Highest court was loud over money laundering throughout the year

Gulam Rabbani :
Throughout the year 2022, the country’s highest court was loud with the issue of money laundering. The court has asked different government agencies to be vigilant against money laundering. Officials have been summoned in the court from time to time. The court heard their opinions and passed relevant orders.
Besides, it has repeatedly criticized the Anti-Corruption Commission (ACC) for failing to complete the investigations in different financial scams in a timely manner.
Following a writ petition and a Suo Moto (voluntary move) rule, the High Court bench of Justice Md Nazrul Islam Talukder and Justice Md Mostafizur Rahman on January 30 directed the Anti-Corruption Commission and the Criminal Investigation Department (CID) of the

Police to submit reports by March 6 on the progress of investigation into the allegations of money laundering by the Bangladeshi nationals whose names were published in the Panama Papers and Paradise Papers leak.
Complying with the order, the Criminal Investigation Department of the Police formed a seven-member committee for a joint investigation into the allegations of money laundering by the Bangladeshi nationals whose names were published in the Panama Papers and Paradise Papers leak.
The Deputy Inspector General (DIG) of Organized Crimes unit of the CID was made Chairman of the committee and Special Police Superintendent of the Financial Crime unit of the CID was made Member-Secretary of it.
The committee also included Additional DIG of the Central Crime unit of the CID, Additional DIG of Dhaka and Mymensingh divisions of the CID, a representative of the Anti-Corruption Commission (ACC), a representative of the Bangladesh Financial Intelligence Unit (BFIU) and Special Police Superintendent of the Legal Affairs unit of the CID.
The High Court on August 30 this year summoned the head of Bangladesh Financial Intelligence Unit (BFIU), Md Masud Biswas, for not following the due process in submitting a statement to the court, which earlier sought information on money deposited by Bangladeshi individuals and organizations to Swiss banks.
Complying with the court summoning Md Masud Biswas appeared in the court on August 31 and tendered apology to the High Court for his ‘inadvertent’ mistake. He said, “I am sorry for my inadvertent mistake. A draft of the statement was submitted. I pledge not to repeat such mistake. And I have submitted the statement again following the due process of the court.”
The court also directed the BFIU chief to submit a detail report by October 26 on their steps taken to recover the money deposited by the Bangladeshi individuals and entities to the banks of different countries.
The court said, “Issuing letters to different organizations and the countries is not enough for recovering the laundered money. You have to monitor it regularly. Do something and show the people. Money laundering has to be reduced at any cost.”
The High Court on November 29 ordered the Anti-Corruption Commission to complete the investigation of all the 56 cases filed in the Basic Bank scam within three months and to submit a report with it. Otherwise, appropriate legal action will be taken against the anti-graft body, warned the HC.
The High Court bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the direction while delivering a verdict on three bail petitions filed by accused Mohammad Ali, former manager of Basic Bank’s Shantinagar branch, in three cases filed in connection with the scam. The court also discharged the rulings issued over the bail of Mohammad Ali.
More than seven years have already passed, but the Anti-Corruption Commission is yet to submit charge sheets (to the lower court) in the cases filed for Basic Bank loan scams. As a result the trial couldn’t be finished in the cases.
The ACC in a recent report said that the cases filed in connection with the scam are under investigation for a long time. One of the reasons for the delay in the investigation process of the cases is that the location of the embezzled money in the cases was concealed by withdrawing money entirely in cash.
According to a Bangladesh Bank enquiry, around Tk 45.0 billion was siphoned off of Basic Bank between 2009 and 2013 when Sheikh Abdul Hye Bacchu chaired the board of the bank. A total of 56 cases were filed over the Basic Bank scams. But the ACC could not submit any charge sheet in any of the cases in last seven years.