Recover stolen funds as a top priority
According to a government-commissioned white paper on the economy, presented to Chief Adviser Prof Muhammad Yunus on Sunday, an estimated $234 billion was siphoned out of Bangladesh between 2009 and 2023 while Awami League was in power. The report reveals that these laundered funds were primarily routed through or to countries such as the UAE, UK, Canada, US, Hong Kong, Malaysia, Singapore, and India, as well as various tax havens. These findings highlight the unprecedented economic damage inflicted on Bangladesh's economy under the Sheikh Hasina-led government.
The white paper emphasises that illicit financial outflows created a complex shadow economy that "thrived on criminal activities of diverse nature, and drew sustenance from an unholy alliance involving corrupt politicians, businessmen, financial players, middlemen, government officials, influence peddlers, and wheeler-dealers." Through rampant corruption and looting, the ousted AL government severely undermined the nation's institutions, rendering many completely dysfunctional. Regulatory bodies often remained silent or were complicit in the face of such corruption.
For all latest news, follow The Daily Star's Google News channel. The report also outlines how individuals in this network plundered vast sums from the public treasury through fraudulent schemes before laundering them abroad, causing immense economic degradation. This massive outflow of wealth has drained the country's capital, hindering efforts to revive the economy and restore vital institutions such as the banking sector. Much of the laundered money was used to purchase real estate abroad or funnelled under the guise of business operations. The paper identifies 532 individuals of Bangladeshi origin owning real estate worth $375 million in Dubai, with 972 residential properties in the UAE valued at approximately $315 million. In Canada, between $47 billion and $100 billion was reportedly laundered, with similarly large sums transferred to other countries.
Recently, a joint investigation by the British newspaper The Observer and the Berlin-based anti-corruption organisation Transparency International revealed that close associates of Hasina, including former ministers and business owners, hold properties worth over £400 million (approximately Tk 6,000 crore) in the UK. Allegations suggest that these assets were purchased with laundered funds siphoned out of Bangladesh.
Further investigations will likely uncover additional instances of corruption and wealth laundering under the AL. It is, therefore, imperative for the interim government to thoroughly investigate these cases and begin recovering the stolen wealth as a top priority, given that financial crimes of this nature become harder to trace and recover over time.
The white paper committee has recommended establishing an independent prosecution body to pursue follow-up actions and recover these funds. The government must act promptly to implement this recommendation as well as other proposals outlined in the report. Our diplomatic channels and international connections should also be leveraged to freeze illicit funds and facilitate their return to Bangladesh. Holding accountable those responsible for plundering the nation's wealth is essential to prevent such crimes in the future.
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