Under the guise of import and export, hundreds of Bangladeshi businessmen laundered money in banking channels and hundi in Dubai, the capital of the United Arab Emirates (UAE), commercial cities Abu Dhabi, Sharjah, and Ajman. After the preliminary investigation, the National Board of Revenue (NBR) task force committee has listed these traders' names. This list includes artists, players, doctors, lawyers, journalists, former and current government and private officials.
According to NBR sources, the task force committee of NBR is preparing a final report and conducting a more detailed investigation to bring it under the law. Many government policymakers feel that money laundering has overshadowed many of the government's successes in the upcoming elections. In the meantime, strict orders have been issued from the highest levels of the government to bring money launderers under exemplary punishment before the upcoming national elections. Not only that, it has been asked to show success in bringing back the laundered money. Members of law enforcement agencies, Anti-Corruption Commission (ACC), Bangladesh Bank Financial Intelligence Unit (BFIU), Central Intelligence Cell (CIC) of NBR, Directorate of Customs Intelligence and Investigation, Directorate of VAT Audit-Detection and Investigation, Transfer Pricing Cell and Officials of the Taxes and Legal Enforcement Branch are working to identify the money launderers and recover the money laundered from their respective locations.
The members of this committee of NBR will also go to those cities in the Middle East for investigation. The assistance of the Prime Minister's Office, Home Affairs, Finance, Foreign Affairs, Ministry of Commerce, Bangladesh Bank, Anti-Corruption Commission (ACC), and Bangladesh Embassy in that country will be taken if necessary for the investigation. Assistance will also be sought from the UAE Revenue Administration and the country's law enforcement agencies. The help of FBCCI, the top organization of businessmen of Bangladesh, will be taken.
According to the NBR report, these people or their family members went directly from Bangladesh to Abu Dhabi, Dubai, Sharjah or Ajman several times a year. Many have gone there through other countries. Bangladesh's government has not yet given any permission to send money from Bangladesh to invest in those cities. However, in which way money has been sent, it will be looked into in the investigation. Most of these people have used the citizenship or passport of different European countries, Albania, Cyprus, Egypt, Brazil, Sierra Leone, etc. instead of Bangladesh.
According to reports, 80 percent of the total money laundered is being smuggled through banking channels under the guise of trade. All the traders in the list are involved in import-export business. Most are traders in readymade garments and allied sectors. The intelligence has collected information that these businessmen have business abroad, compared to the banking transactions in the country are very less. Many have brought foreign experts in the name of training their employees. Foreign officers and employees have been appointed in many of them. The money sent through banking channels for expert fees and salaries of foreign officials is many times more than the market price. The investigation is looking into whether money was laundered by sending more than what was paid as fees and salaries. The investigation is also looking into whether the businessmen have laundered money by sending more money than the price abroad or by exporting it without bringing the price back home or not. It is also being investigated whether these businessmen are laundering money safely by opening business in the name of others keeping themselves hidden or not.
NBR has prepared a report in this regard by combining the information collected from domestic and foreign media, investigation reports and reports and NBR task force officials. From this report, it was known that Bangladeshis have invested in various businesses including their own buildings, flats, small hotels, star hotels, land, commercial establishments, and shops by smuggling money. Many have also built their own homes and star hotels in elite areas such as the UAE's artificial islands 'Palm Jumeirah', Jumeirah, Silicon Oasis, Emirates Hill, Dubai Marina and Business Bay. In these cases, most of the investors have kept themselves under wraps.
One of the organizations dealing with money laundering in Bangladesh is Transparency International Bangladesh or TIB. Executive director of TIB, Dr. Iftekharuzzaman said in an interview, "Middle Eastern cities are among the countries where money has been laundered from Bangladesh. If you invest in these places, you don't have to worry much about the source of money. Therefore money laundering is increasing here from Bangladesh. Bringing them under the law will reduce trafficking.
Dr. Md Abdul Majid, former chairman of NBR, said that if NBR, as a government institution, investigates strictly, it is possible to identify traffickers. It should be checked whether the smugglers have mentioned anything about the money sent abroad in their returns. Bangladesh Bank's Intelligence Branch should also take assistance if necessary.
In this regard, Policy Research Institute of Bangladesh (PRI) Executive Director Ahsan H. Mansur said, money launderers have one identity; they are the servants of the state. They are influential in the society, they launder money very cleverly. In order to catch them, the government will have to tie the knot. All agencies of the government need to work together in coordination to reduce money laundering and bring back the money laundered. Then the benefits will come quickly.
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