[Bangladesh2024 Campaign] 18. Corruption

On November 9, 2024, when the delegation held its final meeting in Seoul, I asked Mr. Mustain Zahir a direct question. Why was there a civil uprising after 20 years of good economic conditions?

 

 

Mr. Zahir's answer was corruption and fear mongering: Prime Minister Hasina has been favoring political, business, and military appointments in order to stay in power, and they have been corrupt in return for helping to keep Hasina in power.

 

Bribery and money laundering are the norm for these individuals, which has resulted in the outflow of national wealth that had begun to accumulate as the economy grows, and the stagnation of domestic industrial development outside of labor-intensive light industry.

https://www.youtube.com/watch?v=JJ-U3PB4xjQ

 

On September 18, 2024, <Al Jazeera> published an in-depth investigation, “The Minister's Millions.” It reveals that Saifuzzaman Chowdhury, Bangladesh's land minister between 2019 and 2024, owns hundreds of properties in the UK, US, and Dubai.

 

 

Bangladesh's foreign exchange rules are strict, requiring any individual or company to declare to customs if they want to take more than $12,000 out of the country in a year. But Chowdhury used an account with UCB, Bangladesh's largest bank, to buy 360 properties in London, nine in New York and New Jersey, and 54 in Dubai, United Arab Emirates - properties that his $13,000 monthly salary could not possibly buy, Al Jazeera reported.

 

 

An <Al Jazeera> investigation found that Chowdhury's overseas assets are worth $675 million, and that he earned $62 million in profits in 2022, which were not declared to Bangladesh Customs. He also said that Prime Minister Hasina knew about his secret business.

 

 

In the UK, business conducted with money obtained from offenses abroad is considered money laundering, so Chowdhury's overseas real estate assets and profits, which he expanded with money from Bangladeshi without tax report, were at risk of being confiscated by the UK government.

 

Had Hasina remained in power, there might have been a way out, but now that Hasina is gone and in exile, and the interim government is focused on investigating corruption, all of Chaudhury's illicit business funds and overseas assets are frozen.

 

 

Mr. Chowdhury himself is believed to have fled Bangladesh and is hiding in an unknown location.

https://www.tbsnews.net/bangladesh/money-laundering-bribery-acc-sues-ex-home-minister-kamal-family-962551

ACC sues ex-home minister Asaduzzaman, his family for graft

 

In addition, Dhaka's English-language business newspaper, <The Business Standard>, reported in an October 9, 2024 article that “the Anti-Corruption Commission (ACC) has filed five cases against former home minister Asaduzzaman Khan Kamal, his wife, their two children, and his assistant private secretary, alleging illegal wealth accumulation, misuse of power, bribery in recruitment, and money laundering.”

https://www.bssnews.net/news/215346

ACC sues Asaduzzaman, family and APS over graft | News

 

 

According to the article, Asaduzzaman, his wife Lutful Tahmina Khan, son Safi Muddasir Khan, daughter Safia Tasnim Khan, and personal assistant Monir Hossain are accused of misappropriation, with their illicit wealth totaling Taka 610 million (approximately $5.1 billion).

https://www.thedailystar.net/business/news/annually-15-billion-laundered-bangladesh-during-last-awami-league-tenure-3742756

Annually up to $15 billion laundered from Bangladesh during last Awami League tenure

 

Meanwhile, <The Daily Star>, an English-language newspaper published in Dhaka, reported in a November 2, 2024 article that “every year some $12 billion to $15 billion was laundered from the country during the immediate past Awami League-led government.” <The Daily Star> added that “trade-based money laundering was one of the major ways of money laundering,” and "bringing back the laundered money is possible, but it is time-consuming." (jc, 11/19/2024)