ACC probing land, flat purchases abroad: BFIU head

Head of the Bangladesh Financial Intelligence Unit (BFIU) Masud Biswas on Tuesday said the Anti-Corruption Commission is investigating individuals who have purchased land and flats abroad.

"Some cases have already been filed in this regard, and information collection on others is underway," he said in response to journalists' inquiries about reports published in local and foreign media regarding former land minister Saifuzzaman Chowdhury's alleged ownership of around 260 houses abroad.

"Our work on this is ongoing according to the instructions received from the court," replied the BFIU head at an event organised to unveil the annual report of the BFIU at the Bangladesh Bank headquarter.

He said around 80% of money laundering in the country is committed through international trade, which is happening due to the lack of proper responsibilities of bankers.

"If money is laundered through over-invoicing and under-invoicing in import and export transactions facilitated by a bank, it should be overseen by the concerned bank," he told journalists.

He further said, "Once money is laundered, it is difficult to recover it. Memorandums of Understanding (MoUs) have been proposed with 10 countries for cooperation in the recovery of laundered money."

"The process is ongoing, and if agreements are reached, obtaining information on money laundering from European, American, and Middle Eastern countries will become easier. This necessitates strong political commitment."

In response to a question about who else has smuggled money out of the country and what is being done to bring it back, Masud Biswas said information is not always available from foreign intelligence units.

Regarding the action taken against MTFE, a multi-level marketing (MLM) company, he said, "We have requested the intelligence unit of Dubai to detain those involved. We have been informed that those involved have fled from Dubai. We do not possess significant capabilities to detect digital fraud. Nonetheless, efforts are being made to enhance our capabilities in this area."

Responding to a question about whether the BFIU plays a major role in preventing money laundering, Masud Biswas said, "If no one lodges a complaint, it becomes challenging to take action. We act based on the instructions received from the court after thorough examination."

In response to the question of how much laundered money has been brought back to the country, he said, "We have recovered 20.41 lakh Singapore dollars smuggled to Singapore."

Masud Biswas emphasised that money laundering is an international crime involving multiple parties and countries, with varying laws across jurisdictions.

He said based on BFIU information, 59 cases have been filed for money laundering. Out of these, the Anti Corruption Commission has filed 47 cases, the Criminal Investigation Department 10, and the National Board of Revenue special cell 2. These cases have not been settled yet.

The BFIU head said cash transactions via electronic means are on the rise. Bankers are now reporting more suspicious transaction information than ever before, resulting in a fourfold increase in suspicious transactions in FY2022-23.