Staff Reporter :
Transparency International Bangladesh (TIB) has called on the governments of countries where money from Bangladesh is laundered to take concrete actions to help swiftly return stolen assets.
In a statement issued on Thursday, TIB emphasized the responsibility of these destination countries, urging them to honor their international commitments, as they are the primary beneficiaries of much of Bangladesh’s laundered money.
TIB’s statement comes in the wake of increasing media reports, both nationally and internationally, detailing the accumulation of illicit wealth in these countries by high-profile individuals linked to the recently deposed regime.
The organization highlighted that many developed nations, such as the UK, USA, and Switzerland, have long been preferred destinations for Bangladesh’s laundered money.
More recently, countries like Canada, Australia, Singapore, Hong Kong, Malaysia, the UAE (especially Dubai), and various offshore island territories have also emerged as attractive hubs for illicit wealth.
“Powerful syndicates in these countries, consisting of skilled law firms, trust companies, offshore specialists, real estate agents, accountants, regulatory experts, and financial institutions, facilitate the secret deals that fuel money laundering,” said TIB Executive Director Dr. Iftekharuzzaman.
He explained that these syndicates have bolstered the demand for laundered money by offering safe and lucrative incentives, thus driving investments in sectors like real estate, banking, and luxury goods in the host economies.
TIB pointed out that in some cases, the presence of money laundering in these countries is the result of deliberate government policies or loopholes.
Many countries have maintained provisions for investing laundered money through means such as trusts, real estate, or investment passports.
Even where policies are not the direct cause, enforcement deficiencies have created havens for
those who facilitate money laundering, further incentivizing illicit activities.
Dr. Iftekharuzzaman stressed the importance of host countries taking responsibility and urged governments, particularly in the UK, USA, Canada, Dubai, and Singapore, to adopt the following five measures: Proactively identify and freeze any illegal assets owned by Bangladeshi nationals or entities within their jurisdictions.
Dismantle and hold accountable the syndicates that facilitate the accumulation of illicit wealth.
Cooperate with the Bangladeshi government to initiate and expedite the process of repatriating stolen assets, and prosecute the launderers through international mechanisms such as mutual legal assistance and technical support.
Assist in building the professional and international capacity of Bangladeshi agencies such as the Anti-Corruption Commission (ACC), Bangladesh Financial Intelligence Unit (BFIU), Criminal Investigation Department (CID), National Board of Revenue (NBR), and the Attorney General’s Office.
Collaborate with other countries that serve as destinations for Bangladesh’s laundered money to take coordinated actions.
While TIB acknowledged that Bangladesh holds the primary responsibility for preventing, controlling, and repatriating laundered money, it argued that the host countries where the money has been invested also bear significant responsibility, as their economies have benefited from these illicit investments.