The government will amend some sections of the existing Money Laundering Prevention Act, 2012 aiming to make the recovery of laundered money and assets from abroad more efficient and effective.
The decision was taken Wednesday at a meeting of the National Coordination Committee on combating money laundering and terrorist financing at Bangladesh secretariat.
The meeting discussed the progress relating to activities of the joint investigation team which was formed to investigate 11 priority cases to recover money and assets laundered abroad by influential quarters.
Apart from that, the authorities so far filed 104 cases based on priority list while charge sheets were submitted in 14 cases and the courts delivered judgments in four cases, the meeting was told.
According to a press release issued by the Ministry of Finance, immovable and movable assets worth Tk 661 billion-Tk 556 billion within the country and Tk 105 billion abroad-have been attached and frozen under the cases.
Additionally, 21 Mutual Legal Assistance Requests (MLARs) have been sent to the countries concerned for 11 priority cases.
The meeting, however, directed all concerned to submit charge sheets in priority cases as soon as possible, send MLARs to the concerned countries, and take effective initiatives for speedy disposal of the cases.
The meeting was told that the 4th round of mutual evaluation on Bangladesh's position regarding compliance with the existing international standards for prevention of money laundering and terrorist financing would be completed by the Asia Pacific Group on Money Laundering (APG) for the 2027-28 term.
The meeting considered mutual evaluation as the most important activity and instructed all relevant ministries, departments, and organisations to take necessary preparations to deal with evaluation successfully.
However, Bangladesh Bank governor Dr Ahsan H Mansur said bringing back laundered money was a lengthy process and might take four to five years.
"At least four to five years will be needed to bring back laundered money from abroad," he told newsmen after the meeting.
The governor said scores of cases had been filed against individuals and institutions so far, aiming to bring back the siphoned off money from abroad.
However, the governor is hopeful that a portion of the looted money can be brought back soon.
"We may be lucky, if the case of Saifuzzaman Chowdhury (Javed) in London is resolved, some money may come soon, (but) when it will come, whether before February or later, I don't know," he said.
Mr. Mansur said former land minister Javed did not contest the case in London, thus in one sense he accepted the defeat.
The Islami Bank and another bank already staked claims for money, if available after settlement of the case, he said.
"They may make appeal… this is a long process," he said. "But we think Saifuzzaman may not file any appeal, because he did not contest".
Regarding money laundering by the chairman of Chattogram-based S Alam Group Saiful Alam Masud, who allegedly looted billions of taka from the country's banking sector, the governor said S Alam filed for arbitration in Washington, against the Bangladesh authority.
"We will contest it on the ground that he is a Bangladeshi citizen and it is proved by Bangladeshi court and we have adequate proof of it," he said.
The governor said Saiful Alam Masud is not a Singaporean, rather he is a Bangladeshi national.
He was director and chairman of some banks in Bangladesh.
"How can he be a chairman or director of a local bank sans being a Bangladeshi?", he questioned.
Regarding the disbursement of the depositors' fund, the governor said the government was developing a computerisd system through which the money of the newly-formed Sammilito Islamic Bank will be channeled to their respective bank accounts.
He said around two weeks might be needed to develop the system.
Mr Mansur said a bank account of Sammilito Islamic Bank had been opened with the central bank with some Tk 200 billion there. The money was given from the fiscal budget of the government.
"We want a chaos-free disbursement of the depositors' money. But it will take some more time," he said.
syful-islam@outlook.com