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.

Bangladesh Bank (BB) has clarified that the immediate risks to the country’s financial sector have been resolved, but full economic stability is still a work in progress. Husne Ara Shikha, Executive Director and spokesperson for the central bank, made the remarks during a discussion with journalists at her office on Tuesday. Bangladesh Bank appoints Ernst & Young, KPMG to audit 6 troubled banks “The good news is that financial losses have already been reduced and the critical risks in the financial sector have been addressed,” said Shikha. She, however, noted that the bank is not entirely satisfied with the progress so far. Key Initiatives Taken Over the last five months, from July to November 2024, Bangladesh Bank has implemented several measures to stabilise the economy. These include restructuring of commercial banks, formation of a specialised banking task force, efforts to stabilise the foreign exchange market and inflation control strategies. “Some of these initiatives have already yielded results, but other outcomes will require more time to manifest,” Shikha explained. Money Laundering and Account Seizures Discussing the issue of money laundering, Shikha revealed that approximately 400 accounts were seized by the Bangladesh Financial Intelligence Unit (BFIU) as of November 2024, following the recent political changeover. Bangladesh Bank caps exchange rate spread at Tk 1 “By the end of 2025, we expect to have a clear understanding of how much money has been laundered, through which banks, and to which countries,” she said, adding that recovering the laundered funds would be a lengthy process. She noted that agencies tasked with recovering the funds are working diligently but do not disclose details to the central bank for security reasons. Inflation Control On inflation, Shikha highlighted that BB had increased the policy interest rate multiple times in an attempt to curb rising prices. “We are hopeful that inflation will ease this January. However, if it remains unchecked, further hikes in the policy interest rate may be necessary,” she warned. Challenges in Private Credit Growth When asked about the sluggish growth in private credit, Shikha clarified that credit expansion is not solely dependent on interest rates. “Infrastructure development, energy supply and port facilities all play a critical role in enabling private sector growth,” she said. Bangladesh Bank lowers cash margin for car import LCs While significant strides have been made in addressing financial vulnerabilities, Shikha cautioned that achieving full economic stability will take time. “We are committed to building a resilient and stable financial system, but patience is essential as the process unfolds,” she added.

Ten joint teams have been constituted to investigate allegations of revenue evasion and money laundering involving prominent figures and business entities associated with the ousted Awami League government. The Bangladesh Financial Intelligence Unit (BFIU) has uncovered the evidence of money laundering by influential business figures, according to sources at the Financial Institutions Division (FID) and Bangladesh Bank (BB). The FID disclosed that the teams were established following consultations with and advice from the Ministry of Finance. Online VAT services to remain suspended for 96 hours: NBR An officer nominated by the Anti-Corruption Commission (ACC) will lead the investigation, with the BFIU acting as the coordinating body. Members of the joint teams include representatives from the Customs Intelligence and Investigation Department and the Criminal Investigation Department (CID) of the police. These joint teams will delve into allegations of money laundering involving several high-profile groups and individuals, including the S Alam, Beximco, Nabil, Summit, and Aramit Groups. Additionally, the teams are investigating former State Minister for Land Saifuzzaman Chowdhury for alleged money laundering. A letter seeking information on their financial activities have already been dispatched to various countries, including the US, the UK, Singapore, Canada and the United Arab Emirates. Senior FID officials revealed that on December 4, the BFIU sent a formal communication to the investigating agencies. The letter detailed recent findings, which indicate instances of loan funds being diverted from various scheduled banks into different sectors through corruption, fraud, and forgery, in violation of banking regulations. Pakistan keen to import medicine from Bangladesh The letter states, “Information has been found against these business groups of tax and customs evasion, money laundering under the guise of foreign trade, and various illegal methods of money laundering abroad. It is necessary to conduct further investigation into whether these groups and individuals have embezzled bank loan money, laundered money acquired through various legal or illegal means, or smuggled it abroad.” The investigation teams, comprising the ACC, CID, and Customs Intelligence and Investigation Department under the National Board of Revenue (NBR), are tasked with determining the extent of wrongdoing. Timor-Leste President seeks to boost trade ties with Bangladesh The ACC-nominated officer will lead the inquiry and, upon obtaining agency approval, will submit charge sheets to the court.

Bangladesh Bank has called ten individuals for interviews to appoint the next head of the Bangladesh Financial Intelligence Unit (BFIU). The interviews are scheduled for December 11 and 12. However, the selection process has sparked alarm. According to central bank officials, several individuals shortlisted for the position, including some tied to the S Alam Group during the previous Awami League government, have faced accusations of benefiting from bank irregularities and corruption. BFIU summons bank account details of Sheikh Hasina, Rehana They warn that appointing such individuals could undermine the integrity of the financial intelligence body and derail efforts to recover laundered money. Observers have expressed grave concerns, highlighting the significant role of the BFIU in tackling financial crimes. They fear that appointing individuals implicated in corruption or linked to bank fraud could compromise the unit’s credibility. Some critics claim this could jeopardize the recovery of laundered funds and render past sacrifices, including the struggles of students and disabled individuals, meaningless. The ten individuals called for interviews include former Bangladesh Bank Executive Directors AFM Shahinul Islam, Nazrul Islam, Zahurul Huda, Akhtarul Islam, and Nurul Amin, as well as current Executive Directors Rafiqul Islam, AKM Ehsan, Mamun Hossain, Md. Saiful Islam Khan, and a former deputy managing director of NCC Bank. BFIU freezes bank accounts of 11, including 10 journos Among the candidates, Zahurul Huda has attracted particular criticism. After retiring from Bangladesh Bank, Huda reportedly joined the training academy of the S Alam Group. Following S Alam Group's takeover of National Bank, he was appointed as an independent director of the bank. Sources allege that during their tenure at Bangladesh Bank, some of the shortlisted candidates extended undue concessions to the S Alam Group. In return, they reportedly secured lucrative positions in the conglomerate upon retirement. BFIU seizes bank accounts of cricketer Shakib Al Hasan Critics argue that appointing such individuals to lead the BFIU could lead to the collapse of crucial financial oversight and anti-corruption measures. They call for greater scrutiny and transparency in the selection process to ensure the integrity of Bangladesh’s financial system.

Bangladesh Financial Intelligence Unit (BFIU), the financial intelligence agency of the central bank, has summoned the bank account details of former Prime Minister Sheikh Hasina and her younger sister Sheikh Rehana. It also sought the bank account details of 'Father of the Nation Bangabandhu Sheikh Mujibur Rahman Memorial Trust' and Chowdhury Zafrullah Sarafat. The BFIU sent instructions to the country's banks and financial institutions seeking  account information on Monday, a senior official of the BFIU told UNB on Tuesday. The letter sent by the BFIU said that the relevant sections of the Prevention of Money Laundering Rules will be applicable in this order to summon transactions. BFIU freezes bank accounts of 11, including 10 journos The letter gave the names and national identity cards information of the people summoned. The official concerned of the BFIU said that they were asked to inform where and how the money came to the account of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman Memorial Trust, where the money was spent later and whether it was withdrawn in cash. The address of this trust was mentioned in the letter as Bangabandhu Bhaban on Road No. 32, Dhanmondi. BFIU seizes bank accounts of cricketer Shakib Al Hasan Sheikh Hasina is the chairman of the trust and her sister Sheikh Rehana is one of the trustees.  Besides, information was sought from others who are involved in this trust or the accounts in which money were transferred or deposited from the trust account.  

Bangladesh Financial Intelligence Unit (BFIU) has seized all bank accounts of former national cricket team captain Shakib Al Hasan. The BFIU confirmed this to journalists last night. On October 2, the agency had summoned all the bank account information of Shakib and his wife Umm Ahmed Shishir and their business organisations to investigate manipulations and financial irregularities in the capital market. After the investigation, BFIU seized all his bank accounts on the orders of the government. Bangladesh Securities and Exchange Commission (BSEC), the capital market regulatory body, fined Shakib Tk 50 lakh on September 24 for violating the securities law by manipulating the shares of Paramount Insurance. Read: BFIU seeks bank account information of Shakib Al Hasan, his wife Shakib, a star all-rounder, was elected Member of Parliament from Magura-1 Constituency for Awami League in the last parliamentary elections. He was accused in a murder case filed at Adabar police station after the fall of Hasina's government on August 5. Shakib Al Hasan is currently staying in the United States with his family.

The Bangladesh Financial Intelligence Unit (BFIU) ordered banks and financial institutions freeze bank accounts of Mojammel Haque Babu, former chief editor of Ekattor Television and president of the Editors Guild, his wife Aparajita Haque, a former lawmaker and their child Sababa Ishayat Haque. The intelligence agency of the central bank issued the directive on Monday. According to a letter from the Bangladesh Bank, all transactions related to the seized accounts will be halted. No transactions will be permitted in these accounts for the next 30 days. The letter also reads that suspension of transactions is in accordance with relevant provisions of anti-money laundering regulations. Read: Mozammel Babu, Shahriar Kabir placed on 7-day remand It includes details such as the names, addresses, and national identification numbers of Babu and his wife, as well as a request for comprehensive information regarding their bank accounts and those of their owned businesses. Mojammel Haque Babu was arrested on September 16 while attempting to cross into India via the Dhobaura border in Mymensingh. Since then, he has been in jail. Read more: Journalists Mozammel Babu, Shyamal Dutta held in Mymensingh while trying to cross the border into India

Bangladesh Financial Intelligence Unit (BFIU) has ordered the freezing of all bank accounts held by Union Bank Managing Director ABM Mokammel Haque Chowdhury and his wife, Nazneen Akhtar. The directive was issued to all banks and financial institutions on Wednesday, following allegations of financial misconduct involving illegal loans. BFIU seeks bank account info of Tawfiq-e-Elahi, Bahauddin Nasim Mokammel is accused of granting unauthorized loan facilities to the S Alam Group, benefiting from these illegal transactions. BFIU has requested all related account information, including Know Your Customer (KYC) details, account opening forms, and updated statements for all accounts held by Mokammel and associated individuals or entities. The BFIU has also asked for transaction vouchers for any amounts exceeding Tk 5 lakh to be submitted within two working days. BFIU asks to freeze bank accounts of former DSCC mayor Taposh, wife, and son Further allegations have surfaced that Mokammel withdrew his full salary at various times, despite Union Bank customers being unable to access their own funds due to the bank's financial restrictions.

Bangladesh Financial Intelligence Unit (BFIU) has instructed banks and financial institutions to provide the account details of former Energy and Mineral Resources Adviser Tawfiq-e-Elahi Chowdhury, Bir Bikram, and Awami League Joint Secretary AFM Bahauddin Nasim. The BFIU's request, issued on Tuesday, also seeks the financial information of Nasim's wife, Sultana Shamima Chowdhury, and their son and daughter, ABM Siddique and Nuzhat Tabassum. BFIU asks to freeze bank accounts of former DSCC mayor Taposh, wife, and son In a letter to the financial institutions, the BFIU noted that the provisions of the Prevention of Money Laundering Act would apply to these accounts. The institutions have been directed to submit documents such as account opening forms, Know Your Customer (KYC) details, and transaction statements within two working days of the letter's issuance. This request comes as part of an ongoing investigation. Tawfiq-e-Elahi Chowdhury was arrested last month and remains in custody.

A Dhaka court on Thursday issued a travel ban on former head of the Bangladesh Financial Intelligence Unit of Bangladesh Bank ( BFIU) Masud Biswas. The commission decided to initiate investigation on September 26 and formed four committees to probbe alleged corruption of former BFIU chief Masud Biswas According to the ACC's primary investigations, Biswas allegedly amassed huge wealth within a short time. He adopted unfair means regarding the aircraft purchase of Sky Capital Airlines Limited, according to the primary investigation. Read: Travel ban imposed on former fisheries minister SM Rezaul Karim By taking a bribe from the company,Biswas concluded an investigation of the company without sending a report to the law enforcement agency. Biswas also approved a report as a general monitoring report instead of an intelligence report under the Anti-Money Laundering Regulations. The report was related to the embezzlement of Tk 50 billion by NRB Commercial Bank Chairman Tamal Parvez. Read more: Travel ban imposed on 8 former AL ministers, 6 MPs As an accomplice of Saiful Alam Masud, chairman of S Alam Group, the ex-BFIU officialsiphoned off billions of taka taking loans from Islami Bank.