New law on info exchange on siphoned money in the offing

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FE Report
The government has decided to enact a new law styled 'Mutual legal assistance', aiming to facilitate exchange of information with regard to siphoned-off money with other nations.
The decision was taken Sunday at a meeting of the Coordination Committee on Anti-money Laundering and Terrorist Financing, held at the Bangladesh Secretariat with Finance Minister AMA Muhith in the chair.
Bangladesh Bank Governor Atiur Rahman, Anti-Corruption Commission (ACC) Chairman Ghulam Rahman, Finance Secretary Mohammad Tareque, Foreign Secretary Muhammed Mijarul Quayes, National Board of Revenue (NBR) Chairman Nasir Uddin Ahmed and senior officials of relevant agencies were present at the meeting.
"A new law - Mutual Legal Assistance - has to be made for helping ensure greater access to siphoned-off money-related information from other countries for the sake of bringing the money back," Mr Muhith told the media after the meeting.
He further said: "The proposed new law is to be enacted by next June."
Currently, the government is required to have bilateral agreements for bringing back siphoned-off money from other countries concerned, the Finance Minister observed.
The meeting also decided to amend the existing laws - Counter-Terrorism Financing Act and Anti-Money Laundering Act - in order to make them time-befitting and effective.
Headed by Banking Division Secretary Md. Shafiqur Rahman Patwari, the working committee will also be comprised of senior officials from the regulatory authorities and government agencies/ministries concerned.
Besides, the working committee will also look into the overall activities relating to formation of the new law and better coordination among the agencies/ministries concerned dealing with money laundering and terrorist financing matters, Mr Muhith said.
The working body will also look into the preparation of the government's plan of action for prevention of terrorist financing and money laundering activities, he mentioned.
The Finance Minister further said it was also resolved at the meeting that the Ministry of Home Affairs would be responsible for the proposed amendments to the existing laws.
He also told newsmen that the responsibility of the respective authorities would be well defined for dealing with the anti-money laundering and terrorist financing matters.
When his attention was drawn, Mr Muhith expressed his doubts about bringing the money that was siphoned off earlier.
Money is sent abroad in such a secret process that family members of the persons even do not know about it after their death, he said adding that the foreign banks then 'take away' the money.
"Except for some specific cases, getting back of all the siphoned money may not be possible as bilateral agreements are necessary for it," he said.
Citing the example of money that was allegedly siphoned off by the Opposition Leader Kaleda Zia's youngest son Arafat Rahaman Koko, the Finance Minister said dealing with the matter was possible as the US authorities agreed to provide information and other support for it.
He also said the meeting reviewed the overall status of the country strategies on prevention of terrorist financing and money flight activities.
The country's current strategies were praised by the Sydney Meeting, the Finance Minister said, adding those were sent to Paris for review.
Earlier, the authorities of the Investment Corporation of Bangladesh (ICB) at a meeting with the Finance Minister handed over a cheque worth Tk 81 million as dividend at the rate of 15 per cent to the government for the 2009-10 financial year.
In 2008-09, the ICB provided Tk 13.5 million and the rate of dividend was 5.0 per cent.