Govt to set up Asset Recovery Agency by December to bring back laundered money
The CA's press secretary said the interim government has already talked to around 200 law firms and it might go for agreements with 30 to facilitate the process
Highlights:
- CA calls for expediting efforts to bring back stolen money
- Special law to be formed to bring back laundered money
- International law firms and funders to settle 11 cases on priority basis
- Govt talked to around 200 law firms and might go for agreements with 30 to facilitate the process
The interim government will set up an Asset Recovery Agency to bring the billions of dollars laundered from the country.
A law will also be framed soon to facilitate the process of bringing back the stolen money, the Chief Adviser's Press Wing said after a high-level meeting, chaired by CA Muhammad Yunus, titled 'Recovery of Laundered Assets, Steps Taken and Challenges' today (10 March) with an 11-member taskforce formed earlier in September last year.
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According to data presented at the meeting by the Bangladesh Bank, at least $75 billion to $100 billion has been stolen from Bangladesh through financial sector fraud, corruption, and irregularities in government contracts.
All the stolen money was primarily laundered to tax haven offshore countries including the US, UK, Canada, Singapore, Malaysia, Thailand, Hong Kong and other countries.
How the govt plans to recover laundered money
Speaking at a press briefing at the Foreign Service Academy, CA's Press Secretary Shafiqul Alam told reporters that the high-level meeting has decided to appoint international law firms and funders to settle 11 cases on a priority basis to recover laundered money.
The interim government has already talked to around 200 law firms and might go for agreements with 30 to facilitate the process.
"A special law will be formulated within a week for this purpose," he added.
"Sheikh Hasina and her family, former Land Minister Saifuzzaman Chowdhury, S Alam Group, Beximco Group, and various industrial groups have been accused in the said cases," said Alam.
To recover the laundered funds from 11 priority cases, the government is collaborating with the World Bank's Stolen Asset Recovery Initiative, the International Anti-Corruption Coordination Centre, the US Department of Justice, and the International Centre for Asset Recovery.
With assistance from these organisations, illegal assets will be identified and investigated both domestically and internationally. The government has initiated steps to send letters to various countries through the relevant authorities, freeze, attach, seize, and confiscate illicit assets, present gathered evidence in court, expedite legal proceedings, and ensure the repatriation and management of recovered assets.
Additionally, beyond these 11 priority cases, other money laundering investigations are ongoing, led by the Anti-Corruption Commission, the National Board of Revenue, and other investigative agencies.
As per central bank data, assets related to these 11 cases will be frozen this year.
"The government will settle at least half of these cases by December and establish an asset recovery agency," said the press secretary.
Replying to a question on the proposed law formulation, he said it would be done through promulgating an ordinance as a set procedure.
"It's a kind of highway robbery. It's the top priority of the government. The government wants to bring the stolen money back at any cost," Alam said, adding that the meeting held today lasted for around 90 minutes.
Alam said such meetings will be held each month and the next meeting will be held after Eid.
Chief Adviser's Deputy Press Secretaries Apurba Jahangir, Abul Kalam Azad Majumder and Assistant Press Secretary Suchismita Tithi were also present.
