Destination countries no less responsible for returning stolen assets: TIB

Transparency International Bangladesh in a statement on Thursday said the burden of responsibility to prevent, control and bring back laundered money lies mainly on Bangladesh’s shoulders.

However, it is also no less a responsibility of countries or territories where the laundered money from Bangladesh has been invested and thereby benefitted the host economies, the statement added.

It also said the richer and so-called developed countries are the main destinations and beneficiaries of the lion's share of Bangladesh’s laundered money.

In view of the continued national and international media disclosures of accumulation of wealth in such countries by high profile publicly exposed Bangladeshis of the fallen regime, TIB has reiterated its call upon governments of the destination countries to take concrete action to help Bangladesh expedite the return of stolen assets as part of their international commitments and responsibility.

TIB executive director Iftekharuzzaman said, “Conventional hosts of money laundering like UK, USA and proverbial Switzerland have been joined in the recent couple of decades by Canada, Australia, Singapore, Hong Hong, Malaysia, Middle East countries like UAE, especially Dubai and even many offshore island territories as attractive hosts of Bangladeshi laundered money."

"In each destination of illicit transfers, there are powerful syndicates of highly skilled law firms, trust companies, offshore specialists, real estate agents, accountants, regulatory experts, and banking and financial services companies that facilitate the secret deals," he pointed out.

Iftekharuzzaman said, "These syndicates have systematically strengthened the demand side over the years, and by providing safe and lucrative incentives to our money launderers, contributed to flows of investments in host economies in multiple sectors, especially real estate, banking and luxury consumption.”

In some cases, he also said these are outcomes of relevant government policies or policy loopholes, whether deliberate or not. Many such countries have been persistently keeping provisions to invest laundered money by various means like trusts, real estate, investment passports, etc.

If not by policy provisions or loopholes in policies, enforcement deficiencies have helped creation of heavens for the money laundering facilitators who have been systematically incentivizing money launderers of Bangladesh, Iftekharuzzaman added.

TIB executive director calls upon governments of the host countries of Bangladesh’s laundered money like UK, USA, Canada, Dubai and Singapore to proactively identify and freeze any illegal assets owned by Bangladeshi nationals or entities in their respective jurisdictions.

Take immediate actions to dismantle and hold to account syndicates facilitators of accumulation of money and wealth through illicit transfers, he said.

Iftekharuzzaman also calls for cooperating with the government of Bangladesh to start and expedite the process of repatriation of the stolen assets and hold the money launderers to account through the available international processes including mutual legal assistance and technical support.

He laid emphasis on contributing to building the necessary professional and international capacity of relevant Bangladeshi state agencies, especially ACC, BFIU, CID, NBR and attorney general’s office to collaborate and coordinate with other above-mentioned host countries of Bangladesh’s laundered money to take similar actions.