[🇧🇩] Everything about Hasina's misrule/Laundered Money etc.

[Saif]

Assets of Hasina, family members found in five countries: Shafiqul

'A joint probe team has found assets related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands,' says the press secretary to the chief adviser

www.thedailystar.net

Assets of Hasina, family members found in five countries: Shafiqul

Shafiqul Alam. File photo

Chief Adviser's Press Secretary Shafiqul Alam has said assets of deposed prime minister Sheikh Hasina and her family members were found in five counties including the UK and the US.

"A joint probe team has found assets of Sheikh Hasina, her family members and the individuals and organisations related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands," he said at a press briefing at the Foreign Service Academy in the capital this afternoon.

Shafiqul said the existence of Russian slush fund (a reserve of money used for illicit purposes, especially political bribery) was also found in a bank of Malaysia.

He said over Tk 636 crore deposited in 124 banks accounts were attached or frozen, while 60-katha plot of Rajuk and eight flats with 10 decimal land worth Tk 8.85 crore were attached.

The press secretary said six cases were filed against Hasina and her family members on charge of plundering and forgery. Probes were completed and charge-sheets were submitted in six cases, he added.

He said travel ban has been imposed on seven family members of Hasina.

Shafiqul said Bangladesh Financial Intelligence Unit (BFIU) sent two intelligence reports to the Anti-Corruption Commission (ACC) and froze Tk 5.15 crore deposited in 11 bank accounts.

He said the BFIU also sent the details of all bank accounts of Hasina and her family members to the ACC.

About money laundering, the press secretary said during the Hasina regime, about $234 billion was laundered abroad from Bangladesh and of the amount, $17 billion was siphoned off from the country's banking sector.

Chief adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present.​

 

[Saif]

The damage Hasina did was ‘monumental’

Chief Adviser Prof Muhammad Yunus said that when he took charge, the country was “completely devastated,” like “another Gaza”, where not buildings, but entire institutions, policies, and international relations were destroyed.

www.thedailystar.net

The damage Hasina did was ‘monumental’
Yunus tells The Guardian

Chief Adviser Prof Muhammad Yunus said that when he took charge, the country was "completely devastated," like "another Gaza", where not buildings, but entire institutions, policies, and international relations were destroyed.

"The damage she [deposed prime minister Sheikh Hasina] had done was monumental," Yunus said in an interview with The Guardian published yesterday.

Hasina has been in India after the ouster of her government amid a student-led mass uprising on August 5 last year.

Yunus' government has initiated prosecutions against senior police officers accused of extrajudicial killings, shut down secret detention centres, and established human rights commissions. Hasina is facing hundreds of charges.

Despite his various reform initiatives, Yunus is facing mounting pressure from political groups, particularly the BNP, to hold elections swiftly, reports The Guardian.

Yunus denied any suggestion that the streets were less safe than under Hasina's rule, but others have warned that the country's security situation threatened to spiral beyond his government's control, reported the UK-based newspaper.

The chief adviser maintained that he had a "very good relationship" with the military, and that there was "no pressure" from the army chief.

"Hasina's regime wasn't a government -- it was a family of bandits," he said.

"Any order from the boss, and it was done. Someone's causing problems? We'll make them disappear. Want to hold an election? We will make sure you win all the seats. You want money? Here's a million dollar loan from the bank and you never have to pay back.

"Banks were given full licence to steal people's money, with active participation from the government," Yunus said.

"They would send their officials with guns to get it all signed off."

In December, a formal extradition request was made to India to send Hasina back to face trial in Bangladesh, but the chief adviser confirmed there had been "no response" from the Indian government.

"Hasina would still face trial for crimes against humanity, even if in absentia," he added.

Yunus said that while India sheltering Hasina was tolerable, "allowing her to use India as a platform to undo everything we have done is dangerous. It destabilises the country."

The return of Donald Trump to the White House has also complicated matters. The Biden administration was a key supporter of Yunus, but Trump has slashed USAID funding. In efforts to bring the US on side, Yunus has invited billionaire Elon Musk to bring his Starlink satellite internet service to Bangladesh, reports The Guardian.

Yunus expressed hope that Trump might see Bangladesh as a "good investment opportunity" and trading partner, and said he intended to pitch this to Musk during his visit.

"Trump's a dealmaker, so I say to him: come, do deals with us," he said.

If he did not, Bangladesh would feel a little pain, Yunus said.

"But this democratic process will not stop."​

 

[Saif]

CA for accelerating efforts to bring back stolen money

Chaired by Prof Yunus, the meeting was attended, among others, by Finance Adviser Salehuddin Ahmed, Law Adviser Asif Nazrul, Bangladesh Bank Governor Ahsan H Mansur, Chief Adviser's Special Envoy Lutfey Siddiqi, Chairman of the Anti-Corruption Commission (ACC) Mohammad Abdul Momen, the...

www.thedailystar.net

CA for accelerating efforts to bring back stolen money

Photo: Courtesy/BSS

Chief Adviser Professor Muhammad Yunus today directed the authorities concerned to enhance efforts to bring back the laundered money to the country.

He came up with the directives at a meeting on prevention of money laundering at the state guest house Jamuna in Dhaka.

Chaired by Prof Yunus, the meeting was attended, among others, by Finance Adviser Salehuddin Ahmed, Law Adviser Asif Nazrul, Bangladesh Bank Governor Ahsan H Mansur, Chief Adviser's Special Envoy Lutfey Siddiqi, Chairman of the Anti-Corruption Commission (ACC) Mohammad Abdul Momen, the Bangladesh Financial Intelligence Unit (BFIU) chief, the home secretary, and the finance secretary.

About the outcomes of the meeting, CA's Press Secretary Shafiqul Alam said Prof Yunus mentioned that the money laundered abroad was the money of the countrymen, asking the authorities concerned to return the money as soon as possible.

The chief adviser said a high-powered meeting on recovery of laundered money will be held each month, while he has called another meeting on the issue after Eid-ul-Fitr to know about the progress of the recovery of stolen money, Alam said.

Yunus also directed to identify the details of the laundered money, he said, giving an example that it was found that one person siphoned off about Tk 400-500 crore per year, showing tuition fee of his or her son who was studying abroad.

Replying to a question, he said the chief adviser asserted that the returning of the laundered money is the government's top priority and it must be brought back at any cost.

Chief Adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present at the briefing.​

 

[Saif]

BB governor to visit UK for asset recovery

Bangladesh Bank (BB) Governor Ahsan H Mansur will visit the United Kingdom (UK) as a part of efforts to recover laundered assets.

www.thedailystar.net

BB governor to visit UK for asset recovery

“Bangladesh’s financial position is strong. The only weak area is revenue collection, and the solution lies in improving revenue generation.” Ahsan H Mansur, Bangladesh Bank governor

Bangladesh Bank (BB) Governor Ahsan H Mansur will visit the United Kingdom (UK) as a part of efforts to recover laundered assets.

The information was disclosed by Press Secretary to the Chief Adviser (CA) Shafiqul Alam in a press briefing following a high-level meeting yesterday.

The meeting, titled "Recovery of Laundered Assets: Steps Taken and Challenges" was chaired by CA Muhammad Yunus and included an 11-member task force.

Allegations of rampant corruption, nepotism, and staggering capital flight have started to surface since former prime minister Sheikh Hasina fled following last year's July-August student uprising. The interim government took the initiative to investigate into the alleged money laundering and bring back the siphoned-off money from abroad.

On March 17, the central bank governor is scheduled to speak to an All-Party Parliamentary Group on corruption, emphasising the need for the UK's support in Bangladesh's asset recovery efforts, including sanctions on those assets.

"We are requesting them to freeze the assets that have been transferred there and are currently being traced," said Alam.

On March 19, a half-day conference on asset recovery will take place, involving international law firms, investigation agencies, and litigation funders.

Meetings will also be held with the Foreign, Commonwealth & Development Office, National Crime Agency, and both the current and immediate past UK secretaries of state for justice.

The press secretary also informed that work is underway with the International Anti-Corruption Coordination Centre and the World Bank's Stolen Asset Recovery (StAR) Initiative to prepare for Bangladesh Asset Recovery Conference in London in early May.

The event will be attended by representatives from 8 to 10 money laundering destination countries, members of the Bangladesh task force, and other key stakeholders.

The press briefing highlighted that Bangladesh's asset recovery effort is among the largest and most complex in history.

Comparisons were drawn with Angola ($15 billion), Malaysia's 1MDB ($11 billion), and Nigeria ($5 billion).

It was further revealed that at least $75 billion to $100 billion in stolen assets from financial sector fraud, government contracts, and general corruption has primarily been transferred to the UK, US, Canada, UAE, Singapore, Malaysia, Thailand, Hong Kong, and various offshore tax havens.​

 

[Saif]

Assets of Hasina, family members found in five countries: Shafiqul

'A joint probe team has found assets related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands,' says the press secretary to the chief adviser

www.thedailystar.net

Assets of Hasina, family members found in five countries: Shafiqul
assets of Sheikh Hasina found in five countries

Shafiqul Alam. File photo

Chief Adviser's Press Secretary Shafiqul Alam has said assets of deposed prime minister Sheikh Hasina and her family members were found in five counties including the UK and the US.

"A joint probe team has found assets of Sheikh Hasina, her family members and the individuals and organisations related to her family in the UK, USA, Malaysia, Singapore, Hong Kong and Cayman Islands," he said at a press briefing at the Foreign Service Academy in the capital this afternoon.

Shafiqul said the existence of Russian slush fund (a reserve of money used for illicit purposes, especially political bribery) was also found in a bank of Malaysia.

He said over Tk 636 crore deposited in 124 banks accounts were attached or frozen, while 60-katha plot of Rajuk and eight flats with 10 decimal land worth Tk 8.85 crore were attached.

The press secretary said six cases were filed against Hasina and her family members on charge of plundering and forgery. Probes were completed and charge-sheets were submitted in six cases, he added.

He said travel ban has been imposed on seven family members of Hasina.

Shafiqul said Bangladesh Financial Intelligence Unit (BFIU) sent two intelligence reports to the Anti-Corruption Commission (ACC) and froze Tk 5.15 crore deposited in 11 bank accounts.

He said the BFIU also sent the details of all bank accounts of Hasina and her family members to the ACC.

About money laundering, the press secretary said during the Hasina regime, about $234 billion was laundered abroad from Bangladesh and of the amount, $17 billion was siphoned off from the country's banking sector.

Chief adviser's deputy press secretaries Abul Kalam Azad and Apurba Jahangir and Assistant Press Secretary Shuchismita Tithi were present.​

 

[Saif]

How much money do Hasina, AL have in banks?

A court has ordered the freezing of 124 bank accounts linked to the Awami League, its research wing, and ousted prime minister Sheikh Hasina

en.prothomalo.com

How much money do Hasina, AL have in banks?
Asaduzzaman
Dhaka
Published: 11 Mar 2025, 23: 10

Sheikh Hasina BSS

A court has ordered the freezing of 124 bank accounts linked to the Awami League, its research wing, and the family members of its president as well as ousted prime minister Sheikh Hasina, following a request from the Anti-Corruption Commission (ACC).

According to the ACC, 10 bank accounts held by the Awami League contain a total of Tk 378 million, while 17 bank accounts under the name of Sheikh Hasina hold Tk 38 million.

The deposits in three of Hasina’s accounts were not disclosed. Among others, one account contains only Tk 5, while another Tk 150. A joint account with Sheik Rehana holds the highest Tk 16 million.

Apart from those, six bank accounts under the name of Sheikh Rehana contain Tk 22.3 million in total, while two accounts belonging to Sheikh Hasina’s son, Sajeeb Wazed Joy, hold Tk 11.7 million.

The ACC has also identified 29 bank accounts linked to the Bangabandhu Sheikh Mujibur Rahman Memorial Trust, where deposits amount to Tk 4.66 billion.

The anti-graft agency also found that an account of the Awami League at a state-run bank’s Dhanmondi branch holds Tk 89 million. Three other accounts of the party at a private bank branch in Dhanmondi contain a total of Tk 206 million.

Besides, two accounts under the title “Awami League election fund-2008” hold Tk 27 million and Tk 12 million, separately. Four other accounts of the party have deposits of more than Tk 30 million. In total, 10 accounts of Awami League contain deposits of Tk 378 million.

The ACC also found 15 bank accounts associated with the Awami League’s research wing, the Centre for Research and Information (CRI), with an accumulated deposit of Tk 408 million.​

 

[Saif]

Govt hopes to bring back some amounts of laundered money this year: Finance Adviser

Finance Adviser Dr Salehuddin Ahmed has expressed hope that the government will be able to repatriate part of the huge amount of money laundered abroad within this year. He made the remarks while talking to reporters after the meeting of the Advisers Council Committee on Government Purchase on Tue

thefinancialexpress.com.bd

Govt hopes to bring back some amounts of laundered money this year: Finance Adviser
UNB
Published :
Mar 11, 2025 20:48
Updated :
Mar 11, 2025 20:48

Finance Adviser Dr Salehuddin Ahmed has expressed hope that the government will be able to repatriate part of the huge amount of money laundered abroad within this year.

He made the remarks while talking to reporters after the meeting of the Advisers Council Committee on Government Purchase on Tuesday at the Cabinet Division in Bangladesh Secretariat.

“We will start the process of bringing back the laundered money as soon as possible. For this, we will sign agreements with the concerned countries”, he added.

The finance adviser said the government has been trying its best to do this. However, the overall amount is huge.

Salehuddin said, this huge amount of money is in different countries and some legal processes are also involved in bringing back the laundered money.

“You will know more about the matter in the months to come. Apart from this, Bangladesh Bank will be able to say more about the matter”.

On Monday, Chief Adviser Prof Muhammad Yunus directed the authorities concerned to intensify efforts to bring back the laundered money.

He gave these instructions at a meeting on prevention of money laundering at the State Guest House Jamuna.​

 

[Bilal9]

Begum para: Yunus seeks Canada’s help to recover stolen money

Chief Adviser Muhammad Yunus yesterday requested Canada’s assistance in recovering funds that were smuggled out of Bangladesh and invested in the North American country, specifically in the upscale Bangladeshi neighbourhood “Begum Para” of Toronto.

www.thedailystar.net

Begum para: Yunus seeks Canada’s help to recover stolen money

View attachment 14035
Photo: UNB

Chief Adviser Muhammad Yunus yesterday requested Canada's assistance in recovering funds that were smuggled out of Bangladesh and invested in the North American country, specifically in the upscale Bangladeshi neighbourhood "Begum Para" of Toronto.

"They stole money from our people and bought assets in Begum Para. We need your help to recover the assets. It is the money of our people," Yunus told Canadian High Commissioner to Bangladesh Ajit Singh during a meeting at the State Guest House Jamuna.

The chief adviser said hundreds of billions of dollars were stolen from Bangladesh by oligarchs, cronies, and politicians connected to Sheikh Hasina's dictatorship, and part of it was laundered to Canada, including in buying assets in Toronto's infamous "Begum Para" neighbourhood.

He sought help to identify, freeze and recover the assets during his meeting with the Canadian High Commissioner.

The Canadian High Commissioner appreciated the efforts of the Prof Yunus-led interim government to bring the stolen money back.

He assured Canada's support for the asset recovery efforts, noting that Canada has a "mechanism" to freeze siphoned-off money for recovery from persons identified by the interim government to the government of Canada.

The Canadian High Commissioner also offered the country's support to the interim government's reform initiatives in its transition to democracy. "We support the great thing you are doing. We appreciate the progress that has been made. We are keen to know what we can do," Ajit Singh said.

He said Canada was keen to expand trade with Bangladesh and invest more in the country. A Canadian minister would visit Bangladesh soon to discuss issues of mutual interest, he added.

In response, Prof Yunus said, "Bangladesh is ready for business. We want to expand trade with your country, and we want Canadian companies to relocate their factories to Bangladesh."

The chief adviser said many Bangladeshi people now live and study in Canada, and Ottawa should make a move to set up its visa office in Dhaka.​

It is a crying shame that the Govt. of Canada did not see fit to establish a visa office in Dhaka. Bangladeshis had to fly to New Delhi to get visas.

Now that they are interested in doing business (Bangladesh has half of the US population) probably because of a shocked realization from dealing with Trump, it is time to look at these long overdue steps to facilitate expansion of trade and people-to-people exchanges on education, healthcare and culture between our countries.

 

[Saif]

It is a crying shame that the Govt. of Canada did not see fit to establish a visa office in Dhaka. Bangladeshis had to fly to New Delhi to get visas.

Now that they are interested in doing business (Bangladesh has half of the US population) probably because of a shocked realization from dealing with Trump, it is time to look at these long overdue steps to facilitate expansion of trade and people-to-people exchanges on education, healthcare and culture between our countries.

All the houses in Begum Para needs to be sold to recover stolen money. The government of Canada can help in this regard.

 

[Bilal9]

All the houses in Begum Para needs to be sold to recover stolen money. The government of Canada can help in this regard.

My thoughts exactly. Govt. of Canada can easily trace where the money came from.

If the houses were bought with cash - Bingo !

 

[Saif]

https://thefinancialexpress.com.bd/editorial/revving-up-for-recovering-nations-stolen-assets

Revving up for recovering nation's stolen assets
FE
Published :
Mar 14, 2025 21:45
Updated :
Mar 14, 2025 21:45

The media report that the interim government has fast-tracked the work of the high powered 11-member inter-agency task force to bring back a part of the money stolen, laundered abroad and deposited in foreign banks or lying in other forms is no doubt a development worth noting. And, any effort towards recovering the state resources worth billions of dollar is welcome since it was one of the causes for which the nation's valiant sons and daughters made supreme sacrifices during last year's July-August uprising.

Since Chief Adviser Dr Muhammad Yunus while assuming office in August last year stated the recovery of stolen money a priority task, it is believed the team he has formed for the purpose would do its best to accomplish the objective. That a special law is also going to be enacted soon to facilitate the task forces' job is well-timed. In the circumstances, the interim government, given its limited tenure in office, would do well to step up the work for its preparatory phase and jump-start the real work, so the government might see its mission is achieved during its incumbency to the fulfillment of the people's expectations. Understandably, recovering laundered money is a notoriously challenging and knotty task with a history of few successes worth mentioning. In this connection, the finance adviser, Dr Salehuddin Ahmed's optimism as expressed to the media following a meeting of the Advisory Council Committee on Government Purchase on Tuesday (March 11) is of course reassuring.

However, there are still reasons to take the stances of resolve and optimism occasionally expressed by the different advisers of the government on issues such as curbing inflation or arresting deterioration of law and order with a grain of salt. In that case, the basic work of reaching agreements and deals with foreign nations and agencies willing to support us in recovering laundered assets should be expedited. Admittedly, the scale of despoiling a nation's economic backbone by some people masquerading as champions of the country's war of independence is mindboggling as well as rare in the history of the world. Just to imagine that during the past one decade and a half plus years that they ruled the country, they siphoned away at the rate of US$16 billion every year, as revealed by the recently released 'White Paper on Bangladesh economy'. And the central bank governor, on the other hand, also made it known that during that same period fund worth US$75 billion was stashed away in overseas locations just by using banking channel. It is yet another shocker. But it is not that the general public was quite in the dark about what was happening as the reports of bank looting by a certain infamous crony oligarch often grabbed the headlines. But what was still unknown to them was the sheer magnitude of misappropriation of the nation's resources.

So, the nation would be waiting with keen anticipation about the outcome of the Bangladesh Bank (BB) governor's reported upcoming meeting with the UK's All Party Parliamentary Group. Notably, in that meeting BB governor will be seeking the said Group's support in recovering funds laundered to the UK as well as requesting imposition of the UK government's ban on any sale or transfer of such Bangladesh-origin assets. It is earnestly believed that the interim government's effort towards recovering nation's assets lost to the plundering by deposed autocrat and her henchmen would see success.​

 

[Saif]

How Bangladesh can recover its stolen assets

Bangladesh intensifies efforts to recover stolen assets and combat money laundering.

www.thedailystar.net

How Bangladesh can recover its stolen assets

FILE VISUAL: ANWAR SOHEL

Bangladesh is now in the midst of a major push to recover assets stolen and "smuggled" out of the country. Estimates vary, but there is clear evidence that political operatives and their cronies have in the last quarter of a century pocketed money illegally from government projects, foreign investment, government deals, and export-import business.

Prof Yunus, the chief adviser of the interim government (IG) in Bangladesh, has prioritised the recovery of assets stolen by the previous regime. During a recent meeting, he sought the assistance of attorney Toby Cadman, an internationally known criminal lawyer, in the investigation and pursuance of asset recovery. The Daily Star reported on their recent discussions: "Another major point of discussion was the seizure of stolen assets by the previous regime, and the legal and procedural measures needed to recover and repatriate these assets."

While the exact magnitude is still to be verified, knowledgeable sources have provided detailed accounts of the key personalities involved in what may be characterised as robbery.

The Bangladesh Bank governor confirmed recently that the government is on track to bring back money that was laundered from Bangladesh. All assets of the S Alam Group have already been seized to recover the money stolen from the banks. The governor also said 12 oligarchs who looted money from banks have been identified. These include the Hallmark Group, Destiny Group, Bismillah Group, AnnonTex, Regent Hospital, NRB Global Bank, and Beximco.

"We are taking the help of foreign experts to find out how they took the money. Efforts are being made to bring back the laundered money in accordance with international protocols," the governor added.

How do we recover this money, and how many years would that take? The IG has set up a task force chaired by the Bangladesh Bank governor. The White Paper on the economy offers a short list of policy measures. First, the government must act immediately to have agreements with the UAE, India, China, EU, US, and Singapore to deal with Trade-Based Money Laundering. Secondly, the Anti-Corruption Commission (ACC) was advised to seek support from overseas legal experts and firms specialising in stolen asset recovery to support reforms and capacity building of Bangladesh's relevant institutions such as ACC, Financial Intelligence Unit, Criminal Investigation Department, National Board of Revenue, and the Attorney General's Office.

Independent research by Transparency International shows that most entities and personalities involved in the "megasteal" are affiliated with former AL and BNP governments. The major megasteal cases are the Rooppur Nuclear Power Plant, Karnaphuli Tunnel, and the Padma Bridge Rail Link. Add to that the six other communications and infrastructure projects identified by a task force that studied megaprojects and uncovered embezzlement, bribery, false declarations and mispricing, including land speculation relating to extensive borrowing from commercial banks.

The IG and the stakeholders all have acknowledged that the timeline for the asset recovery will be lengthy and require the tenacity of Sherlock Holmes. One of the more successful international cases of asset recovery in recent times is the Malaysian 1MDB scandal. The 1MDB scandal was initially covered up by the Malaysian government. The lessons and pointers that we can take away from the 1MDB case are:

1) Public disclosure

2) International cooperation

3) Better enforcement

4) Due diligence and proactive implementation of comprehensive anti-money laundering (AML) compliance frameworks

In the past decade, the value of "public disclosure" or transparency has been amply illustrated by the Panama Papers, Pandora Papers, and Paradise Papers leaks. In these instances, documents exposed offshore financial dealings of wealthy and influential people. The money stolen from Bangladesh and laundered abroad has been moved to different countries under different names and invested in innumerable accounts. However, the key to recovering these assets is due diligence and perseverance.

The government has already identified the key culprits and initiated considerable initiatives to track down the money and manage the recovery: track, freeze, seize, and recover these assets or TFSR. According to The Sunday Times, the National Crime Agency, Britain's equivalent to the US FBI, has indicated its willingness to help Bangladesh recover certain assets. The IG must push the EU to impose sanctions against those who have enabled any misappropriation of assets from Bangladesh, whether this be lawyers or any other professional enabler in the EU.

In addition, as I already mentioned earlier, resources of the EU, United Nations Office on Drugs and Crime, the World Bank's Star initiative, Financial Action Task Force, and the US Justice Department must be utilised ("The path to recovering our stolen assets," The Daily Star, December 22, 2024).

Finally, the IG must frequently update the list. Every day, new details emerge on the various financial deals carried out by the former prime minister and her family. Former UK minister Tulip Siddiq faces fresh questions after videos emerged of her with an official delegation from Bangladesh at the signing of a billion-dollar arms deal and the Rooppur Power Plant. The Bangladeshi High Court heard claims that the British minister may have helped Hasina "broker" the mega-billion dollar deal for Rooppur by the Russian state-backed company, Rosatom.

Another report implicates the former PM, her son Sajeeb Wazed Joy, and niece Tulip Siddiq in financial crimes through various offshore bank accounts in Malaysia. They were also involved in an elaborate scheme to launder money that involved her paternal uncle, Tarique Ahmed Siddique. "Tulip Siddiq and her family members are stakeholders in a company named Prochchaya which along with another entity Destiny Group had laundered $900 million," as reported in the Indian daily, The Hindu.

The Bangladesh experience underscores the pressing need for unwavering diligence and proactive implementation of comprehensive AML compliance frameworks, particularly robust AML compliance programmes, to safeguard the integrity of our financial system. The history of Bangladesh stands as a testament to the pivotal role AML compliance programmes play in fortifying financial institutions against the insidious threat of money laundering.

Dr Abdullah Shibli is an economist and currently employed at a nonprofit financial intermediary in the US. He previously worked for the World Bank and Harvard University.​

 

[Saif]

Court orders to freeze 31 more bank accounts with deposit of Tk 3.94b of Sheikh Hasina, family members

A court has ordered to freeze 31 more bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima wazed Putul, sister Sheikh Rehana and their associates.

en.prothomalo.com

Court orders to freeze 31 more bank accounts with deposit of Tk 3.94b of Sheikh Hasina, family members
Staff Correspondent
Dhaka
Published: 18 Mar 2025, 15: 41

Sheikh Hasina File Photo

A court has ordered to freeze 31 more bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima Wazed Putul, sister Sheikh Rehana and their associates.

According to the Anti-Corruption Commission (ACC), over Tk 3.94 billion are deposited in these 31 bank accounts.

Dhaka metropolitan senior special judge Md Zakir Hossain passed the order over hearing separate petitions filed by the ACC.

ACC director general Akhtar Hossain disclosed this at a press conference at the ACC headquarters in the capital's Segunbagicha on Tuesday.

Earlier, a court had given an order on 11 March to freeze 124 bank accounts of ousted former prime minister Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima wazed Putul, sister Sheikh Rehana and their associates.​

 

[Saif]

Awami League’s Golap holds ‘illicit assets’ worth Tk 680 million: ACC

The Anti-Corruption Commission (ACC) has accused former Awami League lawmaker Abdus Sobhan Golap of amassing ‘illicit assets’ worth over Tk 680 million at home and abroad, including nine flats and houses in the United States. The anti-graft watchdog greenlit a graft case against Golap,

thefinancialexpress.com.bd

Awami League’s Golap holds ‘illicit assets’ worth Tk 680 million: ACC
bdnews24.com
Published :
Mar 19, 2025 18:52
Updated :
Mar 19, 2025 18:52

The Anti-Corruption Commission (ACC) has accused former Awami League lawmaker Abdus Sobhan Golap of amassing ‘illicit assets’ worth over Tk 680 million at home and abroad, including nine flats and houses in the United States.

The anti-graft watchdog greenlit a graft case against Golap, the publicity and publications secretary of the party which was ousted from power by a mass uprising last year.

On Wednesday, ACC Director General Akhtar Hossain said the case was being processed at the commission’s integrated district Dhaka-1 office.

The agency’s Deputy Director Nurul Huda initiated the case, he added.

Regarding the allegations against the former Madaripur-3 MP, the ACC official said he had acquired nine flats and houses worth an estimated Tk 320 million in New York’s Queens through abuse of power, irregularities, and corruption.

Citing the complaint, he said that Golap had accumulated over Tk 690 million in assets, including Tk 323.4 million in immovable property, Tk 371.6 million as movable assets, and Tk 2.5 million in family expenses.

Highlighting Golap's legal and verifiable income amounted to Tk 104.4 million, the ACC official said he had acquired the remaining wealth of Tk 683.2 million "beyond known sources of income”.

In addition, the ACC investigation uncovered evidence of "unusual and suspicious transactions" of Tk 976.3 million in 51 bank accounts linked to Golap, according to Akhtar.

The ACC official added that Golap faces charges under Section 27(1) of the Anti-Corruption Commission Act, 2004, Section 5(2) of the Anti-Corruption Act, 1947, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.

Earlier on Jan 9, a court ordered the attachment of nine immovable properties in the US belonging to Golap and his family members.

At the same time, 53 bank accounts held by them were frozen.

Dhaka Metropolitan Sessions Judge Zakir Hossain Galib passed the order following a petition filed by the ACC.

The court’s attachment order showed the movable and immovable assets and bank accounts were in the name of former lawmaker Golap, who is currently behind bars, his wife Gulshan Ara Mia, son Ivan Sobhan Mia, and daughter Anisha Golap Mia.

It also ordered the seizure of a five-storey house in Dhaka’s Mirpur owned by Golap and his family.

Of the properties in the US, eight are single-residential condo units and the other is a dual-family unit, according to the ACC.

Earlier on Oct 2, 2024, the same court had banned the former MP from travelling abroad.

Police arrested Golap, who went into hiding after the fall of the government, from a house in the capital’s Nakhalpara on Aug 25 last year.

There were multiple charges against him, including one involving a murder in Dhaka during the student-led mass uprising.​

 

[Saif]

ACC files two cases against Saima Wazed Putul

ACC Deputy Director Tahsin Munabil Haque filed two cases at the ACC's Integrated District Office Dhaka-1 today

en.prothomalo.com

ACC files two cases against Saima Wazed Putul
BSS
Published: 20 Mar 2025, 22: 48

Saima Wazed Collected

The Anti-Corruption Commission (ACC) has filed two separate cases against Saima Wazed Putul, daughter of ousted Prime Minister Sheikh Hasina, for allegedly obtaining appointment as WHO Regional Director for South-East Asia through using false information and extracting Tk 330 million from 20 banks in the name of Shuchona Foundation.

ACC Director General (Prevention) Md Akhter Hossain told journalists that the ACC Deputy Director Tahsin Munabil Haque filed two cases at the ACC's Integrated District Office Dhaka-1 today.

In one case, Saima Wazed Putul has been accused of abusing power, doing fraudulence, and forgery to secure the position of Regional Director of the World Health Organization's South-East Asia Regional Office.

The second case alleged that Saima Wazed Putul and Nazrul Islam Mazumder colluded to misuse their power and exert undue influence over member banks of the Bangladesh Association of Banks, compelling them to contribute Tk 33.05 crore from their corporate social responsibility (CSR) funds to Shuchona Foundation, where Putul herself was the chairperson.

According to the case statement, Putul is accused of fabricating credentials in her application for the WHO Regional Director post in 2023.

The ACC alleged that Putul falsely claimed to be engaged in teaching and reviewing educational manuals at Bangabandhu Sheikh Mujib Medical University–BSMMU (now Bangladesh Medical University) despite having no such involvement.

In her application, Saima Wazed reportedly listed her position at BSMMU saying she was an “Honorary Specialist/Expert at BSMMU (2022-Present), providing technical expertise on autism spectrum disorder and mental health, and reviewing manuals for the care and management of developmental disorders” in her CV.

However, upon investigation, the BSMMU authorities confirmed that she never held such a position or participated in any academic or research activities related to manual development.

The ACC has charged her under Sections 420, 468, and 471 of the Penal Code, along with Section 5(2) of the Prevention of Corruption Act of 1947, for allegedly misrepresenting her qualifications to secure the WHO role.
The case has been filed under Section 5(2) of the Prevention of Corruption Act and Section 109 of the Penal Code.

The case statement revealed that an enforcement operation was conducted by the ACC headquarters in January last against Shuchona Foundation. But no physical office of Shuchona Foundation was found.
The investigation found that Putul and Nazrul repeatedly pressured banks to contribute funds to the foundation. In May 2017, 17 banks were forced to donate Tk 210 million from their CSR funds.

A total of 20 banks ultimately contributed Tk 330 million.

Since the organisation had no physical existence, the ACC suspects that the money was embezzled through forged records, which will be thoroughly examined during the investigation.​

 

[Saif]

Repatriating laundered money

THE syphoning of money has been a hot topic in Bangladesh and many reports have been published in the aftermath of the 2024 political changeover as many stalwarts of the then ruling party were accused of transferring money abroad illegally. Syphoning out money from one country to another is a...

www.newagebd.net

Repatriating laundered money
Mohammad Zonaed Emran 23 March, 2025, 00:00

New Age/Mehedi Haque

THE syphoning of money has been a hot topic in Bangladesh and many reports have been published in the aftermath of the 2024 political changeover as many stalwarts of the then ruling party were accused of transferring money abroad illegally. Syphoning out money from one country to another is a common method of money laundering. Money laundering simply means hiding the money earned by illegal means and making it look like it came from a legal business.

Money launderers get the proceedss from criminal activities which are known as predicate offences such as bribery and drug sales, manipulate the share market, transfer the laundered money from Bangladesh to other countries illegally and repatriate the money into the country giving the appearance that the money comes from abroad as remittance or investment, dodging taxes, etc. In essence, money laundering proceeds come from illegal or unlawful activities and re-enter the economy through the financial system with complex processes.

Money laundering in the form of syphoning is a great concern for developing countries such as Bangladesh. According to a 2021 report of the Global Financial Integrity, a Washington-based non-profit organisation, around $61.6 billion was illicitly transferred out of the country between 2005 amnd 2014 through misinvoicing of trade documents and others common methods of capital flight. The report also states that Bangladesh loses around $8 billion each year which was equivalent to Tk 80,000 crore. The money has been siphoned off to different destinations such the United Arab Emirates, Singapore, the United Kingdom, Malaysia, the United States, Canada, Switzerland and tax havens such as Cayman Islands, Panama, British Virgin Islands, etc.

Capital flight or syphoned out money or assets deplete the foreign currency reserve, reducing tax revenue collection and weakening the economy. A recent white paper on the state of the economy published by the government shows that $234 billion was syphoned off Bangladesh between 2009 and 2023. Reports published in various news outlets that the S Alam group has syphoned out from the country capital worth more than Tk 2 lakh crore, equivalent to around $ 17 billion, taking out loans from various banks making shell companies or fictitious documents.

A new report also appears against the then ruling party’s minister who bought assets of 350 houses worth around Tk 3,500 crore in the United Kingdom and also in Dubai through ill-gotten money which is supposed to to have been done through kleptocracy. It is apparent that money laundering through syphoning has been experienced during all governments, sometimes with the connivance of the political regime.

The capital flight from the country to different overseas destinations are happen through vrious mechanisms. Capital flight mainly happens through trade. Trade-based money laundering is a method by which a big chunk of money flows out of the country. it is said that almost 80 per cent of the money laundering or capital flight happens through trade mechanisms such as over-invoicing in export, under-invoicing in import, ghost shipment, phantom shipment, multiple invoicing, etc.

Money laundering also occurs through informal channels such as hundi, cash smuggling and gold trafficking. Under the hundi system, remittances do not come to Bangladesh from abroad through the formal banking channel and they do not add to the foreign country reserves.

Recovering laundered money from abroad is a difficult task. It requires significant time, legal procedures and cooperation of foreign governments and international organisations. Over the years, we have just one successful example where syphoned off money was returned from Singapore — Tk 230 million in Singaporean dollars — after the Anti-Corruption Commission had put in the required efforts. Apart from this, the Bangladesh government could repatriate $1.3 million in stolen assets against the UK requests in two cases between 2010 and 2015. However, recovering stolen assets from abroad needs strong government commitment and will. It is not an easy task. The government has to go through long and complex legal procedures. Moreover, it is quite difficult to trace the stolen assets abroad and collect proofs that the money were laundered from the country.

In every country, there is a central authority responsible for overseeing the money laundering and terrorist financing activity. In Bangladesh, the central authorities, the Bangladesh Financial Intelligence Unit, collect data from the various reporting authorities such as financial institutions ie banks, non-bank financial institutions, insurance companies, accountants, legal firms, currency exchange houses, etc and then they analyses the information coming as cash transactions report and suspicious transactions report and if they suspect any laundering activity, they disseminate the information to the enforcement agencies for investigation and legal action against individual and entities. The Financial Intelligence Unit can freeze bank accounts if it suspects any money laundering and terrorist financing, etc.

The enforcement agencies are the Anti-Corruption Commission, the Criminal Investigation Department, the National Board of Revenue, customs authorities, the Securities and Exchange Commission, the narcotics department, etc. Based on the nature of laundering, the information is disseminated to the authorities concerned. Cooperation among the departments are crucial and imperative for expected results in tracing and taking legal action against money launderers and repatriating the laundered money from abroad.

In order to recover funds from another overseas jurisdiction or countries, it is necessary to make cooperation with other countries. In most of the cases, Bangladesh has no treaties or agreement of cooperation with major laundering countries or the countries are not willing to make treaties or agreements. Under mutual legal assistance treaties, known as MLAT, both the countries sign treaties or agreements that they will cooperate each other and share evidence, etc when asked for. Both the countries can share information on laundering activities which help to trace laundered money, freeze and confiscate the syphoned money or assets and repatriate them.

Apart from MLAT country-to-country cooperation, the government can seek help from some organisations that work on the prevention of money laundering. The Egmont Group is an organisation of foreign financial intelligence units of different countries. Bangladesh is a member of the group. Information on the laundered money or assets can be shared through members of the group for cooperation.

The Financial Action Task Force is a global standard-setting body on money laundering and terrorist financing. They have made a global standard of anti-money laundering and counter financing of terrorism regulations which are followed by member countries. The Financial Action Task Force has similar regional bodies and Bangladesh is a member of one of its regional bodies known as the Asia/Pacific Group on Money Laundering. Bangladesh can take help from this body in order to recover stolen assets.

The United Nations Convention against Corruption works on recovering syphoned off money or assets through member countries. Bangladesh can seek help from the United Nations Convention against Corruption in the recovery of its stolen assets or money.

There is another way that Bangladesh can get back its stolen assets. Bangladesh can repatriate stolen assets through the Stolen Asset Recovery Initiative, a joint initiative of the World Bank and the United Nations Office on Drugs and Crimes. The Stolen Asset Recovery Initiative helps countries to trace, freeze and recover illicit assets hidden abroad, particularly those siphoned through corruption.

Syphoned-off money or capital has long-lasting impact on the economy and people. Transferring assets illegally from Bangladesh has made the economy fragile. The Financial Intelligence Unit has to be strengthened and empowered and given logistic support. The law enforcement agencies should be given enough training, resources and be empowered so that they can combat the crime and handle money laundering cases efficiently. Reporting agency officials should be trained well so that they can report CTR and STR to the Financial Intelligence Unit timely and efficiently. In order to recover the stolen assets or laundered money, the government should immediately start the process of mutual legal assistance treaties with foreign counties and communicate with international organisations to repatriate the money or assets back. The government can also appoint foreign experts in recovering stolen assets.

Mohammad Zonaed Emran is a banker.​

 

[Krishna with Flute]

Hasina destroyed Bangabandhu’s legacy: Prof Yunus

"Bangladesh is liberated… We are a free country now, said Nobel Laureate Professor Muhammad Yunus

www.thedailystar.net

Hasina destroyed Bangabandhu's legacy: Prof Yunus
View attachment 7415

Sheikh Hasina, who was forced to resign as prime minister of Bangladesh yesterday amidst massive civil unrest in the country, destroyed the legacy of her father Bangabandhu Mujibur Rahman, Nobel Laureate Professor Muhammad Yunus, told The Print.

Speaking to ThePrint minutes after Hasina left Bangladesh, Yunus, who has been charged by the Hasina government in over 190 cases, said, "Bangladesh is liberated… We are a free country now."

"We were an occupied country as long as she (Hasina) was there. She was behaving like an occupation force, a dictator, a general, controlling everything. Today all the people of Bangladesh feel liberated."

Yunus was convicted by the Hasina-led government in January for violating the country's labour laws and is currently out on bail.

The Nobel Laureate said this is like a second liberation for the people of Bangladesh and there is celebration all over the country. "They are feeling the sense of liberation and joy that we can start all over again….We wanted to do it in the first round when we became independent in 1971. And we missed it because of all the problems we have right now. We now want to make a fresh start and create a beautiful country for ourselves. That's the commitment we make and students and young people will be leading our future," he said.

Asked about vandalism by protesters, who tried to damage a statue of Mujibur Rahman in Dhaka and stormed the parliament building, Yunus said that it's an expression of the "damage she (Hasina) has done".

"It says what they feel about Hasina, what she did to herself and her father… it's not the fault of the young people who are doing this," he said.

Yunus, founder of the pioneering microfinance system that lifted millions of poor out of poverty in Bangladesh, ruled out any role in active politics. "I'm not the kind of person who would like to be in politics. Politics is not my cup of tea," he maintained.

Currently in Paris, he said he would soon return to Bangladesh and continue to work for the people the way he did earlier.

"I will continue with my work in a more free environment that I didn't have during the regime of Sheikh Hasina because she was always attacking me. I will continue, devote myself to the things I could not do before," he said.​

He has no right to say this seating on throne without public mandate. He is a para dropped puppet of US.

 

[Saif]

He has no right to say this seating on throne without public mandate. He is a para dropped puppet of US.

Let the Bangladeshis decide the matter of who will seat at the helm of power in Bangladesh.

 

[Saif]

Four charged with laundering over Tk 8 billion via international calls

The Anti-Corruption Commission (ACC) has framed charges against four individuals accused in two cases of laundering Tk 8.67 billion through international incoming and outgoing phone call services. ACC Director General (Prevention) Md Akhtar Hossain told journalists on Sunday that the chargesheets

thefinancialexpress.com.bd

Four charged with laundering over Tk 8 billion via international calls
bdnews24.com
Published :
Mar 23, 2025 20:40
Updated :
Mar 23, 2025 20:40

The Anti-Corruption Commission (ACC) has framed charges against four individuals accused in two cases of laundering Tk 8.67 billion through international incoming and outgoing phone call services.

ACC Director General (Prevention) Md Akhtar Hossain told journalists on Sunday that the chargesheets would be submitted to the court soon.

One of the cases named Oviur Rahman Khan, managing director of Apple Globaltel Communications Limited, and Mohiuddin Majumder, the company chairman, as accused, charging the organisation with laundering Tk 4.63 billion, equivalent $60.18 million, through international incoming calls.

ACC Deputy Director Jalal Uddin Ahammad filed the case on Feb 23, 2022, and later led the investigation himself.

The second case involves Vision Tel Limited Managing Director Russel Mirza and Chairman M Badiuzzaman, who are accused of siphoning Tk 4.04 billion, which is equivalent to $50.19 million, through similar means mentioned in the other case.

ACC Director Jalal also filed and led the investigation into this case, which was lodged on Dec 1, 2021.

The charge sheets have been filed under Section 409 of the Penal Code and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.​

 

[Saif]

‘We’re up against time to find stolen billions’

Bangladesh Bank Governor Ahsan H Mansur has expressed worry that much of the money laundered abroad by political and business elites over the last one and a half decades could disappear if it was not found quickly enough.

www.thedailystar.net

‘We’re up against time to find stolen billions’
BB governor tells Al Jazeera

Ahsan H Mansur. File photo/Collected

Bangladesh Bank Governor Ahsan H Mansur has expressed worry that much of the money laundered abroad by political and business elites over the last one and a half decades could disappear if it was not found quickly enough.

"We know that time is of the essence. Erosion of the asset base is a possibility," the former IMF economist told Al Jazeera.

Days after the collapse of the Awami League government in August 2024 following the July uprising and the ouster of prime minister Sheikh Hasina, the newly-appointed central bank chief began a hunt for billions smuggled abroad by its political and business elites.

Bangladesh Bank has set up 11 specialist teams to trace the assets of 11 powerful families who are accused of laundering billions of dollars to the UK, UAE, US, Malaysia, and Singapore over the past decade.

The amount of money in question is staggering. Just one of the 11 families being investigated is suspected of moving $15 billion out of Bangladesh and in one case withdrawing nearly 90 percent of a single bank's deposits, leaving it on the brink of collapse, said the Al Jazeera report.

Mansur said the UK is his starting point. He is now in talks with the British Foreign and Commonwealth Office and London law firms in a bid to trace and seize approximately $25 billion laundered from Bangladesh.

"Many of these families have their assets… in London in particular, so we think we will find a lot of assets here," Mansur said.

"Our whole purpose is at least [to] create awareness that the UK is a favourite destination of stolen assets all over the world, and Bangladesh is one of those countries," he said.

A person of interest for Bangladesh is its former land minister Saifuzzaman Chowdhury Javed. Earlier, the Al Jazeera's Investigative Unit (I-Unit) unravelled that he owns more than $500 million of real estate -- primarily in London and Dubai.

Last year, in an undercover operation the I-Unit revealed that Javed's family had purchased over 360 luxury apartments in the UK, most of which were in London.

The Anti-Corruption Commission in Bangladesh froze nearly 40 of his bank accounts and the court placed him under a travel ban, but the BB is seeking to freeze his overseas properties as soon as possible, in case they are sold off.

Javed claimed that he was the victim of a politically motivated "witch-hunt" against people associated with the previous regime and said that "his wealth was earned legitimately".

While the central bank is focused on freezing assets, Mansur also wants the authorities in the UK and elsewhere to investigate the lawyers, bankers and estate agents who helped move billions of dollars for the "oligarch families", said the report.

Estimating that it may take up to five years to regain control of the funds, Mansur said the progress has been slow as authorities grapple with the scale and complexity of the task.

However, he said that the UK government is helping.

He is considering to offer plea bargains to those who helped move money offshore in return for evidence against the kingpins, or even some form of amnesty scheme to bring the missing money back to Bangladesh, said the report.

Another key issue is that the complex task of tracking billions of dollars across multiple jurisdictions has been made harder following the change of government in the US.

A team of investigators from the US, who were due to start work in Bangladesh this year, was called off after President Donald Trump froze funding to the US Agency for International Development (USAID) in the early days of his new term.

"They were supposed to be in Dhaka in full force, but it had to be cancelled … a number of our experts … had been funded by USAID, but it was stopped," Mansur says.

"That's unfortunate for us, but that's the way it is."​