British regulators have been called upon by Members of Parliament to scrutinise the relationships between UK estate agents, lawyers, and lenders and Saifuzzaman Chowdhury, a former Bangladeshi minister currently under investigation for alleged corruption.
Chowdhury, who served as Bangladesh's land minister until earlier this year, is being investigated by authorities in Dhaka after the fall of Sheikh Hasina’s government. His bank accounts have been frozen as part of a broader inquiry into corruption involving former government officials.
Chowdhury’s UK real estate portfolio, which includes over 250 properties valued at an estimated £200 million, has come under scrutiny.
A lawyer representing him previously stated that Chowdhury accumulated his wealth before entering politics and has “nothing to hide.”
Now, Labour MP Phil Brickell, a member of the All-Party Parliamentary Group (APPG) on Anti-Corruption, has written to HM Revenue and Customs (HMRC), the Financial Conduct Authority (FCA), and the Solicitors Regulation Authority (SRA), reports the Guardian.
Brickell asked these regulators to investigate whether UK companies followed anti-money laundering rules when facilitating Chowdhury’s property transactions.
In the letters, Brickell urged the regulators to verify that estate agents, law firms, and lenders involved in Chowdhury's property deals “undertook adequate checks on the source of Mr Chowdhury’s wealth and funds.”
He emphasised the importance of swift investigations to demonstrate the UK's commitment to combating corruption.
The APPG on Anti-Corruption and Responsible Tax has also discussed how to assist Bangladesh in tracking assets in the UK linked to individuals under investigation by Dhaka authorities.
Joe Powell, the chair of the APPG, has written to the National Crime Agency (NCA), urging them to investigate UK-based assets connected to former Bangladeshi officials, including Chowdhury.
Brickell further requested that regulators check if UK firms involved in Chowdhury's deals filed "suspicious activity reports" (SARs), a legal requirement when concerns about money laundering arise. Failure to submit these reports could potentially constitute a criminal offence.
Bangladesh’s central bank has already frozen the accounts of Chowdhury and his family members, while the Anti-Corruption Commission investigates allegations of illegal wealth acquisition and money laundering.
Reports from Dhaka suggest British officials have pledged to assist in locating assets in the UK linked to individuals under investigation in Bangladesh.
Last month, Bangladesh’s central bank governor sought UK assistance in identifying the sources of funds for £150 million in Chowdhury’s property purchases, which include several luxury mansions in London. Chowdhury has consistently maintained that his overseas assets were funded by legitimate international business ventures, and he has dismissed the allegations as part of a politically motivated "witch-hunt."
Chowdhury’s lawyer has since ceased representing him, and Chowdhury did not respond to requests for comment.
A spokesperson for the SRA confirmed their commitment to investigating potential breaches of anti-money laundering regulations. Meanwhile, the FCA and HMRC declined to comment on the matter.