Preventing money laundering, return of stolen assets a responsibility of foreign countries: TIB
The Transparency International Bangladesh (TIB) has called on governments of foreign countries to take concrete action to help Bangladesh expedite the return of stolen assets and prevent money laundering.
In a statement today (19 September) Dr Iftekharuzzaman, TIB executive director, said, “Conventional hosts of money laundering like the UK, USA and Switzerland have been joined in recent couple of decades by Canada, Australia, Singapore, Hong Hong, Malaysia, Middle East countries like UAE, especially Dubai, and many offshore island territories as attractive hosts of Bangladeshi laundered money.
“In each destination of illicit transfers, there are powerful syndicates of highly skilled law firms, trust companies, offshore specialists, real estate agents, accountants, regulatory experts, and banking and financial services companies that facilitate the secret deals. These syndicates have systematically strengthened the demand side over the years, and by providing safe and lucrative incentives to our money launderers contributed to flows of investments in host economies in multiple sectors, especially real estate, banking and luxury consumption.”
In some cases, these are outcomes of relevant government policies or policy loopholes, whether deliberate or not. Many such countries have been persistently keeping provisions to invest laundered money by various means like trusts, real estate, investment passports, etc. If not by policy provisions or loopholes in policies, enforcement deficiencies have helped creation of heavens for the money laundering facilitators who have been systematically incentivising money launderers of Bangladesh, he also stated.
The TIB called upon governments of the host countries of Bangladesh’s laundered money like UK, USA, Canada, Dubai and Singapore to proactively identify and freeze any illegal assets owned by Bangladeshi nationals or entities in their respective jurisdictions.
It also sought immediate action to dismantle and hold to account syndicates facilitators of accumulation of money and wealth through illicit transfers.
The TIB asked foreign countries to cooperate with the government of Bangladesh to start and expedite the process of repatriation of the stolen assets and hold the money launderers to account through the available international processes including mutual legal assistance and technical support.
Contribute to building the necessary professional and international capacity of relevant Bangladeshi state agencies, especially ACC, BFIU, CID, NBR and Attorney General’s Office, and collaborate and coordinate with other above-mentioned host countries of Bangladesh’s laundered money to take similar actions, it added.
“The burden of responsibility to prevent, control and bring back laundered money lies mainly on Bangladesh’s shoulders, but it is also no less a responsibility of countries or territories where the laundered money from Bangladesh have been invested and thereby helped the host economies,” the statement reads.
