Dhaka, Bangladesh (BBN) - The United Nations Office on Drugs and Crime today assured full cooperation to the Anti-Corruption Commission of Bangladesh in its efforts to combat money laundering and recover laundered assets.
This commitment was made during a meeting between a five-member UNODC delegation, led by Marco Teixeria, the South Asia head of the agency, and the ACC officials.
The meeting was held at the anti-graft body’s headquarters where enhancing the capacity of the ACC was also discussed, according to sources.
The meeting put focus particularly on the prevention of money laundering and the recovery of stolen assets.
The UNODC has a broad mandate that includes combating illicit drug trafficking, preventing crime and promoting criminal justice, fighting international terrorism and addressing political corruption.
During the discussion, the ACC briefed the UNODC delegation about its ongoing activities and expressed its need for greater technical and operational support in these areas.
This meeting follows another significant engagement that the ACC had just a day earlier with the United States' Federal Bureau of Investigation (FBI).
On Monday, ACC Secretary Khorsheda Yasmeen told reporters that the agency would be receiving assistance from the FBI in its efforts to track and recover laundered funds.
She highlighted the ACC's intention to collaborate with the FBI on issues related to money laundering, pointing to the commission’s dedicated money laundering wing that is seeking support from various international partners to retrieve funds illicitly transferred out of Bangladesh.
Yasmeen also shared that the FBI officials have shown a willingness to help Bangladesh recover the stolen assets.
These cooperative efforts come in the context of mounting allegations of large-scale money laundering tied to figures associated with the recently ousted Awami League-led government.
After the fall of Sheikh Hasina, reports have emerged suggesting that more than a trillion Bangladeshi taka was laundered by former government officials, politicians, businessmen and lawmakers.
In a press statement issued in late August, the Chief Adviser's Office stated that a forthcoming audit would reveal the exact sum of money laundered by corrupt individuals, estimating that it could surpass Tk1 lakh crore.
The laundered money is believed to have been moved to various countries, including Dubai, Singapore, the United States, and the United Kingdom.
Meanwhile, Bangladesh Bank Governor Ahsan H Mansur recently stated that the central bank has already reached out to U.S. authorities to initiate the process of recovering foreign assets linked to the laundered funds.
"A family of smugglers owns 500 to 600 homes in the UK. We will try to acquire their local assets and then we will bring back their foreign assets," Mansur said.
Among the notable individuals implicated in the money laundering investigations are prominent business and political figures -- including Salman F Rahman, an adviser to former Prime Minister Sheikh Hasina and vice chairman of the Beximco Group; Saiful Alam Masud, chairman of S Alam Group; former social welfare minister Nuruzzaman Ahmed; former state minister for civil aviation and tourism Md Mahbub Ali; and ex-member of parliament Akhtaruzzaman Babu.
Investigations are being conducted by both the ACC and the Central Investigation Department (CID) into these allegations.
The CID is currently probing Salman F Rahman’s alleged involvement in laundering Tk33,470 crore abroad, primarily acquired through loans from seven banks over a period of 15 years.
In addition, S Alam Group’s chairman and his family are being investigated for reportedly laundering an even larger sum of Tk1.13 lakh crore using deceptive practices and informal money transfer systems, such as the "hundi" network.
These investigations have intensified in the wake of revelations that massive sums were moved offshore during the tenure of the previous Hasina-led government.
However, the effort to recover laundered assets from abroad is not unprecedented.
Several countries have successfully repatriated stolen or laundered assets with the help of international cooperation.
For instance, Malaysia was able to recover $1.4 billion linked to the 1MDB scandal with assistance from the U.S. Department of Justice.
Similarly, in a case reported by Reuters in 2017, Switzerland returned around $321 million in seized assets to Nigeria that had been stolen by the family of the country’s former military ruler, Sani Abacha, through a deal brokered by the World Bank.
Bangladesh’s efforts to reclaim the stolen assets will require similar cooperation and collaboration with international bodies.
The recent discussions between the ACC and the UNODC, as well as the FBI, reflect a strong willingness on the part of these agencies to support Bangladesh in its fight against corruption and the recovery of laundered funds.
BBN/TA/AD