The Bangladeshi government has initiated a plan to recover laundered assets linked to 11 priority cases, including significant figures like Sheikh Hasina and Saifuzzaman Chowdhury. An Asset Recovery Agency will be established, complemented by international cooperation and legal reforms to expedite repatriation. Estimates suggest corruption has cost Bangladesh between $75-100 billion. The government is actively engaging with global entities to assist in recovering these funds, amidst ongoing investigations into money laundering activities.
The government has identified 11 priority cases for recovering laundered money, with the aim to complete at least half within this year through legal mechanisms. Key individuals, including Sheikh Hasina and former land minister Saifuzzaman Chowdhury, are featured among those under scrutiny. Plans are in place to establish an Asset Recovery Agency and engage international firms to assist in seizing assets abroad, with a focus on compliance through sanctions from the UK, US, and UN.
This initiative follows a high-level meeting, chaired by Chief Adviser Muhammad Yunus, to discuss the challenges of recovering these funds. The meeting resulted in a commitment to formulate a special law within one week aimed at expediting the repatriation of stolen assets. Estimates reveal that between $75 billion and $100 billion has been illicitly taken from Bangladesh through corruption and fraud, primarily funneled into various offshore jurisdictions.
In addition to the identified cases, continuing efforts by the Anti-Corruption Commission and other agencies will address other money laundering instances. The central bank is fostering informal relationships with stakeholders in high-risk jurisdictions to support these recovery efforts. Names of individuals involved in ongoing investigations have not been disclosed in order to mitigate potential legal complications.
Bangladesh Bank Governor Ahsan H Mansur is scheduled to meet with UK parliamentary groups and other international law firms to further facilitate the recovery process. A significant conference for asset recovery is planned for May in London, in collaboration with several international anti-corruption entities.
The Asset Recovery Taskforce is also investigating claims of bribes involving Rosatom and has discovered a so-called “slush fund” in Malaysia. Notably, the Malaysian government has expressed willingness to assist in this investigation. In total, 84 individuals have been implicated across the 11 priority cases, and assets worth Tk19,680 crore have been frozen, including extensive international properties linked to these cases.
In relation to Saifuzzaman Chowdhury, former land minister, investigations have confirmed the freezing of multiple bank accounts and property valuations around Tk15 crore. The government intends to collaborate closely with international partners to secure and manage these funds effectively, with formal requests for assistance already underway with involved nations.
The initiative by the government to recover laundered funds underscores a strategic approach to combat corruption through the identification of priority cases and by seeking international collaboration. By establishing an Asset Recovery Agency and engaging with global financial entities, Bangladesh aims to reclaim significant financial resources illicitly transferred abroad. The cooperation with international partners such as Malaysia highlights a commitment to thorough investigations surrounding corruption, contributing to the ongoing fight against money laundering in the nation.
Original Source: www.tbsnews.net
