The Anti-Corruption Commission (ACC) and Criminal Investigation Department (CID) of the police have separately launched investigations into the smuggled money of more than Tk 3 lakh crore (around $3000) in the past 15 years from Bangladesh to various countries.
These two agencies have received preliminary information about the money laundering of a huge amount.
On October 1, ACC officials discussed the matter with the four-member delegation of the European Union (EU) at ACC headquarters in the capital’s Segunbagicha.
On September 24 and September 10, respectively, a delegation from the US Federal Bureau of Investigation (FBI) and the United Nations Office on Drugs and Crime (UNODC) met the ACC officials and discussed the smuggled money from Bangladesh.
In the meetings, Bangladesh sought cooperation to bring back the laundered money from abroad and measures to prevent money smuggling. Money laundering, cybercrime, forensic analysis of financial transactions, trade-based money laundering, techniques to grill criminals, recovery of wealth, financial crime through ICT, MLAR, and the exchange of information were also discussed in these two separate meetings.
ACC officials said they have requested the representatives of the FBI, the World Bank, UNODC, and EU to provide specific information on money laundering including the names of the countries and places where money has been smuggled from Bangladesh. Based on the information from these organisations, ACC will send mutual legal assistance (MLAR) to these countries.
ACC and CID sources said businessmen smuggled money by over-invoicing and under-invoicing. Apart from this, money has been laundered through hundi. Crores of dollars have been smuggled to Canada, Australia, and the United States in the name of immigration during the last decade. There is no specific information about this huge amount of money. Many businessmen and politicians have laundered money at the second home programme in Malaysia. Rich people have also smuggled money to Singapore and Dubai through various means. On the other hand, some individuals and multinational companies laundered the money by dodging taxes.
ACC sources said Britain-based independent research organisation the Tax Justice Network (TJN) published a survey report in 2012 using data from the United Nations, International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS). The TJN works in 139 developing and least developed countries. ACC analyses the data of the TJN. Launderers prefer low-tax or zero-tax countries or regions for smuggling.
Contacted, CID chief Additional Inspector General of Police Matiur Rahman Sheikh told Bangladesh Pratidin that they have been working as per the existing law and expectations of the people.
ACC sources said several countries including Switzerland, Singapore, the United Kingdom, and the United Arab Emirates have good governance and less corruption. These countries are recognized as tax heaven as they don’t impose tax on deposited money in banks and financial institutions or impose minimal tax. For this reason, Bangladeshi rich people choose these countries to smuggle money. Around Tk 1 lakh crore has been laundered to various countries by 24 loan scams from 19 banks in the last 15 years.
Senior Supreme Court lawyer Khurshid Alam Khan told Bangladesh Pratidin that four state organisations -- ACC, Bangladesh Financial Intelligence Unit (BFIU), National Board of Revenue (NBR) and Finance Division of the Ministry of Finance can play a vital role in preventing money laundering and recover the laundered money. If these organisations have specific information about smuggled wealth abroad, they can give status quo in those countries by the court order as per the Money Laundering Prevention Act 2012.
The CID said it has launched an investigation against 50 individuals and organisations for their alleged smuggling of around Tk 1.5 lakh crore from the country. These persons and organisations laundered money by looting banks and financial institutions patronized by the Awami League government.
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