HC asks BFIU to form cell to bring back laundered money

The High Court on Wednesday directed Bangladesh Financial Intelligence Unit (BFIU) Chief Md Masud Biswas to form a cell to prevent money laundering, observation, and bring the laundered money back.

The HC also ordered the BFIU chief to submit a progress report in this regard to the court by 26 October.

"Only the exchange of letters will not be effective in recovering the laundered money. You must take necessary effective steps," the HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat told BFIU head Masud Biswas during the hearing today (31 August) on a suomuto (voluntary) rule on the issue.

The HC bench passed the order after accepting an unconditional apology from BFIU head Masuf Biswas.

"We believe that laundered money will be brought back to the country. We have to prevent such crime strictly," the HC commented.

Earlier in the day, Masud Biswas has apologised to the High Court (HC) for failing to follow the proper procedure in relation to a report that was submitted to the court on black money stashed in Swiss banks.

Expressing regret, the BFIU chief told the court on Wednesday that this was an "unintentional mistake" and sought unconditional pardon. 

Submitting such a report is like taking an action but without any responsibility, the court had observed during the hearing.

Deputy Attorney General AKM Amin Uddin represented the state while advocate Khurshid Alam Khan appeared for the Anti-Corruption Commission (ACC) during the hearing.

On Tuesday, the HC bench summoned the BFIU chief to explain the report -- on the accounts maintained by Bangladeshis in Swiss banks -- that failed to maintain proper procedure. 

On 10 August, the Swiss ambassador in Dhaka Nathalie Chuard said that they have been providing the Bangladesh government with all information regarding deposits of Bangladeshi money in Swiss banks, "but no request has been submitted regarding any particular account".

On 11 August, the HC bench ordered the government and the ACC to explain why the government didn't seek information of deposits of Bangladesh money stashed in Swiss banks.

On 14 August, BFIU was asked to submit a report in this regard in the affidavit form.

On 21 August, following the HC order, BFIU's report was submitted stating that the information regarding deposits of 67 Bangladeshis in various Swiss banks was sought from the authorities concerned in Bern.

But the Swiss authorities only provided the details of one individual in this regard which BFIU also submitted to the ACC, BFIU said in its report.

According to the report, the Swiss bank published its annual report on 16 June this year. On the following day, the Swiss authorities were requested to provide necessary information about the money deposited by Bangladeshi banks and individuals in various Swiss banks through Egmont Secure Web (ESW).

However, Bangladesh has not yet received any information. BFIU even asked FIEU for this information on 17 June last, it added.