The Bangladesh Financial Intelligence Unit (BFIU) has taken steps to initiate legal proceedings to recover Tk 15,000 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 August 8. 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. BFIU traces 202 accounts, Tk 236.42 Crore in transactions linked to ISKCON 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. ACC grills ex-BFIU chief Masud Biswas 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.

The bank account details of former Prime Minister Sheikh Hasina and all her closest family members, including her sister Sheikh Rehana, have been summoned. The Bangladesh Financial Intelligence Unit (BFIU) of the Bangladesh Bank has sent instructions to banks and financial institutions this week to get details of their financial transactions. The BFIU's letter states that the Prevention of Money Laundering Rules provisions will apply in this order to summon transactions. The letter provides the name of the person summoned, and national identity card information. Read: BFIU freezes bank accounts of 11, including 10 journos Ousted as prime minister by a student-led uprising, the account details of Sheikh Hasina, her daughter Saima Wazed (Putul) and son Sajeeb Ahmed Wazed (Joy) have been sought. In addition, the account information of Sheikh Rehana's son Radwan Mujib Siddiq (Bobby), and two daughters Tulip Rizwana Siddiq and Azmina Siddique have been sought.

The Bangladesh Financial Intelligence Unit (BFIU) of the central bank has identified 202 bank accounts associated with the International Society for Krishna Consciousness (ISKCON). A total of approximately Tk 236.42 crore was deposited into these bank accounts. By November 29, Tk 223.73 crore had been withdrawn, leaving a balance of Tk 12.94 crore, officials said. Besides, they said, Tk 39.2 crore was deposited in the name of controversial ISKCON leader Chandan Kumar Dhar, also known as Chinmoy Kumar Das. Almost the entire amount has since been withdrawn. Read: HC wants to know govt’s stance over ISKCON The Bangladesh Financial Intelligence Unit (BFIU) is currently investigating the source of the funds and identifying the individuals or entities responsible for the deposits. On November 30, the BFIU ordered the suspension of transactions in the bank accounts of 17 ISKCON members, including controversial leader Chandan Kumar Dhar alias Chinmoy Kumar Das, for 30 days. On the same day, the BFIU sent this instruction to various banks and financial institutions in the country to suspend transactions in these bank accounts.

The Bangladesh Financial Intelligence Unit (BFIU) has frozen nearly 300 bank accounts since August 5 as part of an intensified effort to combat money laundering. Significant sums of money are involved, according to officials, who noted that this move forms part of a broader initiative aimed at identifying and halting the illegal outflow of funds from the country. Sources at the central bank’s financial intelligence division revealed that the ongoing investigation is focused on tracing funds laundered abroad. They said the freezing of these accounts is intended to disrupt illicit activities and protect the financial system from further harm. As a result of the seizures, some 100 legal cases have been filed. BFIU orders to freeze accounts of Union Bank MD Mokammel The BFIU has said that, if financial embezzlement is proven in court, the seized funds will be transferred to the Bangladesh Bank’s treasury. However, should the allegations be dismissed, the accounts will be unfrozen and the funds returned to their rightful holders. The central bank, working closely with the task force and the BFIU, is optimistic about the recovery of stolen assets. They regard this collaborative effort as a positive step towards retrieving illicitly transferred funds and preventing future financial crimes. Authorities are also committed to tightening regulatory oversight as the investigation progresses. These measures aim to curb money laundering and bolster the country’s financial integrity. A recent report by Transparency International Bangladesh (TIB) revealed that approximately Tk 26,400 crore (USD 3.1 billion) is illicitly sent out of Bangladesh every year. Hundi, over-invoicing, under-invoicing, and trade mis-invoicing have been identified as the primary techniques for laundering money. Shahrear Ahamed, an Associate Member of the Institute of Chartered Accountants of Bangladesh (ICAB), highlighted in a 10 March 2024 article that the existing regulatory framework imposed on fintech companies has effectively curbed money laundering and the financing of terrorism. However, as the fintech sector evolves, so do the risks of emerging fraudulent activities. He said that fintech organisations, particularly their anti-money laundering departments, must implement prevention and mitigation strategies. With consistent monitoring and updates to current policies and guidelines, the mobile financial services (MFS) industry could propel Bangladesh to new levels of financial transparency and security.

A bank account holder can withdraw cash up to two lakh taka a day for this week given the current security situation, according to a Bangladesh Bank circular. The central bank issued the instruction to the MDs of all commercial banks through SMS on Saturday. It will be effective from Sunday, the first working day of the week. Earlier on Thursday the maximum cash withdrawal limit was set at one lakh taka.    Read more: Bangladesh Bank Governor Abdur Rouf resigns However, businesspeople can draw larger amount of cash for payment of salaries of employees ensuring security on their own, said the circular. The same is applicable for the expatriates. The central bank also asked banks to supervise that a person cannot withdraw money from multiple branches of banks in a day. This directive should be followed especially in the case of key political leaders. On Thursday, the Bangladesh Financial Intelligence Unit (BFIU) under the BB was ordered to report any amount of money withdrawn by a politically important person. The names of political leaders, bank chairmen, businessmen, secretaries, and senior police officers are on this list. Such instruction is given mainly to prevent any person from withdrawing money for criminal activity or escaping from the country. Read more: Bangladesh Bank operates without governor and deputy governors

Bangladesh Bank (BB) Governor Abdur Rouf Talukder on Monday (March 11, 2024) said that around 200 mobile financial services (MFS) accounts are closing each day due to their Hundi connection. The central bank is checking rigorously trade transactions through LC and mobile financial services to prevent money laundering activities by any means, he said. The governor said this in the opening ceremony of the money laundering prevention workshop held at the head office of the Criminal Investigation (CID), Bangladesh Police in the capital on Monday. Rauf highlighted the steps taken to prevent money laundering since his joining the Central Bank as Governor. He said, “When I joined Bangladesh Bank in 2022, there was a severe crisis of foreign exchange in the country. At that time took the first step to stop over-invoicing.” Read more: Inflation, currency prime focus of BB’s next monetary policy Again, money laundering occurs despite keeping the profit of export products abroad. Initiatives are also taken to prevent that, he mentioned. The governor expressed the strong stand of the central bank on banning hundi. He said that expatriates may send Tk500 to their family in the country, then he gives it to someone he knows abroad and asks him to give it to his family in the country. That money remains abroad. In contrast, a representative in Bangladesh paid the amount. As earlier payment was made through home delivery, now it is done through MFS. Read more: Entry-level women's recruitment doubles in banking sector, but board representation still lagging Around 200 such accounts are being closed every day. Later some accounts were opened again with guarantees, permanent action was taken against some of them, he said. Highlighting the context of the campaign against money changers, the governor said that USD $45 to $50 million transactions are done through money changers in the country every year. About $270 billion in transitions are made in the banking channel. But despite a small fraction of transactions, when money changers hiked the dollar rate, many expatriates tried to hold on to remittances. This is how the dollar crisis was created, Rouf pointed out. “That is why the campaign against money changers is ongoing. Also, avoid dealing in cryptocurrencies. It is completely illegal in our country,” said the BB Governor. CID Chief and Additional IGP Muhammad Ali Mia in the chair, head of Bangladesh Financial Intelligence Unit (BFIU) Md. Masud Biswas also spoke at the function. Read more: Bangladesh received $2.16 billion remittances in February, highest in fiscal

The High Court has given Bangladesh Financial Intelligence Unit (BFIU) three months to sign mutual legal assistance (MLA) pacts with 10 countries for obtaining information and proof required to recover black money stashed abroad. An HC bench of justices Md Nazrul Islam Talukder and Khijir Hayat passed the order on Wednesday (October 26, 2022). Deputy attorney general AKM Amin Uddin Manik appeared for BFIU, while advocate Khurshid Alam Khan represented the Anti-Corruption Commission (ACC). Read: HC orders BFIU to form research cell to bring back laundered money In a report submitted to the court on Tuesday, BFIU said that they had advised the Financial Institutions Division (FID) to sign MLA agreements with at least 10 countries to get necessary help in bringing back laundered money from abroad. These countries are the United States of America (USA), the United Kingdom (UK), Canada, Singapore, Australia, Malaysia, the United Arab Emirates, Switzerland, Thailand and Hong Kong (China). The report also said that "BFIU has asked Bangladesh Bank (BB) to recruit manpower for the proposed ‘Research Cell’ which will help in identifying money launderers and recovering the money." Read Black money whitening got little response in FY 22: NBR data According to the report, the recruitment process is currently ongoing. The report added that the sixth meeting of the taskforce, led by the attorney general and formed to recover laundered money, took place on January 3, 2022. The meeting was attended by representatives of the Home Ministry, the Foreign Ministry, FID, ACC, BFIU and the Criminal Investigation Department (CID) of Bangladesh Police. Read Finance bill 2022 passed with limits on proposal to whiten black money It was decided at the meeting that urgent steps needed to be taken to identify the launderers and bring back black money stashed in foreign banks. The High Court on August 31 ordered the head of Bangladesh Financial Intelligence Unit to form a research cell to prevent money laundering, bring back laundered money, monitor and control it. Bangladesh Financial Intelligence Unit head Md Masud Biswas was also directed to submit a progress report regarding the formation of Research Cell by the next hearing set to be held on October 26. On August 10, the Swiss ambassador in Dhaka Nathalie Chuard said that they have been providing the Bangladesh government with all information regarding deposits of Bangladeshi money in Swiss banks, "but no request has been submitted regarding any particular account". On August 11, the High Court bench ordered the government and the Anti-Corruption Commission to explain why the government did not seek information of deposits of Bangladesh money stashed in Swiss banks. On August 14, Bangladesh Financial Intelligence Unit was asked to submit a report in this regard in the affidavit form. On August 21, following the High Court order, Bangladesh Financial Intelligence Unit's report was submitted stating that the information regarding deposits of 67 Bangladeshis in various Swiss banks was sought from the authorities concerned in Bern.

Bangladesh Financial Intelligence Unit (BFIU) repeatedly sought information from different countries including Switzerland about money laundered by Bangladeshis, said Bangladesh Bank (BB). In response to a query on Saturday regarding the recent statement of the Swiss Ambassador, Md Serajul Islam, executive director and spokesperson of BB, said, “I have nothing to say anything about the statement of the Swiss Ambassador. But the BFIU repeatedly sought information from different countries on various issues, including illegal money transactions from Bangladesh.” All kinds of initiatives were taken to collect information about money laundering from the country, he said adding that the BFIU, the country's financial intelligence agency, has also sent several letters to the Swiss banks. Sirajul Islam said, “Whenever we need to collect information, the BFIU collects information from everywhere as the BFIU is a member of the Egmont Group of Financial Intelligence Units (FIUs), an international network of FIUs.” Foreign Minister AK Abdul Momen on Thursday said Bangladesh sought information on the deposits of Bangladeshi money in the Swiss banks but the Swiss side did not respond to the query. Read: Dhaka approached Swiss banks about deposit of Bangladeshi money: Momen Momen said this after his conversation on the issue with Bangladesh Bank Governor Abdur Rouf Talukder and Finance Secretary Fatima Yasmin on Thursday. The foreign minister said he advised the governor and the finance ministry to come up with the statements as confusion arose following some media reports quoting Ambassador of Switzerland to Bangladesh Nathalie Chuard. Momen said it is not true that Bangladesh did not seek information from Switzerland.     The Swiss envoy at the DCAB Talk on Wednesday said any estimate on deposits of Bangladeshi money in the Swiss banks is “purely speculative” and no conclusion can be drawn on the basis of media and other reports.  Responding to a question on information exchange on the issue, she said Switzerland is really committed to implementing international standards. In accordance with these international standards they can have some specific regulations and agreements also with the country to exchange this type of information, she said. “So that is something should be developed,” said the ambassador, adding that they have been providing to the government all the information regarding how to reach an agreement on these matters but no request has been submitted regarding any particular funding.

The High Court on Thursday directed the Anti-Corruption Commission and Bangladesh Financial Intelligence Unit to investigate the allegation of money laundering and embezzling customers’ money against e-commerce platform E-orange and submit their report within four months. The HC bench of Justice Md Nazrul Islam Talukder and Justice Kazi Md Ejarul Haque Akondo passed the order after hearing a petition by a customer. Also read: E-orange owner Sonia, 2 others remanded again The HC also wanted to know about the steps taken for bringing back the fugitive accused of e-commerce platform. It also issued a rule asking the government to explain as to why directives should not be given to the authorities concerned to take legal action against those involved in siphoning off money of the customers of e-commerce platform E-orange after investigation. Commerce Secretary and eight others have been made respondent to the rule. Deputy Attorney General AKM Amin Uddin Manik stood for the state while Advocate Ahsanul Karim and Abdul Kaiyum represented the petitioner. The customers of E-orange ordered products from the e-commerce platform by collecting e-ticket after clearing payments. Also read: BFIU seeks E-Orange's Bithi, Sohel's bank account details But the company did not provide the products to the respective customers.  In this circumstances,  on April 3, last year, some 547 customers filed a writ petition seeking return of Tk 77.46 crore and directives for investigations into the allegation of money laundering against the company.

The Bangladesh Financial Intelligence Unit (BFIU), a wing of the central bank, has summoned the bank accounts of 30 e-commerce companies including Daraj, Alesha Mart, Evaly and e-Orange. The BFIU has recently asked banks for detailed bank information of accounts including their transactions. A form has also been provided to send the information along with the BFIU letter. Also read: BFIU seeks Dr. Yunus’ bank account details The companies have been asked to provide the bank branch name, account name, number, type and date of opening, total deposit and withdrawal and current status of the bank where the transaction before this. Earlier bank accounts of these e-commerce companies were summoned and frozen at different times.  Banks asked to report whether the account is active or closed. Also read: BFIU seeks bank account details of 23 e-commerce platforms Also on the bank account summons list are: Q Coom, Aladdin's Lamp, Boom Boom, Priyoshop, Dhamaka Shopping, Sirajganj Shop, Adian Mart, Walmart, Needs, Dalal Plus, 24 Ticketi, Thole, We Com, Infinity Marketing, Anand Bazar, Akash Nil. Bright Hash, Annex World Wide, Amar Bazzar, Astar Protik, Bangladesh Deal, Bari Dukan.com, Sreshdo.com, Ames BD, Nirapad and Alif World. Many of these companies’ bank accounts have already been frozen. Earlier, Bangladesh Bank and intelligence agencies have taken information of transactions of e-commerce companies at different times. Read BB asks banks to cut tax on service value of non-resident nationals