London: Transparency International Bangladesh (TIB) has welcomed the first step taken by the United Kingdom’s National Crime Agency (NCA) against close associates and beneficiaries of Bangladesh’s fallen authoritarian regime in relation to money laundering and illicit wealth.
According to Bangladesh Sangbad Sangstha, TIB expressed optimism that the move to freeze luxury assets worth nearly 90 million pounds would lead to stronger mutual legal assistance between the UK and Bangladesh. This could accelerate investigations and facilitate the swift recovery of laundered wealth, as stated in a TIB press release.
TIB urged other countries, which are destinations for illicit wealth, to follow the UK’s example by enacting measures within their legal frameworks to identify, seize, and repatriate illegal wealth owned by Bangladeshi individuals or entities.
TIB Executive Director Dr. Iftekharuzzaman remarked, “We want to remain hopeful following the first-ever freezing of illicitly laundered wealth from Bangladesh in the United Kingdom. However, this should not be viewed as an isolated incident; rather, the frozen properties are merely the tip of the iceberg. Many more individuals, blessed by the fallen authoritarian regime, have laundered massive amounts of wealth. Similar actions must be taken against each of them. We urge for effective measures, through mutual legal assistance, to identify, seize, and repatriate all illicit wealth of Bangladeshi money launderers in the UK.”
Dr. Iftekharuzzaman also highlighted that over the past few decades, countries such as the United States, Switzerland, Canada, Australia, Singapore, Hong Kong, Malaysia, and the United Arab Emirates have become top destinations for illicitly laundered wealth from Bangladesh. TIB calls on authorities in these nations to take similar actions as the UK.
In the press release, TIB emphasized the importance of repatriating laundered wealth by strengthening mutual legal and other relevant cooperation with Bangladesh. The organization urged the concerned authorities to identify and seize illegal wealth through their legal processes and expedite its return by collaborating with the Bangladeshi government.
TIB also called on the Bangladeshi government to utilize international mechanisms, such as mutual legal assistance, to hold money launderers accountable.