strong collaborative effort from Malaysia to look into a purported Russian “slush fund” linked to Hasina and the Rooppur nuclear power project. Cooperation from the Malaysian government has been confirmed to assist Bangladesh with ongoing inquiries.
In total, the 11 priority cases encompass allegations against 84 individuals. The Bangladesh Financial Intelligence Unit (BFIU) has frozen substantial assets associated with these individuals, which include shares and bank accounts totaling significant amounts of money. Investigations into these cases continue, with travel bans imposed on implicated individuals and asset attachment proceedings underway.
Saifuzzaman Chowdhury, the former land minister, faces scrutiny with his properties and financial assets under investigation. His connections have led to the freezing of numerous accounts and significant cash flow, alongside requests for asset attachment in multiple countries. These efforts demonstrate the government’s commitment to addressing corruption and recovering lost assets effectively.
In summary, the Bangladesh government has laid out a comprehensive strategy for recovering laundered funds, incorporating a focus on 11 priority cases involving prominent figures. The establishment of an Asset Recovery Agency and partnerships with international law firms aim to expedite this process, while coordination with other countries and entities seeks further assistance. By aligning with international bodies and enforcing new legal frameworks, Bangladesh is taking significant steps toward addressing corruption and restoring financial integrity.
Original Source: www.tbsnews.net
