The interim government has taken decisive steps to recover large sums of money laundered abroad during the Awami League's tenure.
As part of this effort, both the Chief Adviser and the Finance Adviser of the interim government have sought assistance from international organisations and foreign ambassadors to facilitate the recovery of the laundered funds.
The Anti-Corruption Commission (ACC) is also engaging with global agencies to expedite this process.
The ACC has sent 71 Mutual Legal Assistance Requests (MLARs) to countries such as the United States and Canada in an effort to recover smuggled money, though only 27 responses have been received so far.
In addition to these formal requests, ACC officials have been in discussions with several international bodies, including the European Union, the Asian Development Bank (ADB), and the World Bank, throughout September and early October.
An EU delegation met with ACC officials on October 1 to discuss issues related to corruption, including money laundering. Similar meetings were held with the ADB on September 26 and the World Bank on September 24. The ACC also met with the United Nations Office for Drugs and Crime (UNODC) and the U.S. Federal Bureau of Investigation (FBI) earlier in September.
Following the interim government's assumption of power on August 5, the ACC has been revitalised, launching investigations into over 100 individuals, including former Awami League ministers and MPs. Preliminary investigations have uncovered significant evidence of money laundering involving many of these figures.
ACC officials have expressed optimism about their engagement with international bodies, but recovering the money remains a challenging and time-consuming task.
Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB) and head of the ACC Reform Commission, noted the complexity of the process. He highlighted the need for coordinated efforts between multiple agencies, including the National Board of Revenue (NBR), the Criminal Investigation Department (CID), and the Bangladesh Financial Intelligence Unit (BFIU), to achieve success.
"The process of bringing back laundered money is complicated and often slow," Iftekharuzzaman explained. "The ACC, NBR, CID, and BFIU all have crucial roles to play in this effort. Unfortunately, there has been a lack of cooperation from the concerned countries, with only 27 out of 71 MLARs receiving responses."
The Anti-Money Laundering Act has also limited the ACC's authority in certain cases, transferring powers to the CID. Iftekharuzzaman emphasised that these agencies need to be more organised and better equipped to tackle money laundering effectively.
Since its establishment in 2004, the ACC has had only one notable success in recovering laundered funds. In 2012 and 2013, the commission repatriated Tk 21.55 crore from a Singapore bank, which had been smuggled by Arafat Rahman, the late son of BNP Chairperson Khaleda Zia. However, the ACC did not pursue further recoveries for nearly a decade after that.
According to a report by Global Financial Integrity (GFI), at least $149.2 billion was laundered out of Bangladesh between 2009 and 2023. In Bangladeshi currency, this amounts to roughly Tk 17.6 lakh crore.
These funds were smuggled to countries such as the United States, Canada, Switzerland, the United Arab Emirates, Malaysia, and Singapore, often through trade-based money laundering schemes and foreign exchange manipulation.
Experts argue that the lack of political will has been the biggest barrier to recovering these illicit funds. Maidul Islam, a former ACC Director General, said that despite sending MLARs through the Ministry of Home Affairs, there was no significant follow-up action. He stressed the need for genuine government commitment to ensure the success of recovery efforts.
While the ACC’s recent initiatives have been welcomed, the road ahead remains difficult, requiring strong political support and international cooperation.