combating money laundering: Dhaka initiates legal process with 10 states
Staff Reporter :
Prime Minister Sheikh Hasina has informed the National Parliament that her government took crucial initiatives aimed at seeking legal assistance from 10 countries to combat money laundering and recover funds from illegal transactions conducted abroad.
The revelation came in response to a written question raised by the Chief Whip of the opposition party, Mujibul Haque Chunnu, during Wednesday’s parliamentary session, which was presided over by Speaker Dr. Shirin Sharmin Chaudhury.
Prime Minister Sheikh Hasina highlighted the effectiveness of the Money Laundering Prevention Act, 2012, which is currently enforced in Bangladesh to prevent illicit financial activities.
She emphasised that the act, last amended on November 26, 2015, addresses the identification of funds acquired through both legal and illegal means and their transfer abroad, categorising them as money laundering offenses.
Penalties for money laundering under this act range from a minimum of 4 years to a maximum of 12 years of imprisonment, with fines equivalent to the value of the related property or double the amount or Tk 10 lakh (whichever is higher).
To streamline the repatriation of funds obtained through illegal means abroad, Sheikh Hasina mentioned that mutual legal assistance agreements have been initiated with 10 countries.
The Mutual Legal Assistance in Criminal Matters Act, 2012, has been enacted to address offenses related to money laundering, with the Ministry of Foreign Affairs serving as the central agency for providing mutual assistance.
Additionally, a task force, led by the Attorney General, has been established to focus on recovering assets obtained through smuggling from abroad, the premier informed the House.
The Prime Minister stressed the efforts to establish mutual legal assistance agreements with these countries to obtain essential information, evidence, and support for the recovery of funds from illegal transactions.
A skills paper has been adopted for the repatriation of funds acquired through money laundering, gaining approval from the National Coordination Committee.
Sheikh Hasina also touched upon the international economic landscape, foreseeing a significant decrease in price fluctuations in 2024 in countries with significant economies such as the United States and the European Union.
She expressed optimism that the government’s efforts to control price fluctuations would positively impact stabilising prices of petroleum, essential commodities, and maintaining a normal food supply situation.
