Recovering laundered moneyBFIU for inking MLA deals with 10 states

The Bangladesh Financial Intelligence Unit (BFIU) has suggested the Ministry of Finance (MoF) sign mutual legal assistance (MLA) agreements with at least 10 countries to receive the necessary information, evidence, and other assistance to recover laundered money from abroad.

The countries are - the USA, UK, Canada, Singapore, Australia, Malaysia, UAE, Switzerland, Thailand, and Hong Kong (China), according to a report - submitted to the High Court (HC) on Tuesday.

BFIU Head Md Masud Biswas sent the report, complying with a previous order of the HC.

On August 31, the HC Bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat asked the BFIU chief to form a research cell regarding the money laundering issues.

It also directed the BFIU chief to submit a detailed report by October 26 on its steps taken to recover the money - deposited by Bangladeshi individuals and entities into the banks of different countries.

The court said, "Issuing letters to different organisations and countries is not enough for recovering the laundered money. You have to monitor it regularly. Do something and show it to people. Money laundering has to be reduced at any cost."

The court also asked the BFIU chief to read an Indian Supreme Court verdict that suggested some ways for preventing money laundering and recovering laundered money.

According to the report, the Bangladesh Bank (BB) has been requested to provide ample manpower to the proposed research cell to identify the people involved in money laundering and bring the money back to the country.

The BB is in the process of appointing the required manpower for the cell.

The sixth meeting of the task force - formed for bringing back the money laundered abroad - under the leadership of the attorney general, was held on January 3 against the backdrop of not receiving necessary and timely evidence on the cases related to bringing back the money.

The meeting decided to hold a meeting with different government bodies concerned to take necessary initiatives for receiving necessary information, evidence, and assistance to recover the laundered money.

Later, the MoF's Financial Institutions Department requested the BFIU to give suggestions on the countries with which MLA agreements should be signed. Then the BFIU suggested the names of 10 countries.