Laundered billions: Govt fast-tracks recovery efforts

The interim government is set to enact a special law aimed at streamlining the recovery process of money laundered during the Sheikh Hasina regime.

 

The special law, which would be formulated within one week, would provide a legal framework for retrieving the money, Chief Adviser's Press Secretary Shafiqul Alam said at a press conference yesterday.

It is being framed to address the demands of various foreign entities and organisations assisting the government in retrieving the laundered funds.

"Bringing back laundered money is a lengthy process and involves many legal issues. It is extremely crucial for us to recover this money. We are hopeful that we will be able to recover several billion dollars in assets by the end of this year if we can make sufficient progress."

The comments came after Chief Adviser Prof Muhammad Yunus chaired a meeting with a high-powered inter-agency taskforce formed to bring back money that has been illegally taken abroad.

Yunus called for expediting efforts to bring back billions in stolen money -- both from the banking system and other means.

"It is the top priority of the government. We want to bring the stolen money back at any cost. The chief adviser has emphasised the importance of acting swiftly and ensuring that not a single day is wasted in this effort," Shafiqul said, quoting Yunus.

The task force has identified 11 priority cases involving ousted prime minister Hasina, her family members, organisations connected to them, and former land minister and Awami League leader Saifuzzaman Chowdhury.

The names of all individuals involved in the 11 cases were not disclosed for the sake of investigation.

"The number one priority case is the involvement of money laundering by Sheikh Hasina, her family and connected organisations," Shafiqul said.

The joint investigation team has traced assets linked to Hasina, her family, and their associated individuals and organisations in the US, the UK, Malaysia, Singapore, Hong Kong, and the Cayman Islands, he said.

"A Russian slush fund [a reserve of money used for illicit purposes, especially political bribery] has been identified in a Malaysian bank," he said, adding that the task force is targeting to freeze the foreign assets linked to the priority cases by the end of the year.

It is also aiming to have the British government slap sanctions against Bangladeshi individuals who have laundered money to the UK within six months, and to accelerate the filing of domestic cases against the accused individuals.

A total of 124 bank accounts, amounting to Tk 635.14 crore, belonging to Hasina, her family members and connected organisations have been frozen or attached. Additionally, a 60-katha plot in Purbachal, valued at Tk 1.8 crore in official documents, has been identified.

However, each katha of land in that area is worth about 4 crore, according to the government's estimation.

Furthermore, eight flats and 10 decimals of land worth Tk 8.85 crore have also been traced. Six cases have been filed on charges of fraud and forgery.

Investigations for the six cases have been completed, and charge sheets have been submitted, Shafiqul said, adding that seven members of Hasina's family have an international travel ban on them.

About Saifuzzaman Chowdhury, Shafiqul said international media reports show that he had bought block after block abroad using money stolen from the people of Bangladesh.

The National Board of Revenue is investigating 11 cases of tax evasion by Saifuzzaman and individuals and organisations connected to him.

The court has attached four properties worth Tk 20 crore, while petitions have been filed to attach two plots and 31,594.39 decimals of land.

Additionally, 39 bank accounts with a total balance of Tk 5.27 crore and shares worth Tk 102.85 crore have been frozen following court orders.

Information about owning 228 properties in the UAE, seven in the US and 343 in the UK was sent to the respective countries through the foreign ministry. Furthermore, a travel ban has been imposed on two members of Saifuzzaman's family.

For 10 cases, assets worth Tk 1,717 crore were either frozen or attached. Meanwhile, 188 BO accounts having shares worth Tk 15,500 crore have been frozen.

Apart from those linked to the 11 priority cases, there are several hundred individuals who have laundered money amounting to Tk 200 crore each or more abroad, Shafiqul said, adding that Yunus has asked the officials to expedite investigations regarding them.

Previously, it was known that money was being laundered through the banking system, hundi operations or by over-invoicing and under-invoicing.

In yesterday's meeting, an important finding was shared by the NBR chairman: money was also laundered through tuition fees for foreign universities.

In one specific case, it was discovered that an individual transferred tuition fees amounting to more than Tk 400-500 crore for their child, Shafiqul said.