In late September 2022, Bangladesh’s international reserves dwindled, compelling former Prime Minister Sheikh Hasina to hunt price range help of round $4.7 billion.

Across the similar time, the U.Ok. each day, The Monetary Instances, was drafting a story that includes a Bangladeshi watch collector, Ahmed Rahman. Ahmed Rahman is the nephew of Salman F. Rahman who was a robust adviser of Sheikh Hasina. Salman is now in custody.

The story printed in The Monetary Instances identified that other than costly watches, Ahmed’s household owns quite a few properties within the U.Ok. value thousands and thousands of U.S. {dollars}. One other information website, Netra Information, printed beforehand that Sheikh Hasina’s sister Sheikh Rehana lives in a single of the homes owned by the Rahman household within the U.Ok.

How Ahmed and his household transferred this huge sum of money to the U.Ok. stays a puzzle as Bangladeshi legislation restricts the sum of money despatched overseas.

Nevertheless, it’s public data that the ruling elites underneath Hasina’s Awami League-led regime in Bangladesh used many darkish strategies to siphon cash overseas. In accordance with Al Jazeera’s investigative desk, for instance, Saifuzzaman Chowdhury, a former land minister within the Hasina authorities, whose international wealth portfolio is over $500 million, siphoned most of his cash out of Bangladesh.

With Hasina’s resignation and the exit of the AL authorities, a brand new interim authorities underneath Mohammad Yunus has taken cost. This authorities must carry again Bangladesh’s stolen belongings.

The Yunus authorities has already taken some daring steps to revive the economic system. It’s, for instance, implementing monetary sector reforms by reshuffling boards of controversial banks, and searching for debt help from the IMF, World Financial institution and Asian Growth Financial institution. Regardless of these efforts, Bangladesh’s exchequer stays strained.

Therefore, along with searching for loans, the interim authorities should discover avenues to repatriate the laundered cash, which won’t solely enhance the economic system but in addition assist scale back the debt burden.

There are 4 ways in which Bangladesh can get well its stolen belongings.

Firstly, Bangladesh is a part of the Stolen Asset Restoration Initiative (StAR), a partnership between the World Financial institution Group and the United Nations Workplace on Medicine and Crime (UNODC), however is but to make the most of its full potential because the Hasina regime used it as a software to harass opposition leaders as an alternative of utilizing it to get well the belongings. Below this initiative, the U.Ok. authorities helped Bangladesh to get again round $1.5 million.

Secondly, the interim authorities can work with different governments to impose focused sanctions in opposition to suspected cash launderers and freeze their belongings, forcing them to return to Bangladesh and give up.

Thirdly, the U.S. International Corrupt Practices Act (FCPA) is usually a game-changer if the laundered cash is invested in or transacted by way of the U.S. monetary programs. Bangladesh can be taught from the FIFA corruption scandals and use the data to focus on Bangladeshis accused of corruption and now residing within the U.S. One notable instance is Manmath Ranjan Baroi, an aide to former Minister for Training Nurul Islam Nahid, who was accused of corruption and fled to the U.S. in April 2020. One other is the ex-land minister Saifuzzaman, who is alleged to have invested within the U.S., in response to Bloomberg.

Lastly, Bangladesh’s Anti-Corruption Fee (ACC) should work with the governments of nations thought-about the vacation spot of cash laundering by Hasina’s cronies and improve monetary intelligence sharing in regards to the suspected people. Authorities-to-government partnerships must be initiated relating to authorized help to stop cash laundering and to repatriate funds, significantly with the U.S., U.Ok., Canada, UAE and Singapore, identified to be standard locations for cash launderers, as a direct step.

Whereas Bangladesh must step up and act quick to discover the choices and construct international partnerships, the governments within the West, Center East, and Southeast Asia must also cooperate and present goodwill in serving to Bangladesh to get well the laundered cash.