There are some well-known destinations for money laundering from Bangladesh. According to Global Financial Integrity (GFI), a Washington-based organisation, an average of $7.53 billion (approximately Tk80,000 crore) is laundered out of Bangladesh every year through international trade manipulation.
Meanwhile, data from the Swiss National Bank’s annual report show that in 2021, Bangladeshi nationals had deposits worth 871.1 million Swiss francs — roughly Tk8,275 crore — in various banks in Switzerland. However, many believe the actual amount of laundered money is much higher.
The main destinations for money laundered from Bangladesh are several island nations and a few developed countries known as tax havens. The top ten among these include the British Virgin Islands, the Cayman Islands, Bermuda, the Netherlands, Switzerland, Luxembourg, Hong Kong, Jersey, Singapore, and the United Arab Emirates.
According to the UK-based research organisation Tax Justice Network (TJN), around $4.27 trillion is siphoned off annually from different countries into these tax-haven destinations through tax evasion.
The Bangladeshi government first formulated a strategic document under the Money Laundering Prevention Act for the period 2015–2019, titled National Strategy for Prevention of Money Laundering and Combating Financing of Terrorism. A second strategy paper was later prepared for 2019–2021. Since then, however, no new strategy has been introduced — although international norms require such strategic reviews, a practice followed by most countries.
According to these policy documents, the top ten destinations for laundered money from Bangladesh are the United States, the United Kingdom, Canada, Australia, Singapore, Hong Kong, the United Arab Emirates, the Cayman Islands, and the British Virgin Islands — largely overlapping with the world’s leading tax havens.
Shahriar Alam former State Minister for Foreign Affairs stands out as an exception. Unlike most, he did not launder his illicit funds to these traditional destinations. Instead, he discovered entirely new routes — Russia and Brazil. These two countries have reportedly become major sites of his massive investments.
Following the fall of the fascist Awami League government on 5 August last year, Shahriar Alam fled the country. He is currently residing in Russia, where he is said to be managing several businesses he had secretly established. Verified informatio n indicates that he maintains multiple bank accounts with Sberbank, Gazprombank, and Alfa-Bank.
A review of Shahriar Alam’s international travel records reveals that between 2009 and 2024, he visited Russia a total of 247 times — 209 of those trips using a diplomatic passport. Although Bangladesh maintained friendly relations with Russia, foreign affairs experts observe that there was no legitimate reason for a State Minister for Foreign Affairs to travel there so frequently. Examination of his government-issued travel authorisations (GOs) shows that most of these trips were personal rather than official.
Close associates of Shahriar Alam said his connections with Russia predate his ministerial career. Some of his friends, who went there for higher studies never returned and settled permanently, engaging in business. When Shahriar entered the garments industry, he reconnected with these friends, who began purchasing apparel from him to sell in Russia. After becoming an MP and minister, this business expanded significantly. With illicit funds, he opened multiple showrooms there.
During the Russia–Ukraine war, as Russia faced economic sanctions, it offered unprecedented incentives to foreign investors — allowing capital inflows without scrutiny of the source of funds. Shahriar reportedly took full advantage of this, transferring large sums of money to Russia.
Investigations have revealed that he owns at least three houses, two garment factories, and twenty-one showrooms in Russia.
In addition to his Russian ventures, Shahriar Alam also operates businesses in Brazil. His garments in Bangladesh export products to Brazil, but the proceeds of these exports never returned to the country. Instead, he established companies in Brazil to retain the funds there — an act that constitutes a clear violation under Bangladesh’s Money Laundering Prevention Act.
Over the past fifteen years, Shahriar Alam is estimated to have laundered at least Tk10,000 crore out of Bangladesh.
Bd-pratidin English/ ANI
