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

Date of Event: Nov 11, 2024

Source: https://thefinancialexpress.com.bd/national/sheikh-hasina-was-a-classic-autocrat-m-sakhawat-hossain

Sheikh Hasina was a classic autocrat: M Sakhawat Hossain
Published :
Aug 05, 2024 22:03
Updated :
Aug 05, 2024 22:03

Sheikh Hasina was a classic autocrat who dismissed the people, and this disdain has led to her current predicament, according to Brigadier General (Retd) M. Sakhawat Hossain, an election analyst and former military officer. In a special interview with UNB news agency over the phone, he expressed these views.
He stated that today's events were inevitable and were bound to happen. "We have seen similar situations in Tunisia, Libya, and Syria. Popular uprisings are unstoppable. The student quota reform movement could have been resolved easily, but due to Prime Minister Sheikh Hasina's stubbornness, so many people lost their lives."

Hossain criticised the media's portrayal of the casualties, claiming that the true number is closer to 400, with a significant portion being students and young people. He questioned the whereabouts of the remaining bodies, mass graves, and the extent of innocent lives lost. "She has gone, but who will answer for this?" he asked.

He accused the ruling government of carrying out the "most heinous massacre" and of misleading the public by blaming criminals while those responsible were, in fact, their own countrymen. "Such things should not happen in a free country," he remarked.

Hossain also noted that for the past 15 years, people have been unable to vote properly, with widespread election fraud. He stated that Sheikh Hasina should have understood her and her party's unpopularity, and questioned who would be held accountable for the bloodshed. He criticized the severe lack of good governance, which he believes Sheikh Hasina failed to provide.

Furthermore, he alleged that Sheikh Hasina has created criminal gangs within the country and turned the police and Rapid Action Battalion (RAB) into her personal enforcers.

Reflecting on the plight of the family members of the so-called Father of the Nation, he questioned why they had to face such a tragic fate, attributing it to Hasina's arrogance and pride. He drew a parallel with the 2009 BDR mutiny, where 57 army officers were killed, and questioned who would answer for that incident as well.

He criticised Sheikh Hasina's control over TV media and her suppression of free speech, citing it as a reason he avoided talk shows. He claimed he had urged the Prime Minister in various meetings to ensure good governance, but was labelled as an 'agent of the opposition' for his criticisms.

"Today, Sheikh Hasina has fled the country, and now the army has had to take responsibility for the nation's situation," he concluded.​

 

[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."​