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.

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