Saif
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All the houses in Begum Para needs to be sold to recover stolen money. The government of Canada can help in this regard.
Bangladesh Defense
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My thoughts exactly. Govt. of Canada can easily trace where the money came from.
If the houses were bought with cash - Bingo !
Saif
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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.
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
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How Bangladesh can recover its stolen assets
Bangladesh intensifies efforts to recover stolen assets and combat money laundering.
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.
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
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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.
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
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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,
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.
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
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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.
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
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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.
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.
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