Abu Jakir :
The interim government of Bangladesh is poised to enact a special law to reclaim billions of dollars allegedly siphoned off during the 15-year tenure of the recently ousted Awami League government.
The initiative, which is expected to be formalised through an ordinance, was announced following a high-level meeting at the State Guest House Jamuna on Monday, presided over by Chief Adviser Professor Muhammad Yunus.
The revelation was made public by Chief Adviser’s Press Secretary Shafiqul Alam during a press briefing at the Foreign Service Academy in Dhaka.
Alam emphasized that the decision marks a significant step in the government’s broader efforts to restore financial transparency and recover illicitly transferred national assets.
To understand the extent of the economic damage, the interim government had earlier formed a white paper drafting committee to assess the country’s financial health.
According to findings from this committee, approximately $234 billion was funneled out of Bangladesh to foreign destinations between 2009 and August 5, 2024 – during the administration of Sheikh Hasina.
Of this amount, an estimated $17 billion was illicitly moved through the country’s banking system.
“This is the people’s money, and bringing it back is one of our highest priorities,” Alam stated, reiterating the Chief Adviser’s unwavering commitment to financial accountability.
During the press briefing, Shafiqul Alam disclosed that assets belonging to deposed Prime Minister Sheikh Hasina and her family members had been discovered in five countries, including the UK and the US. A joint probe team found properties linked to Hasina, her family, and associated individuals and organizations in the UK, USA, Malaysia, Singapore, Hong Kong, and the Cayman Islands.
Alam further revealed that a Russian slush fund-an illicit reserve of money often used for political bribery-was identified in a Malaysian bank.
Authorities have frozen over Tk 636 crore deposited in 124 bank accounts and seized a 60-katha plot under Rajuk, as well as eight flats and 10 decimals of land worth Tk 8.85 crore.
Six cases have been filed against Hasina and her family members on charges of embezzlement and forgery, with investigations completed and charge sheets submitted in all cases. Additionally, travel bans have been imposed on seven of Hasina’s family members.
Hasina’s son Sajib Wazed Joy claims to be computer engineer by training. However, New Nation could not verify exactly which year he graduated from the University of Texas at Arlington with a bachelor.
The Bangladesh Financial Intelligence Unit (BFIU) has provided two intelligence reports to the Anti-Corruption Commission (ACC) and frozen Tk 5.15 crore held in 11 bank accounts.
The BFIU has also handed over details of all bank accounts belonging to Hasina and her family members to the ACC for further investigation.
In an effort to reclaim the laundered funds, the government had formed an 11-member task force in September 2023, headed by Bangladesh Bank Governor Ahsan H. Mansur.
On Monday, the task force convened a meeting to evaluate the measures taken so far and chart a course for future actions.
The meeting was chaired by Professor Yunus and was attended by several high-ranking officials, including Finance Adviser Salehuddin Ahmed and Law Adviser Professor Asif Nazrul.
During the hour-and-a-half-long session, participants agreed on a set of decisive measures, the foremost being the introduction of a specialized law to facilitate the repatriation of the stolen funds.
Officials anticipate the law will be drafted and enacted within a week, establishing a legal framework that will expedite the process.
Alam noted that those assisting in the recovery efforts, including international agencies and legal firms, have also stressed the need for such a law.
The interim government and the task force have been in discussions with several legal consultancy firms to strategize the fund recovery process.
The proposed legislation is expected to support agreements with international legal experts who specialize in financial crimes and asset repatriation.
According to Alam, the government has engaged in preliminary discussions with nearly 200 law firms, with plans to finalize agreements with around 30 reputable international firms that have demonstrated success in similar cases globally.
While the move signals a strong stance against financial misconduct, the process of retrieving such massive sums remains fraught with legal and diplomatic complexities.
Financial crime experts caution that successful asset recovery often involves lengthy international legal battles, requiring coordinated efforts between governments, financial institutions, and judicial bodies across multiple jurisdictions.
Nonetheless, the interim government remains resolute. “We are not just making promises-we are taking action,” said Alam. “This is about holding those responsible accountable and ensuring that Bangladesh’s wealth serves its people, not foreign bank accounts.”
