New era | ACC begins work to repatriate laundered funds

The Anti-Corruption Commission has started its work to recover money laundered abroad during the rule of the now-deposed Awami League between 2009 and 2024.

The National Anti-Corruption Agency receives support in this regard from local and international authorities, including the United States FBI.

An FBI delegation assured the Anti-Corruption Commission at a meeting on Monday that it would cooperate in all legal proceedings, including in the recovery of the laundered money.

Allegations persist that people from various professions, including politicians, businessmen, bureaucrats and police officers, have laundered nearly 1 trillion taka out of the country.

The money launderers made their fortune abroad, buying real estate, setting up businesses and investing in second homes in various countries, including the United States, the United Kingdom, Canada, Malaysia, Dubai and Singapore.

The commission took a new step to return the laundered money after the interim government formed on August 8 under the leadership of Professor Muhammad Yunus announced that the laundered money would be recovered.

A two-member FBI team held the meeting with senior officials of the commission’s money laundering division at its headquarters in Dhaka.

At the meeting, a proposal was presented for cooperation between the two authorities in all legal proceedings, including the recovery of laundered funds.

An FBI delegation comprising Deputy Legal Attaché Robert J. Cameron and his Police Liaison Specialist Mohammad Aminul Islam, ACC Director General of Anti-Money Laundering Division Md Mokammel Haque and Director of Intelligence Unit Abdullah Al Zahid were present at the meeting.

When asked, ACC Secretary Khorsheda Yasmeen confirmed to journalists that an FBI delegation had come to the Commission and held a meeting with officials from the Money Laundering Department.

At the meeting, they asked about the Commission’s entire investigation and inquiry process. The delegation assured them of support from the ACC if needed, she said.

The ACC may seek assistance from the FBI in recovering laundered money from abroad, she added.

A senior ACC official present at the meeting said it was a long session lasting about one and a half hours.

The visiting team inquired in detail about the three processes, namely investigation, inquiry and litigation, that the Commission follows in its work. The meeting also discussed how legal cooperation could work, starting with the repatriation of laundered money from abroad, he said.

“Overall, they have got an idea of ​​the activities of the ACC. Now they will look at how they can cooperate with the ACC within the framework of their legislation. For this purpose, they can submit a proposal. Later, we will discuss this proposal and what we should do,” he added.

During the meeting, Commission officials also briefed the delegation on activities and laws related to money laundering and the opportunities available.

Earlier on Sunday, financial advisor Saleh Uddin Ahmed announced the establishment of a task force to confiscate laundered money from abroad.

After a meeting of the Ministry of Commerce at the Secretariat, he told reporters: “What the working method of the task force will be, who will be there, the procedure is being worked on. This task force will be visible within a few days.”

The transitional government had previously announced that it was working to acquire the “local assets” of embezzlers and to repatriate laundered money from abroad.

As part of this step, communication with various foreign organizations has also begun, according to a press release from the Office of the Chief Advisor on August 28.

“Contacts have already been made with various foreign agencies to request assistance in returning the money,” the press release states.

“In recent years, some dishonest businessmen and other influential individuals have embezzled and laundered huge sums of money abroad through massive corruption and fraud in the banking sector,” the press release said.

“Investigation work is underway to ascertain the amount of money embezzled by the corrupt people… (but) it is believed that the amount may be more than Taka 100,000,000,” the press release said.

In 2012, the commission managed to seize approximately 2,041,000 Singapore dollars. The funds were allegedly laundered by Arafat Rahman Koko, the younger son of Bangladesh Nationalist Party leader Khaleda Zia.

However, the Commission was later unable to recover money laundered from abroad over the past twelve years.

According to Washington-based Global Financial Integrity, an average of $753.37 crore is laundered from Bangladesh through international trade every year.

According to a 2021 GFI report, an average of $8.27 billion was laundered annually between 2009 and 2018.

According to the National Strategy to Prevent Money Laundering and Combat Terrorist Financing, most of Bangladesh’s money was laundered in the United States, the United Kingdom, Canada, Australia, Singapore, Hong Kong, the United Arab Emirates, Malaysia, the Cayman Islands and the British Virgin Islands.