Bangladesh Government Targets Recovery of $100 Billion in Laundered Assets

The Bangladesh government is prioritizing the recovery of laundered funds linked to 11 key individuals, including Prime Minister Sheikh Hasina. The establishment of an Asset Recovery Agency and international assistance are key components of the strategy. Efforts include imposing sanctions on laundered assets and collaborating with international law firms to accelerate recovery processes.

The government of Bangladesh has implemented a strategy to recover laundered funds associated with 11 priority cases, targeting completion of at least half by the end of this year. These cases involve notable figures such as Prime Minister Sheikh Hasina and former land minister Saifuzzaman Chowdhury. Legal proceedings will allow for asset recovery with international assistance slated to seize assets located abroad.

To ensure institutional support for asset recovery, an Asset Recovery Agency will be established. Sanctions against laundered assets will be enforced through collaboration with the UK, US, and UN authorities, as indicated in the high-level meeting on March 10, 2023. Chief Adviser Muhammad Yunus chaired this meeting, which focused on steps taken and challenges faced in the recovery process.

At this meeting, officials revealed that corruption and irregularities have led to the illicit transfer of between $75 billion and $100 billion. The government aims to foster partnerships with various stakeholders in key laundering jurisdictions to intensify asset recovery efforts and build collaborative investigations, although specific details on individual cases remain undisclosed.

The Bangladesh Bank is actively pursuing international aid to facilitate the recovery of laundered funds. Meetings with the UK’s All Party Parliamentary Group on Corruption, as well as plans for the “Bangladesh Asset Recovery Conference” in May, are in place. This collaboration is intended to enhance the capabilities needed for successful repatriation of assets.

International law firms are being engaged to provide expertise in recovering laundered funds exceeding Tk200 crore. Several firms have expressed interest, with support from global institutions being sought to expedite investigations and judicial processes concerning the identified illegal assets.

Additionally, a joint investigation team is examining allegations of corruption linked to Hasina and her family, including the discovery of a suspected Russian “slush fund” in a Malaysian bank. The Malaysian government has agreed to provide support in this investigation, further aiding Bangladesh’s efforts in asset recovery.

In total, the 11 cases involve 84 individuals, with specific assets frozen or seized amounting to over Tk19,680 crore. Comprehensive investigations have uncovered various assets abroad, with significant action already taken against implicated individuals, including travel bans and asset seizures related to allegations of fraud and forgery.

The Bangladesh government’s strategic initiative aims to recover significant amounts of laundered assets linked to 11 priority cases, with ongoing collaborations with international partners and institutions. While progress is being made in asset recovery, transparency and further cooperation are crucial for successful repatriation efforts. The establishment of an Asset Recovery Agency, alongside planned conferences and international legal engagement, reflects a commitment to combatting corruption and facilitating justice.

Original Source: www.tbsnews.net