September 11, 2024
DHAKA – Transparency International Bangladesh and Transparency International US yesterday urged the US government to identify and move to freeze assets misappropriated and laundered to the US by formerly powerful Bangladeshis and their allies.
“Today, Bangladesh is experiencing a pivotal moment in its history. Peaceful student protests against certain discriminatory policies have grown into people’s uprising against increasing levels of inequality and corruption attributed to the previous government of Bangladesh.
“The ensuing brutal crackdown by the law enforcement agencies has left over 1,000 dead,” TI Bangladesh and TI US said in a joint letter.
Signed by Iftekharuzzaman, executive director of TIB, and Gary Kalman, executive director of TI US, the letter said, “Now, serious evidence regarding the misappropriation of state assets by former Bangladeshi officials and their allies are being unearthed. These assets ultimately belong to the people of Bangladesh, which is why we write to urge the US government to identify and move to freeze any such assets in the US.
“The process to recover those assets should begin quickly so that the funds can help Bangladesh build a more transparent, accountable, democratic and inclusive future. Corruption allegations involving former ministers, bankers, senior public officials, the armed forces, and police are overwhelming,” read the letter addressed to US Secretary of State Antony Blinken and Secretary of the Treasury Janet Yellen.
Iftekharuzzaman and Kalman identified three ways that the US government could provide critical support to the interim government to address corruption and money laundering.
Firstly, the US government can investigate whether any assets looted by any Bangladeshi individual or company are recoverable property in the US, and act swiftly to impose property and account freezing orders as the first step to facilitate their forfeiture and repatriation to Bangladesh and hold the perpetrators to account.
Secondly, the US could offer expertise including from forensic accountants, lawyers and law enforcement to support reforms and capacity building of Bangladesh’s relevant institutions like the Anti-Corruption Commission, Financial Intelligence Unit, Criminal Investigation Department, National Board of Revenue and Attorney General’s Office so that they can identify stolen assets, build a robust evidence base for freezing these assets, and facilitate swift law enforcement action to recover them.
The US could also work with the governments of the UK, Canada, Australia, EU, Singapore, Malaysia, Hong Kong and UAE (particularly Dubai), and with the Bangladesh interim government, and in-country experts including the civil society in Bangladesh, to identify key targets for imposing financial sanctions and visa bans, read the letter.
“As a long-standing partner of Bangladesh, the US can offer timely support at this crucial time in Bangladesh’s history. The US can show its genuine partnership by playing a proactive role in helping the people of Bangladesh recover the assets that rightly belong to them and that are so desperately needed to rebuild its future,” read the letter.