It was encouraging to note that the United Kingdom’s National Crime Agency, which investigates serious and organised crime, froze luxury assets worth almost £90 million belonging to two members of a family closely associated with the ousted government.
The NCA issued nine asset freezing orders amid growing pressure on the UK to assist investigations into properties linked to members of Bangladesh’s ousted regime. Among the orders is a restriction barring Ahmed Shayan F Rahman (the son of Salman F Rahman, former private industry and investment adviser and his cousin, Ahmed Shahriar Rahman from selling their assets.
However, United Kingdom Prime Minister Keir Starmer declined a meeting request from Chief Adviser Muhammad Yunus. Yunus went to London in order to rally international backing in his efforts to recover billions of dollars siphoned off by the ousted government.
Bangladeshi authorities estimated that roughly $234 billion was siphoned off during Hasina’s tenure, with the UK identified as a key destination for the diverted funds. Canada, Singapore, various Caribbean nations, and Middle Eastern countries are other locations where assets were allegedly transferred.
Corruption and its impact
Empirical researches have demonstrated that corruption impacts all five pillars of sustainable development -- people, planet, prosperity, peace, and partnerships. Anti-corruption efforts are therefore critical for Bangladesh in building strong, transparent and accountable institutions to effectively meet the needs of people.
It is high time for the country as there are currently some serious efforts undertaken after the monsoon revolution. Bangladesh also requires support from development partners at this critical stage.
The 2030 Agenda provides a tremendous opportunity for anti-corruption efforts through SDG 16 “Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.”
According to the 2030 Agenda, SDG 16 and its anti-corruption targets on reducing illicit financial flows (16.4), corruption and bribery (16.5); developing effective, accountable and transparent institutions(16.6); ensuring responsive, inclusive, participatory and representative decision-making (16.7); and strengthening access to information (16.10) are not only important for promoting transparency, accountability and integrity, transparent institutions are also critical for the successful graduation of Bangladesh from LDC status.
The World Economic Forum estimates that the $2 trillion wasted on corruption every year could wipe out hunger ($116bn), eradicate malaria ($8.5bn over seven years), bridge the global infrastructure gap ($1tn), and provide basic education to all children ($26bn).
The legacy of corruption in Bangladesh
Scenario of Bangladesh has not been different. Between $12bn and $15bn was siphoned out of the country every year over the last 15 years, revealed Iftekharuzzaman, executive director of Transparency International Bangladesh, while attending a seminar in the month of November 2024. Bangladesh Bank governor Ahsan Mansur previously said to British media (Financial Times) that an estimated $16.7bn was spirited out of Bangladesh after the bank takeovers, using methods such as loans made to their new shareholders and inflated import invoices. However, Iftekharuzzaman said the total amount laundered would be much more, as $17bn was taken out with the direct help of the central bank.
In many developing countries like Bangladesh, there is weak institutional capacity and political will at the national level to implement anti-corruption targets of SDG 16. However, the UK’s strong property rights and asset protection laws make it an ideal location for corrupt officials and businessmen seeking to safeguard their illicit gains.
London’s real estate market has become one of the most visible manifestations of illicit capital, while the term “London Laundromat” captures the city’s reputation as a laundering hub, where dirty money is cleansed through property investments, complex corporate structures, and financial instruments. The Financial Times (March 5, 2022) published a detailed report revealing the connection between a Russian oligarch and London Laundromat.
During Yunus’ official state visit to the UK, anti-corruption NGOs from Bangladesh and the UK called for greater action from the UK government to help the Bangladesh authorities seize assets allegedly stolen by the previous regime.
Prompt action by the UK would not only prove Britain's commitment to accountability but also create an example on reducing illicit financial flows. Tackling corruption is a vital part of the action needed to achieve the sustainable development goals.
It is imperative now for the UK government to respond.
Oli Md Abdullah Chowdhury is a human rights worker.
