The High Court (HC) on Wednesday ordered the head of Bangladesh Financial Intelligence Unit (BFIU) to form a research cell to prevent money laundering, bring back laundered money, monitor and control it. HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order after fixing October 26 for next hearing. BFIU head Md Masud Biswas was also directed to submit a progress report regarding the formation of Research Cell by the next hearing. The court said only exchange of letters will not be effective to bring back the laundered money. HC asked the BFIU head, “You must take necessary effective steps. You need to monitor this issue properly. You must have knowledge and sincerity to this effect. If India can do it, why can't we?” The BFIU head appeared before the HC bench today (Wednesday) after being summoned on Tuesday. He also offered unconditional apology for submitting an incomplete report regarding the information of money deposited by Bangladeshis to Swiss Banks that contains no name, address or position of the person who submitted the same, said Deputy Attorney General AKM Amin Uddin. The court had observed that submitting such a report is like taking an action but without any responsibility. Read: HC summons BFIU chief over 'incomplete report' on black money in Swiss banks DAG Amin Uddin and Assistant Attorney General Anna Khanam Koli represented the state while advocate Khurshid Alam Khan appeared for the Anti-Corruption Commission (ACC) during the hearing. 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 HC bench ordered the government and the ACC to explain why the government didn’t seek information of deposits of Bangladesh money stashed in Swiss banks. On August 14, BFIU was asked to submit a report in this regard in the affidavit form. On August 21, following the HC order, BFIU’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. But the Swiss authorities only provided the details of one individual in this regard which BFIU also submitted to the ACC, BFIU said in its report. According to the report, the Swiss bank published its annual report on June 16 this year. On the following day, the Swiss authorities were requested to provide necessary information about the money deposited by Bangladeshi banks and individuals in various Swiss banks through Egmont Secure Web (ESW). However, Bangladesh has not yet received any information. BFIU even asked FIEU for this information on June 17 last, it added.

The High Court has summoned the head of Bangladesh Financial Intelligence Unit (BFIU) to explain an "incomplete report" filed in compliance with the Swiss envoy’s comment on black money stashed in Swiss banks. A bench of justices Md Nazrul Islam Talukder and Khizir Hayat passed the order on Tuesday, asking Md Masud Biswas to appear before it on Wednesday and explain the report -- filed in an affidavit form -- that contains no name, address or position of the person who submitted the same.  Submitting such a report is like taking an action but without any responsibility, the court observed during the hearing. Deputy attorney general AKM Amin Uddin represented the state while advocate Khurshid Alam Khan appeared for the Anti-Corruption Commission (ACC) during the hearing. Khurshid said the report submitted by BFIU was not appropriate as it does not mention who submitted it and also doesn't contain any signature. "The HC was disappointed with the report," he said. 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". Read:Bangladesh money in Swiss Banks: Swiss envoy’s comment is embarrassing: HC On August 11, the HC bench ordered the government and the ACC to explain why the government didn’t seek information of deposits of Bangladesh money stashed in Swiss banks. On August 14, BFIU was asked to submit a report in this regard in the affidavit form. On August 21, following the HC order, BFIU’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. But the Swiss authorities only provided the details of one individual in this regard which BFIU also submitted to the ACC, BFIU said in its report. According to the report, the Swiss bank published its annual report on June 16 this year. On the following day, the Swiss authorities were requested to provide necessary information about the money deposited by Bangladeshi banks and individuals in various Swiss banks through Egmont Secure Web (ESW). However, Bangladesh has not yet received any information. BFIU even asked FIEU for this information on June 17 last, it added.

Swiss Ambassador Nathalie Chuard’s statement that Dhaka didn’t ask for information about Bangladesh money deposited in Swiss banks put the country in an embarrassing situation, said the High Court on Sunday. A High Court bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat made the observation after back-to-back statements by the Bangladesh Bank and Foreign Minister AK Abdul Momen that Bangladesh didn’t get any information from the Swiss authorities despite repeated requests. The HC bench then directed the State and the Anti-Corruption Commission (ACC) to submit their statements as affidavits and fixed August 21 for issuing a ruling on the matter. Also read: Info of Bangladesh money in Swiss banks: BFIU submits report to HC Senior Lawyer Khurshid Alam Khan stood for the ACC while Deputy Attorney General (DAG) AKM Amin Uddin Manik appeared for the State at the hearing. ACC lawyer Khurshid told the Court that his client had requested the Bangladesh Financial Intelligence Unit (BFIU) to collect financial information on some people from the Swiss authorities in three separate cases since 2014. “On one instance, BFIU told the ACC that the Swiss authorities couldn’t provide any information about one person. In the two other cases, BFIU didn’t provide any data,” Khurshid told the court. He added that the information BFIU received from Swiss Financial Intelligence Unit (FIU) are confidential and can only be used as intelligence. “This information can’t be used as evidence in court proceedings,” he said. Separately, the deputy attorney general told the court that Swiss ambassador’s comment has created confusion. Also read: Why govt didn't seek info of Bangladesh money in Swiss banks: HC “Swiss banks published their yearly reports on June 16. The Bangladesh government then requested the Swiss FIU to provide financial information on some people and banks through the Egmond Secure Web (ESW). The Swiss authorities are yet to comply,” DAG Amin said. The State also informed the court that since becoming a member of ESW in 2013, Bangladesh has sought financial information on a total of 67 people and institutions from the Swiss FIU. “Till now, the Swiss authority has provided information on only one person, which BFIU has forwarded to the ACC,” added Amin. The HC bench issued an order on the matter on Thursday in which it asked the State and the ACC to take part in the hearing. Obeying the court’s order, the State and the ACC took part in the hearing on Sunday.

Bangladesh Financial Intelligence Unit (BFIU) on Sunday submitted a report to the High Court (HC) stating that the information regarding deposits of 67 Bangladeshis in various Swiss banks were sought from the  authorities concerned of Switzerland. But the Swiss authorities only provided the details of one individual in this regard which BFIU also submitted to the Anti-Corruption Commission (ACC), BFIU said in their report. The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat will hear the report Sunday. BFIU is a member of the Egmont Group of Financial Intelligence Units (FIUs), an international network of FIUs. According to the report, the Swiss Bank published its annual report on June 16 this year. On the following day, the Swiss authorities were requested to provide necessary information about the money deposited by Bangladeshi banks and individuals in various Swiss banks through Egmont Secure Web (ESW). However, Bangladesh has not yet received any information. BFIU even asked FIEU for this information on June 17 last, it added. On Thursday, the High Court ordered the government and the Anti-Corruption Commission (ACC) to explain why the government didn’t seek information of deposits of Bangladesh money in the Swiss banks. Read: BFIU sought illegal money information from Swiss banks repeatedly: BB However, Foreign Minister AK Abdul Momen said Bangladesh sought information on the deposits of Bangladeshi money in the Swiss banks but the Swiss side did not respond to the query. Momen said this after his conversation on the issue with Bangladesh Bank Governor Abdur Rouf Talukder and Finance Secretary Fatima Yasmin on the same day. 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. 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.

Foreign Minister AK Abdul Momen has said a certain group is spreading panic with 'baseless' claim that Bangladesh will see a situation like crisis-hit Sri Lanka.He, however, acknowledged the challenges that Bangladesh is facing due to global crises."People of Bangladesh are leading happier lives compared to other countries," Momen said while talking to reporters in Sylhet on Friday. Also read: Dhaka approached Swiss banks about deposit of Bangladeshi money: MomenHe said Bangladesh has enough dollar reserves and is just maintaining a bit of austerity considering the future crises.Responding to a question, the foreign minister said the Swiss banks do not want to share the information on alleged laundered money from Bangladesh.He said, “Whenever we seek information from a country where Bangladeshi money has been laundered the authorities there seem reluctant to provide it. It’s their inherent issue.”He said the Bangladesh Bank sought information from the Swiss banks mentioning the names of 67 individuals."At that time, they provided information on one individual. Information was sought several times," Momen said. Also read: Dhaka, Delhi agree to strengthen defence cooperationThe foreign minister said Switzerland is Bangladesh’s friend and urged them not to provide misinformation.Earlier in the morning, Momen attended an emergency meeting to solve the airport land acquisition problem at MAG Osmani International Airport in Sylhet.

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. 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. He said the ambassador lied by saying that Bangladesh had not sought information. “Let’s know first from the statements from the governor and the finance ministry,” he said while talking to a small group of reporters at his office. Also read: Why govt didn't seek info of Bangladesh money in Swiss banks: HC 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.   “Switzerland is not a safe haven for corrupt money,” she said adding “When it comes to the Bangladeshi money deposited in the Swiss banks - the deposits meant by individuals …represent only one aspect of various sources of public and private funds.” The Swiss envoy said … no conclusion can be drawn on the volumes of private deposits from Bangladeshi customers in Switzerland on the basis of these reports of the Swiss National Bank. Bangladeshi media outlets reported that funds parked by Bangladeshi nationals and entities in all the Swiss banks swelled by 54 per cent to around CHF (Swiss Franc) 871 million (Tk 83.18 billion) in the last calendar year.  The amount was around CHF 563 million in 2020. 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. On the statistics, the Swiss envoy said, money of the individuals that is placed, for instance, in Swiss banks - not just in Switzerland but in the Swiss banks worldwide - has recently been decreasing. Also read: Estimate of Bangladesh money in Swiss Banks is “purely speculative”: Swiss Envoy She said they certainly do not encourage capital flight and the Swiss bank system is the most renowned and internationally connected system. At all the financial centers, the envoy said, there is always a risk of abuse but Switzerland really takes steps to mitigate its risk as fast as possible.

The High Court (HC) on Thursday order the government and the Anti-Corruption Commission (ACC) to explain why the government didn’t seek information of deposits of Bangladesh money in the Swiss banks. The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the suo moto order and asked them to submit the report  by next Sunday. ACC lawyer Khurshid Alam Khan and state counsel Deputy Attorney General AKM Amin Uddin Manik were present in the court. Read:Estimate of Bangladesh money in Swiss Banks is “purely speculative”: Swiss Envoy

Ambassador of Switzerland to Bangladesh Nathalie Chuard has 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.    “Switzerland is not a safe haven for corrupt money,” she said adding “When it comes to the Bangladeshi money deposited in the Swiss banks - the deposits meant by individuals …represent only one aspect of various sources of public and private funds.” The Swiss envoy said … no conclusion can be drawn on the volumes of private deposits from Bangladeshi customers in Switzerland on the basis of these reports of the Swiss National Bank. She made the remarks while responding to a volley of questions on the issue at DCAB Talk on Wednesday. The briefing began by observing one-minute silence to pay homage to Father of the Nation Bangabandhu Sheikh Mujibur Rahman and his family members who were brutally assassinated on August 15 in 1975.  Read:Switzerland a serious global player, reliable partner of Bangladesh: Ambassador Chuard DCAB President Rezaul Karim Lotus and its General Secretary AKM Moinuddin also spoke at the event held at Jatiya Press Club (JPC). Bangladeshi media outlets reported that funds parked by Bangladeshi nationals and entities in all the Swiss banks swelled by 54 per cent to around CHF (Swiss Franc) 871 million (Tk 83.18 billion) in the last calendar year.  The amount was around CHF 563 million in 2020. 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 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. On the statistics, the Swiss envoy said, money of the individuals that is placed, for instance, in Swiss banks - not just in Switzerland but in the Swiss banks worldwide - has recently been decreasing. She said they certainly do not encourage capital flight and the Swiss bank system is the most renowned and internationally connected system.  At all the financial centers, the envoy said, there is always a risk of abuse but Switzerland really takes steps to mitigate its risk as fast as possible.