The Anti-corruption Commission (ACC) received a record number of money laundering allegations last year, an indicator of a sharp rise in capital flight from the country.
The annual report 2013 of the ACC, which was published recently, showed that the ACC investigated 118 allegations about money laundering. The figure was three times higher than that in the previous year.
In 2012 the ACC considered 39 allegations for investigation. The figure was 44 in 2011.
Experts said the ACC report also lent credence to the recent report of the Swiss National Bank that the volume of money deposited by Bangladeshis in different banks of Switzerland increased by 62 per cent within one year.
They suggested tough government measures to avert any further money laundering.
Confirming the rise in the number of money laundering allegations, ACC Chairman M Badiuzzaman told the FE that the Commission was now more serious about such complaints.
"We take special care about allegations on money laundering as these are sensitive ones," he said.
The ACC chief said the Commission usually investigates a money laundering case with assistance from the Bangladesh Bank (BB).
About the sudden spurt in allegations on money laundering, Executive Director (ED) of the Transparency International Bangladesh (TIB) Dr Iftekharuzzaman said increased social insecurity and political instability were the main causes of the capital flight.
"These (social insecurity and political instability) are the prime causes of money laundering, as people want to lead a secured life," he said.
Mr Zaman said money laundering is mainly done through tampering with export and import invoices.
The ACC annual report also showed that the progress in investigation in money laundering cases was very slow. Probe in about 81 per cent cases remained incomplete in the last three years.
During the three-year period, the Commission received a total of 371 allegations and filed 140 cases. Of them, it disposed of 68 cases.
In 2013, the ACC submitted charge-sheets in 39 money laundering cases.
The Commission filed 254 cases over money laundering during the period from 2007 to 2013. The ACC submitted charge sheets in 76 cases and final reports in 16 cases. The incidence of capital flight also increased in the current year, ACC sources said.
About the slow progress in disposal of the cases, the ACC chairman said investigation in such cases is very complicated and time-consuming.
"As it is a global issue, it is very tough to get enough information about money laundering and it is also a time-consuming matter," he said.
The ACC chief said the Commission recently signed a Memorandum of Understanding (MoU) with the Bangladesh Financial Intelligence Unit (BFIU) of the BB for dealing with money laundering and other financial crimes.
The ACC and the BFIU jointly undertook different initiatives and implemented those successfully in a bid to contain money laundering and other financial crimes, he said.
To enhance the skills of officials of these two organisations, many initiatives have already been undertaken and those are in the process of implementation.
After formation of an anti-money laundering unit at the ACC, investigation into the allegations and the number of cases filed were rising.
"We have also taken some other steps to strengthen the money laundering investigation unit of the Commission," he said.
TIB ED Iftekharuzzaman suggested a joint government move with the BB, the ACC and the office of the Attorney General to that end.
"As Bangladesh is the member of the United Nations Anti-Money Laundering Convention, it will be much easier to bring back the laundered money," he said.
The ACC so far brought back about Tk 233.68 million laundered abroad, ACC sources said.
Allegations have it that some businessmen and politicians laundered millions after the 10th general election. An investigation in this regard is now continuing against some former and incumbent ministers and members of parliament (MPs) by the ACC.
ACC sources said there were also allegations of money laundering against some people of the previous four-party alliance government including some ministers and MPs. The Commission brought back money laundered by Arafat Rahman Koko, son of former prime minister Khaleda Zia.
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