UK seeks specifics on money laundering to expedite fund repatriation

The United Kingdom has sought specific information regarding funds allegedly laundered from Bangladesh to the UK by influential figures of the previous Awami League government through tax evasion and other illicit means.

In a meeting with the Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) at the NBR office in the capital yesterday, a delegation from the British High Commission in Dhaka said that having precise information would facilitate the UK's support in repatriating these funds through official government channels.

Seeking anonymity, a senior CIC official who was present in the meeting told TBS, "The delegation said that specific information on tax evasion and money laundering instances would make it easier for them to assist us. For this, they emphasised coordinating efforts among the CIC, the Bangladesh Financial Intelligence Unit, and other relevant organisations."

"The UK representatives assured us of their full support in the efforts to recover funds laundered from Bangladesh," the official added. 

British High Commission's Head of Political and Governance Timothy Duckett led the three-member delegation during the NBR meeting.

TBS sent an email to the British High Commission in Dhaka to inquire about this, but there was no immediate response.

Earlier on 6 October, a British delegation met with the Anti-Corruption Commission and assured full support in repatriating laundered funds.

An investigative report by Al Jazeera claims that Bangladesh's former land minister, Saifuzzaman Chowdhury, owns assets valued at over $500 million, including 360 properties across the UK and other countries. 

Following this report, local authorities began gathering details.

The Central Intelligence Cell of the NBR conducted a preliminary inquiry and found that Saifuzzaman declared a net asset value of Tk18.77 crore in his 2023-24 tax returns, with an income of Tk74 lakh for the same period, on which he paid Tk19.26 lakh in taxes.

Under Bangladesh's income tax law, individuals must disclose any overseas assets in their tax filings, regardless of where the income was earned. However, CIC data indicates that Chowdhury did not report any foreign assets.

"There have been preliminary discussions with the British delegation, and further discussions will take place on future cooperation," said the CIC official.

"We [NBR] have initiated the process of sending a letter to the relevant UK department in this regard," he added.