There has been growing pressure on authorities to take swift and exemplary legal action against individuals accused of large-scale money laundering, with calls for the return of looted funds to address Bangladesh’s ongoing economic crisis.
The Anti-Corruption Commission (ACC) has revealed that it has gathered significant evidence of money laundering involving high-profile figures from the previous government. Among those implicated are former Finance Minister AHM Mustafa Kamal and former Land Minister Saifuzzaman, both of whom are accused of facilitating illicit financial activities.
In addition, the ACC has pointed to serious allegations against Saiful Alam, the owner of the S Alam Group, accusing him and his associates of laundering a staggering Tk 113,245 crore abroad through organized crime, fraud, forgery, and hundi networks. Alam, who has since acquired Singaporean citizenship, is alleged to have masterminded the money laundering operations with the protection of the former administration.
Experts warn that it is crucial to bring those responsible back to Bangladesh and recover the stolen funds to help alleviate the nation’s mounting financial challenges. They stressed that it is not impossible to repatriate the laundered money, even if it requires international cooperation, including the potential use of Interpol.
Saifuzzaman Chowdhury (Javed), the Land Minister of the ousted Sheikh Hasina government, owns 360 houses in the UK with laundered money. The current market value of the houses is $320 million. This amount in Bangladeshi taka stands at more than Tk3, 824 crore. Apart from this, he has built businesses and bought flats in the US, London and the United Arab Emirates with laundered money.
Former Finance Minister of the Awami League government AHM Mustafa Kamal alias Lotus Kamal and his daughter Nafisa Kamal have built their own empire by causing extreme damage to the country's economy. The father, daughter and their family members have built a huge empire in Dubai by laundered about Tk25,000 crore.
ACC sources said that Lotus Kamal and his family circle have embezzled about Tk20,000 crore in excess fees set by the government in the name of sending workers to Malaysia.
Dr Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB) told Bangladesh Pratidin, “Money launderers including S Alam, Saifuzzaman Chowdhury must be brought back and brought to justice and it is possible. We have to sign a mutual cooperation agreement with the countries where they laundered money.”
“However, we have to remember that the process is long. The launderers have laundered money from Bangladesh and invested in different countries. Therefore, the concerned country must be informed that the money invested in your country has been laundered from Bangladesh. Or the money earned through crime has been invested in your country,” he said.
Dr Iftekharuzzaman also said that those who laundered money must be brought back to their country and punished, and the assets in the country must also be confiscated. The countries in which the launderers are staying must be identified and brought back through an agreement with that country according to the law, and it is possible to bring them back. No matter where in the world they go, they must be identified and brought back with the help of Interpol, if necessary.
Dr Mustafa K Mujeri is executive director of the non-government research organisation, Institute for Inclusive Finance and Development told Bangladesh Pratidin, “In addition to bringing back the laundered money, the launderers must also be brought back and brought to justice. If this cannot be ensured, it will be difficult to prevent money laundering in the future. Therefore, money launderers living in different countries of the world must be identified and brought back and justice must be ensured under the Prevention of Money Laundering Act.”
Dr. Touhidul Haque, Associate Professor at the Institute of Social Welfare and Research at Dhaka University said, “It is not enough to just bring back the laundered money. By referring to the legal measures taken against the launderers in the country as a reference, they must be informed in the countries where they are and brought back to the country and brought to face the law.”
“Because if the criminals who embezzle money and launder state money abroad and tarnish the reputation of the country are not brought to face the law, then people like S Alam, Saifuzzaman Chowdhury, AHM Mustafa Kamal will not bother with money laundering in the future. They think or have done it, they can embezzle and launder money only if they have the power.”
“An example must be set that this is not possible. They need to be brought back to set that example. Along with that, their money should also be brought back and used for the public good,” he added.
(Translated by Tanvir Raihan)
