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.

The United States Secret Service will train the officials of six Bangladeshi agencies to enhance their ability to tackle money laundering and terror financing. Around 60 officials of the Bangladesh Financial Intelligence Unit (BFIU), four units of Bangladesh Police including the Criminal Investigation Department, the National Board of Revenue (NBR), the Anti-Corruption Commission (ACC), the Department of Narcotics Control, and Bangladesh Securities and Exchange Commission (BSEC) will get the trainings in two phases. Among them, 20 officials of BFIU will take part in the training. A delegation of the American Secret Service will come to Bangladesh soon to conduct the training. In the first phase, a five-day training programme will begin at the Police Staff College in the capital from November 10, followed by another five-day training session from November 17. Another two sets of follow-up training for the second phase will begin respectively on February 2 and February 9 next year. After the political changeover, all agencies responsible for tackling money laundering have become active.

In an interview with the Financial Times, Bangladesh Bank Governor Ahsan Mansur accused powerful business tycoons of siphoning $17 billion out of the banking sector during the Sheikh Hasina regime. He alleged that members of the Directorate General of Forces Intelligence (DGFI), the country’s military intelligence agency, facilitated the takeover of major banks, which led to the systematic transfer of funds out of Bangladesh. According to Mansur, around Tk 2 lakh crore or $16.7 billion was extracted through methods such as loans to new shareholders and inflated import invoices, reports Financial Times. NASSA Group owner Nazrul Islam Majumdar being investigated for multi-million dollar money laundering scheme This was the biggest robbing of banks by any international standards, said Mansur. He asserted that the state-sponsored nature of the fraud would not have been possible without intelligence officials pressuring bank CEOs into compliance. The governor specifically named Mohammed Saiful Alam, the founder and chairman of the industrial conglomerate S Alam Group, as being deeply involved in the scheme, claiming that at least $10 billion was “siphoned off” from the banking system with the assistance of DGFI. “Every day they were granting loans to themselves,” Mansur noted. However, the S Alam Group, through law firm Quinn Emanuel Urquhart & Sullivan, denied the allegations, calling them unfounded. The group’s statement described the interim government's campaign against several leading businesses as a violation of due process, which undermined investor confidence and law and order in Bangladesh. Sheikh Hasina fled to India on August 5, and her current location is unknown. Her tenure was plagued with accusations of vote rigging, opposition repression, and widespread corruption. The interim government, now led by Nobel laureate Muhammad Yunus, has vowed to retrieve the funds that were allegedly misappropriated under her administration, the report said. Mansur disclosed that he had sought international assistance, including from the UK, to investigate the overseas assets of Sheikh Hasina’s associates. He recounted that during her regime, intelligence officials forced bank board members to sell their shares to Saiful Alam at gunpoint. They "hijacked" board members from their houses, he said, adding that one bank after another underwent the same coercive takeovers, added the report.

Bangladesh and the United States have discussed ways for strengthening collaboration to counter corruption, tackle money laundering and recover stolen assets. The issues were discussed during a meeting between Foreign Secretary Md Jashim Uddin and acting Coordinator for Global Anti-Corruption Shelby Smith-Wilson in Washington, said the Ministry of Foreign Affairs on Sunday. Talks also covered technical support for reforms, MLA (Mutual Legal Assistance (MLA) treaty and enhancing experience and expertise sharing in procurement systems, law enforcement, judiciary and media. US values Bangladesh as a partner in Indo-Pacific region: Uzra Zeya Meanwhile, US Under Secretary of State for Civilian Security, Democracy, and Human Rights Uzra Zeya said the United States values Bangladesh as a “partner” in the Indo-Pacific region and their “strong collaboration” as their leading partner on Rohingya response and number one source of Foreign Direct Investment (FDI). She shared a brief message on X, formerly known as Twitter on Saturday as she had a meeting with the Foreign Secretary in Washington on October 11. "Vital discussion with Foreign Secretary Jashim Uddin on US-Bangladesh humanitarian cooperation, accountability and democratic institutions and support for labour rights," she said. The Foreign Secretary and Under-Secretary Uzra Zeya had “fruitful discussions" on the reforms of the democratic institutions and upholding of democratic values, accountability of human rights violations, humanitarian response and sustainable solutions of the Rohingya crisis and labour rights issues, according to the ministry. He also had a "productive meeting" with US Deputy Secretary of State Richard Verma at the State Department, affirming renewal of commitment to deepen and expand bilateral ties, strengthen collaboration on areas of mutual interest. The Foreign Secretary had a separate meeting with acting US Under Secretary for Political Affairs John Bass and discussed ways to deepen bilateral collaboration building on the momentum in the Bangladesh-US relationship and to advance impactful cooperation in priority areas. He also had discussions on diverse issues at a meeting with US Special Assistant to the President and Senior Director for South Asia Lindsey W Ford at the White House. They covered the interim government's reform agenda, democratic transition, economic and security issues, regional stability, Rohingya crisis and labour law. Foreign Secretary also Jashim met Brendan Lynch, Assistant USTR for South and Central Asia and discussed mutual cooperation to diversify export, DFQF access of RMGs produced from cotton imported from US, simplification of registration and reduction of registration fees for pharmaceutical products, labour law reforms, and access to US International Development Finance Cooperation (DFC). A lunch meeting between the Foreign Secretary and key officials focused on a wide range of issues of mutual interests. The US officials included Assistant Secretary Ambassador Donald Lu, Acting Assistant Secretary Marta C Youth, Deputy Assistant Secretary Nicole Chulick, Deputy Assistant Secretary Monica Ager Jacobsen, as well as Director Alla P Kamins. The Foreign Secretary visited New York before his tour to Washington and is scheduled to leave Washington on October 14.  

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.

Bangladesh Bank and the interim government are undertaking significant efforts to restructure the country’s banking sector, focusing on recovering both local and foreign assets embezzled by corrupt individuals. Officials have confirmed that these assets, laundered abroad, are being targeted for repatriation as part of a broader initiative to bring the financial sector up to international standards. The government emphasized its commitment to reforming the financial sector, acknowledging that the process is complex and time-consuming. A key element of this strategy will be the establishment of a banking commission tasked with investigating each implicated bank, uncovering the full extent of the corruption, and developing an action plan, according to the Chief Adviser’s press wing. This plan, which can be implemented within six months, aims to overhaul the sector to ensure compliance with global banking norms. The aim of Bangladesh Bank and the government is to be capable of complying with all international standards and building a strong banking sector. However, international technical assistance and funding will be required from the beginning to the end of the activities to achieve this objective. Read more: Bangladesh Bank reconstitutes boards of 3 banks, inc. two controlled by S Alam Group The reforms come in response to revelations that unscrupulous businessmen and influential figures have embezzled vast sums from the banking sector, laundering the funds abroad through fraudulent activities. Preliminary estimates suggest the total embezzled amount could exceed Tk 1 lakh crore, though the exact figure is still being determined. Significant steps have already been taken, with reforms initiated in several banks linked to the scandal. The boards of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, and Union Bank have been reconstituted as part of the restructuring efforts. Similar measures will be implemented across other affected banks and financial institutions. The government has also sought assistance from foreign agencies to track and repatriate the laundered funds. As the new management teams take control, they will be responsible for gathering accurate data on the embezzled amounts and leading the recovery efforts. Read more: Businesses agree with central bank's steps against bank robbers: DCCI

State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak on Monday (June 24, 2024) said a drive involving all concerned will be conducted to stop online gambling. Around 50 lakh people are involved in online gambling, the state minister told reporters after a meeting with French Ambassador to Bangladesh Marie Masdupuy at the secretariat. Read more: Finance Minister sees online gambling, hundi behind increasing money laundering When his attention was drawn to the issue of money laundering through online gambling, the state minister said, "We have exchanged views on online gambling. Our children of different ages are at serious risk. Even many elderly retired persons are coming in. Analyzing the data, we have seen how 50 lakh people have become involved in these gambling sites.” "We are trying to block illegal gambling sites. I'm also trying to create awareness. So that common people are not deceived by any such temptation.” A total of 2,600 gambling sites have already been blocked and now mobile apps are being blocked, he said adding “It's a continuous process, it will continue.” He said they sat with the Department of Telecom, National Telecom Monitoring Centre, Computer Council, BTRC and Cyber Security Agency to discuss blocking of these gambling sites. Read more: Online gambling apps to be stopped: Palak

Sikder Group, a prominent business conglomerate in Bangladesh, has issued a statement in response to various media reports regarding a case filed by the Anti-Corruption Commission (ACC) against its directors, Rick Haque Sikder and Ron Haque Sikder. The group alleges that certain vested interest groups are conspiring to tarnish its reputation by disseminating misleading information. The statement highlights that the accusations, particularly concerning alleged money laundering involving National Bank's credit card, are unfounded. It clarifies that the Sikder Group directors lawfully utilized $9.83 million abroad through credit cards, subsequently settling the total amount, including $2.04 million in interest and charges, from their foreign earnings in accordance with Bangladesh Bank regulations. This matter was resolved two years prior, and the recent resurgence of these allegations is deemed to be maliciously motivated, the statement says. Additionally, Sikder Group explains that the credit cards in question were linked to Foreign Currency (DC) accounts, which are exempt from the standard $12,000 travel quota limit. Eid holiday: Trade activities through Benapole port to be suspended for 5 days The conglomerate emphasizes its longstanding commitment to ethical business practices both domestically and internationally. Sikder Group, founded by Freedom Fighter Zainul Haque Sikder, has made significant contributions to Bangladesh's development sectors, including healthcare, education, and infrastructure, the statement says. The group suggests that the malicious targeting has intensified following the death of its founder, Zainul Haque Sikder. It asserts that under the leadership of Rick Haque Sikder and Ron Haque Sikder, it has continued to achieve remarkable progress, despite ongoing attempts by detractors to hinder its growth. The statement condemns these actions, especially at a time when Sikder Group is endeavoring to secure foreign investment for key national projects, and calls on the public to disregard the baseless accusations circulated by these conspirators.

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

A Dhaka court on Sunday (October 8, 2023) sentenced disgraced director of International Leasing and Finance Service Ltd (ILFSL) Proshanto Kumar Halder, also known as PK Halder to 22 years’ of imprisonment in a case over amassing wealth and money laundering. Thirteen other accused in the case were sentenced to seven years’ imprisonment each. Judge of Dhaka Special Judge Court-10 Mohammad Nazrul Islam delivered the judgment. The 13 convicts included Sukumar Mridha, Anindita Mridha, Avantika Baral, Shankh Bepari, PK Halder's mother Lilavati Halder, Purnima Rani Halder, Uttam Kumar Mistri, Amitabh Adhikari, Pritish Kumar Halder, Rajib Som, Subrata Das, Anang Mohan Roy and Swapan Kumar Mistri. Read: Court fixes October 8 to deliver verdict in graft case against PK Halder, 13 others Of them, Sukumar Mridha, Anindita Mridha, Avantika Baral and Shankh Bepari were present on the dock during the delivery of the judgment. Earlier on October 4, the court set October 8 for delivering verdict upon ending arguments from the both the Anti-Corruption Commission (ACC) and the defendants. Mamunur Rashid Chowdhury, assistant director of Dhaka Integrated District Office of the ACC, filed the case against PK Haldar for acquiring around Tk 275 crore illegally on January 8, 2020. According to the case statement, PK Halder acquired wealth worth almost Tk 275 crore beyond known sources of income through illegal activities and kept them in his possession. Read: India to hand over PK Halder to Bangladesh? The ACC investigated the case and submitted a charge sheet to the court. In the charge sheet, the anti-graft watchdog accused Halder of laundering CAD 1.17 crore to Canada through illegal means. A Dhaka court framed charges against the accused on September 8, 2021. On May 13 this year, India's federal economic offences police arrested PK Halder and his two associates from the eastern state of West Bengal. He is now in an Indian jail. Read more:Trial of graft case against PK Halder begins