Over four and a half months have passed since the formation of the task force to recover laundered funds, but not a single penny has been repatriated to Bangladesh. However, authorities have frozen over 1,500 bank accounts, holding assets valued at Tk 22,500 crore in cash and shares. According to officials from the Bangladesh Financial Intelligence Unit (BFIU), the process of identifying money launderers has slowed significantly since the appointment of a new BFIU chief.
In recent years, the issue of money laundering from Bangladesh has been widely discussed, making it no longer a secret to the general public. However, it seems the matter was overlooked by the Awami League government, as evidenced by a statement made by the then-finance minister during the 2021-22 budget discussion in Parliament. He remarked, “I don’t have a list of those involved in money laundering. If anyone knows their names, please provide me with the list.”
According to a report by the White Paper Committee after the government change on August 5, USD 240 billion was siphoned out of the country over the past 15 years under the fugitive Sheikh Hasina-led government. Allegations also involve several business groups, alongside individuals, in laundering money.
Although economists and bankers believe that recovering laundered money is time-consuming, they are optimistic it is achievable.
BFIU sources revealed that over 250 investigative reports have already been sent to the CID and ACC (Anti-Corruption Commission). Among these, 20 audit reports have been completed, forming the basis for the ACC to begin filing cases one by one. All accused individuals and entities reportedly benefited unlawfully during the previous government’s tenure. An official from the BFIU confirmed that the remaining audits would soon be completed and forwarded to the CID and ACC.
Recovering laundered funds follows a five-step process: Identifying the accused individual or entity. Freezing the accounts of the accused. Investigating the allegations and gathering necessary evidence through relevant agencies. Initiating judicial proceedings in court. Recovering the funds. Currently, most investigations are still in the second and third stages.
Meanwhile, a committee has been formed to investigate the financial transactions of Sheikh Hasina’s family members and 10 other industrial groups.
Last December, the government restructured the inter-agency task force to focus on recovering and managing laundered assets. The ACC is investigating allegations against several individuals, including former Land Minister Saifuzzaman Chowdhury (linked to the UK), Mohammad Saiful Alam of S. Alam Group (linked to Singapore), Awami League leader Md. Abdus Sobhan alias Golap (linked to the US), former Foreign Minister Hasan Mahmud (linked to Belgium), and former Awami League MP Shafiqul Islam (linked to Canada). Additionally, allegations of money laundering have been raised against several Awami League leaders and some businesspeople.
The scope of the task force has been expanded under a new directive, increasing its focus areas from three to six.
Bd-pratidin English/Tanvir Raihan
