Transparency International US and Transparency International Bangladesh have called on the United States to actively support the recovery of assets misappropriated from Bangladesh, saying that such actions are crucial for the country’s democratic and economic future.
In a letter, addressed to US Secretary of State Antony Blinken and US Secretary of the Treasury Janet Yellen, the organizations' executive directors, Gary Kalman and Iftekharuzzaman, respectively, emphasized that the US can demonstrate its commitment to its partnership with Bangladesh by playing a significant role in asset recovery.
The letter outlines three key areas where US intervention could be impactful:
Asset Investigation and Recovery: The US government is urged to investigate whether any assets looted by Bangladeshi individuals or companies are held in the US and to take immediate action, including imposing property and account freezing orders, to facilitate their forfeiture and repatriation to Bangladesh.
Expertise and Capacity Building: The letter calls for US support in providing expertise, such as forensic accountants, lawyers, and law enforcement, to aid in reforming and strengthening Bangladesh’s institutions like the Anti-Corruption Commission and the Financial Intelligence Unit. This support would help these agencies identify and build evidence against stolen assets and enhance their enforcement capacity.
International Cooperation on Sanctions: The US is encouraged to collaborate with other countries and international bodies, including the UK, Canada, Australia, and the EU, to identify targets for financial sanctions and visa bans, working alongside Bangladesh’s interim government and local experts to address corruption.
The letter highlights the strong ties between the US and Bangladesh, noting that the US is Bangladesh’s largest foreign investor and export destination.
The US has been instrumental in supporting Bangladesh's move towards a more democratic society, using various tools from trade incentives to sanctions.
As Bangladesh faces a crucial moment in its history, marked by student protests and allegations of corruption involving former officials, the letter stresses the urgency of recovering misappropriated assets.
The brutal crackdown on protests, which resulted in over 1,000 deaths, and the ongoing revelations of asset misappropriation, underscore the need for prompt action to help Bangladesh build a more transparent and accountable future.
Corruption allegations involving former ministers, bankers, senior public officials, the armed forces, and police are overwhelming, said Transparency International US and Transparency International Bangladesh executive directors.
