TIB hails first step in freezing laundered wealth in UK

Transparency International Bangladesh (TIB) has welcomed the first step taken by the United Kingdom's National Crime Agency (NCA) against close associates and beneficiaries of Bangladesh's fallen authoritarian regime in relation to money laundering and illicit wealth. 

TIB hoped that this move - freezing luxury wealth worth nearly 90 million pounds - will pave the way for stronger mutual legal assistance between the UK and Bangladesh, accelerating investigations and facilitating the swift recovery of laundered wealth, said a TIB press release issued today (24 May). 

TIB also called on other destination countries of illicit wealth to follow the UK's lead by taking necessary measures under their respective legal frameworks to identify, seize, and repatriate illegal wealth owned by Bangladeshi individuals or entities. 

TIB Executive Director Dr Iftekharuzzaman said, "We want to remain hopeful following the first-ever freezing of illicitly laundered wealth from Bangladesh in the United Kingdom. However, this should not be viewed as an isolated incident; rather, the frozen properties are merely the tip of the iceberg. Many more individuals, blessed by the fallen authoritarian regime, have laundered massive amounts of wealth. Similar actions must be taken against each of them. We urge for effective measures, through mutual legal assistance, to identify, seize, and repatriate all illicit wealth of Bangladeshi money launderers in the UK." 

He further stated, "Not just the United Kingdom - over the past few decades, countries such as the United States, Switzerland, Canada, Australia, Singapore, Hong Kong, Malaysia, and the United Arab Emirates (particularly Dubai) have become top destinations for illicitly laundered wealth from Bangladesh. We also call on the relevant authorities in these countries to follow the UK's lead by taking necessary actions - within their respective legal frameworks and under mutual legal assistance arrangements - to identify, seize, and repatriate illegal wealth owned by Bangladeshi individuals or entities."

In the press release, TIB urged these countries to actively begin working to repatriate laundered wealth by strengthening mutual legal and other relevant expert and specialised cooperation with Bangladesh. 

TIB called on the concerned authorities to actively identify and seize illegal wealth, owned by Bangladeshi individuals or entities, through their own legal processes, and to expedite the return of stolen asset to Bangladesh by collaborating with the government. 

The organisation called on the Bangladeshi government for using of international mechanisms - such as mutual legal assistance and other forms of expert and specialised cooperation - to hold money launderers accountable.