The Bangladesh Financial Intelligence Unit (BFIU) has taken steps to initiate legal proceedings to recover Tk15,000 crore allegedly accumulated through suspicious transactions and money laundering.
Over 350 accounts, belonging to prominent figures, including former ministers, MPs, and influential businessmen, have been frozen since the interim government took office on 8 August.
The seized accounts include those linked to major business conglomerates as well as prominent individuals.
The action was taken under orders from the Anti-Corruption Commission, the Customs Intelligence and Investigation Department, and the BFIU.
Government’s Uncompromising Stance
BFIU officials revealed that the government has adopted a zero-tolerance approach to curb money laundering and recover laundered funds.
A senior official of BFIU, speaking on condition of anonymity, said, “No one will be spared in this case. If information about laundering is proven against an influential business group, punitive measures will be taken against those involved. But their businesses will not be allowed to suffer.”
The official hinted that business ownerships in the country might shift as a result of these measures, with international cooperation being sought to repatriate laundered money.
Legal Framework and Challenges
Abu Hena Mohammad Razee Hassan, former head of BFIU, said that the financial intelligence unit can freeze suspicious accounts for a maximum of seven months while investigations are ongoing. If a case is filed, courts may extend the freeze indefinitely.
“Recovering laundered money from abroad is a complex process, but government-to-government agreements can make it easier,” Hassan said.
He noted that international laws and United Nations regulations often complicate asset recovery.
“If Bangladesh can prove in an international court that the money was acquired illegally, it will be slightly easier to recover it,” he added.
Experts Call for Exemplary Punishment
Economist Mustafa K Mujeri, a former chief economist at Bangladesh Bank, stressed the need for a strong legal team to navigate the complexities of international financial laws.
“Bangladesh needs a strong legal fighting team along with the government’s strong determination and patience to get back the laundered money abroad,” he said.
He warned that without exemplary punishment for money launderers, the practice would persist.
“Money is first smuggled within the country by abusing power and then sent abroad. Monitoring state agencies should be accountable, and a counter-monitoring system is required to prevent this.”
BFIU summons bank transaction details of Sheikh Hasina, Sheikh Rehana, their children
Frozen Accounts and Next Steps
According to sources, the frozen accounts are still legally under the ownership of the account holders until the trials conclude.
Mujeri suggested that confiscated funds could be used to compensate those financially harmed by the actions of the accused.
The BFIU is now working with the CID, Anti-Corruption Commission, and tax intelligence to gather evidence and proceed with legal cases. This move is expected to set a precedent in tackling money laundering and recovering stolen assets.
