THE issue of capital flight and the misappropriation of public wealth is a pressing concern for Bangladesh.
With vast sums of money siphoned off to foreign countries by a handful of cronies of Hasina’s autocracy, recovering these assets has become not just a legal obligation but a moral imperative.
A newspaper reported on Sunday that recent moves by the Bangladesh Financial Intelligence Unit (BFIU) to push for the signing of key agreements with various countries mark an essential step toward addressing this challenge.
However, the government must act urgently and be determined to establish the necessary legal frameworks to bring back these funds.
The BFIU has identified ten primary destinations, including the USA, UK, Canada, Dubai, and Switzerland, where Bangladeshi assets have reportedly been stashed.
It is encouraging that the government is taking steps to forge mutual legal assistance agreements with these countries and strengthen its participation in global networks such as the Asset Recovery Interagency Network Asia Pacific.
These efforts are crucial because they provide a legal basis for requesting assistance from foreign governments in tracking and returning ill-gotten gains.
Despite the complexity and high costs involved, Bangladesh cannot afford to back down from this challenge.
Success stories in asset recovery are rare globally, but as the nation grows, so does the importance of reclaiming every taka stolen from its economy.
The case of former Land Minister Saifuzzaman Chowdhury, currently under investigation for undisclosed wealth, highlights just how critical it is to pursue these efforts relentlessly.
We must learn from past setbacks, such as the reserve heist case that remains unresolved despite favourable rulings. Global cooperation is key, but reciprocal government action is equally vital.
Bangladesh must ensure that international regulators have the procedures and legal tools in place to facilitate smoother repatriation of stolen wealth. The government must work to close the loopholes that allow money laundering in the first place.
Bangladesh’s path to reclaiming its stolen assets will be long and arduous, but the stakes are too high to ignore. Every taka repatriated represents a victory for the nation’s economic sovereignty and a step toward justice for its people.
As we push forward, the government must remain steadfast, proactive, and cooperative with global partners to ensure that the financial drain on the country is stopped — and reversed.