Those involved in laundering public funds abroad under the protection of the Sheikh family are now under heightened scrutiny from government authorities.
Financial crime investigation agencies are intensifying efforts to recover misappropriated funds. In addition to pursuing overseas assets, the National Board of Revenue (NBR) is taking steps to seize domestic properties connected to these illegal activities.
The Central Intelligence Cell (CIC) of the NBR has confirmed these actions.
Sheikh family’s complicity in laundering
Following the ouster of Sheikh Hasina’s Awami League government on 5 August amidst a mass uprising, rampant corruption and irregularities during its 16-year tenure have come to light. Notably, Sheikh Hasina’s sister Sheikh Rehana and other family members were reportedly complicit in enabling money laundering.
Reports suggest that associates of the Sheikh family leveraged their connections to engage in financial crimes and launder significant amounts of money overseas. Allegations have surfaced that Sheikh Hasina’s daughter, Saima Wazed Putul’s ex-husband Khandaker Mashroor Hossain, was once detained in Dubai with laundered funds. Many politicians, bureaucrats, and business leaders allegedly misused the family’s protection to transfer illicit wealth abroad.
Those who have now established vast wealth and empires overseas are said to have benefitted directly from the family’s endorsement. The authorities are actively investigating these claims as part of broader probes into corruption.
CIC’s ongoing investigations
The CIC, under the NBR, has identified approximately 200 individuals, including politicians, businessmen, bureaucrats, law enforcement officers, and officials from financial institutions. These individuals and their families are suspected of tax evasion and money laundering. Requests for information have been sent to foreign financial intelligence agencies to determine whether these individuals hold overseas assets.
If concrete evidence is obtained, the CIC plans to take stringent action against the offenders under existing laws.
Government seeks international support
As interim government chief adviser, Dr Muhammad Yunus has initiated dialogues with diplomats to seek their support in repatriating stolen funds. The government has sought assistance from 15 countries, including the United States, the United Kingdom, Switzerland, Canada, Malaysia, Dubai, and Australia, as well as international organisations like the World Bank, IMF, and ADB.
Efforts are underway to track money laundering routes and secure international cooperation to prosecute offenders and recover stolen funds. Authorities face significant challenges, but these initiatives mark a decisive move toward accountability.
What could be the outcome of money laundering?
As a crime investigation and enforcement body, the National Board of Revenue (NBR) maintains regular contact with organisations for information exchange on such matters. According to the Central Intelligence Cell (CIC), representatives from donor agencies and different countries have pledged to support the repatriation of laundered funds. They have offered assistance, including technical support, training, and establishing operational forensic labs.
CIC is exploring two approaches: repatriating laundered funds and confiscating assets within the country. When asked about confiscating local assets, a senior CIC official, on condition of anonymity, explained to the Bangla daily Kaler Kantho, "Under tax law, taxpayers must declare any foreign-acquired assets in their income tax returns. These assets are not taxable but must be disclosed. If proven undisclosed, penalties equivalent to the asset's value can be imposed."
The official cited the case of former Land Minister Saifuzzaman Chowdhury, whose significant foreign holdings were uncovered. “As these assets were not declared in tax returns, discussions are underway to confiscate his local properties to recover the penalty amount,” he said.
Although repatriating laundered funds is a lengthy process, NBR officials believe it is achievable.
Dr Syed Aminul Karim, a former NBR policymaker and CIC Director General, said, "Although there is no precedent for asset confiscation, the NBR Chairman has the authority to initiate this. It has not been done before, but it doesn’t mean it can’t be done. Confiscation is the only solution."
Source: Kaler Kantho
BDST: 1239 HRS, NOV 24, 2024
