Dhaka: Finance Adviser Dr Salehuddin Ahmed announced today that the interim government has made significant strides in identifying individuals and destinations involved in money laundering. However, he acknowledged that recovering the funds remains a complex and lengthy process. “Identifying money laundering is difficult, but you’re aware that we’ve streamlined the processes,” he added, addressing reporters after chairing a meeting on the Advisers Council Committee on Government Purchase at the Cabinet Division conference room at Bangladesh Secretariat.
According to Bangladesh Sangbad Sangstha, Dr Salehuddin Ahmed emphasized that detecting illicit financial flows is inherently challenging, but institutional mechanisms have been strengthened under his tenure. Upon assuming office, he convened the first meeting on money laundering in five years, marking a proactive approach to tackling the issue. A sub-committee was formed to gather primary information and initiate action, emphasizing the importance of domestic steps before seeking international cooperation.
The Finance Adviser highlighted the complexity of mutual legal assistance procedures with foreign jurisdictions, noting the numerous formalities and documentation involved. “Mutual legal assistance is not simple. It involves numerous formalities and documentation. In some countries, such as Japan, documents must be translated into their language. You can’t simply send papers in English and expect results,” he explained.
Dr Salehuddin Ahmed further observed that those involved in money laundering often employ highly skilled professionals and complex methods, making detection challenging. Despite these hurdles, he claimed that a significant amount of information has already been gathered, identifying individuals and their associated countries. However, he refrained from disclosing the exact amount of money identified as laundered.
He clarified that not all overseas funds held by Bangladeshis are illicit, explaining that some may be legal with proper permissions from Bangladesh Bank. Authorities have identified around 11 or 12 major cases, and relevant data is held by the National Board of Revenue (NBR), Bangladesh Bank, and the Ministry of Finance. Dr Salehuddin Ahmed urged the incoming administration to build on the progress made rather than restarting investigations from scratch.
The Finance Adviser stressed the need for stronger coordination among government agencies, pointing out existing gaps in inter-agency cooperation. He also mentioned submitting his own asset declaration two years ago, with the matter forwarded to the Cabinet Division for necessary action. While the recovery process for laundered funds is complex and time-consuming, Dr Salehuddin Ahmed affirmed that the institutional groundwork has been laid for future action.