Joint teams formed to probe money laundering by businesses, influential figures

Ten joint teams have been constituted to investigate allegations of revenue evasion and money laundering involving prominent figures and business entities associated with the ousted Awami League government.

The Bangladesh Financial Intelligence Unit (BFIU) has uncovered the evidence of money laundering by influential business figures, according to sources at the Financial Institutions Division (FID) and Bangladesh Bank (BB).

The FID disclosed that the teams were established following consultations with and advice from the Ministry of Finance.

An officer nominated by the Anti-Corruption Commission (ACC) will lead the investigation, with the BFIU acting as the coordinating body.

Members of the joint teams include representatives from the Customs Intelligence and Investigation Department and the Criminal Investigation Department (CID) of the police.

These joint teams will delve into allegations of money laundering involving several high-profile groups and individuals, including the S Alam, Beximco, Nabil, Summit, and Aramit Groups. Additionally, the teams are investigating former State Minister for Land Saifuzzaman Chowdhury for alleged money laundering.

A letter seeking information on their financial activities have already been dispatched to various countries, including the US, the UK, Singapore, Canada and the United Arab Emirates.

Senior FID officials revealed that on 4 December, the BFIU sent a formal communication to the investigating agencies.

The letter detailed recent findings, which indicate instances of loan funds being diverted from various scheduled banks into different sectors through corruption, fraud, and forgery, in violation of banking regulations.

The letter states, "Information has been found against these business groups of tax and customs evasion, money laundering under the guise of foreign trade, and various illegal methods of money laundering abroad. It is necessary to conduct further investigation into whether these groups and individuals have embezzled bank loan money, laundered money acquired through various legal or illegal means, or smuggled it abroad."

The investigation teams, comprising the ACC, CID, and Customs Intelligence and Investigation Department under the National Board of Revenue (NBR), are tasked with determining the extent of wrongdoing.

The ACC-nominated officer will lead the inquiry and, upon obtaining agency approval, will submit charge sheets to the court.