The Bangladeshi government is intensifying efforts to recover laundered funds amounting to $75-100 billion linked to 11 priority cases, including notable figures such as Sheikh Hasina and Saifuzzaman Chowdhury. This initiative will involve forming an Asset Recovery Agency and partnering with international law firms. A significant conference is scheduled in London in May to strengthen global collaboration on tracing stolen assets.
The Bangladesh government has established a strategic initiative targeting the recovery of laundered funds connected to eleven individuals and industries, including Prime Minister Sheikh Hasina and former land minister Saifuzzaman Chowdhury. The goal is to resolve at least half of these specific cases legally within this year. The Asset Recovery Agency will be instituted to manage the recovery processes effectively.
During a high-level meeting convened by Chief Adviser Muhammad Yunus, it was emphasized that international firms would aid in asset seizure and sanctions would be enforced by the UK, US, and UN against any transfer or sale of the laundered assets. Shafiqul Alam, the Chief Adviser’s Press Secretary, noted, “A special law will be formulated within a week to accelerate the efforts of repatriating the money.”
The central bank officials reported substantial amounts of funds stolen from Bangladesh, estimated between $75 billion and $100 billion, largely attributed to fraud and corruption. These illicit funds have predominantly been laundered through various jurisdictions including the US, UK, Canada, and others. In addition to the priority cases, agencies such as the Anti-Corruption Commission are also focusing on other money laundering activities.
The governor of Bangladesh Bank plans to engage with UK officials and international law firms to facilitate recovery efforts. Notably, a conference aimed at asset recovery will be scheduled in London for May, in collaboration with international bodies to enhance asset tracing capabilities. The goal is to augment strategic partnerships that will expedite recovery procedures within the global financial framework.
Additionally, there has been notable international interest, including assistance from Malaysia concerning a bribery investigation concerning the Russian state-owned corporation, Rosatom. Informal discussions with the Malaysian Prime Minister’s Office have indicated a potential deepening of support for Bangladesh’s asset recovery efforts.
In total, authorities have frozen extensive assets linked to the accused individuals, amounting to Tk19,680 crore, alongside an extensive list of actions taken against 84 implicated individuals. The BFIU has reported various frozen assets and properties both domestically and abroad, with investigations focusing on numerous jurisdictions to secure and repatriate the laundered funds effectively. The progress on these initiatives is anticipated to create a framework for robust asset recovery going forward.
The Bangladesh government’s commitment to recovering laundered assets is underscored through an established roadmap targeting key individuals. By partnering with international law firms and coordinating with global jurisdictions, the government aims to facilitate the repatriation of substantial funds that have been illicitly acquired. Continuous collaboration with international agencies is vital, as well as the development of specific legal frameworks to expedite these recovery processes. Overall, these efforts reflect a determined stance towards addressing corruption and enhancing financial integrity within Bangladesh.
Original Source: www.tbsnews.net
