Bangladesh Bank governor Dr Atiur Rahman on Monday said successfully tracking down stolen assets through the trails of transfer require a close cooperation within the source countries.
“Effective cross-border cooperation between the Financial Intelligence Units (FIUs) of different jurisdictions on the transfer trails of the funds and help from the international agencies like the Interpol are needed to recover siphoned off money from abroad,” he told the inaugural session of a two-day training program in the city.
The Anti Corruption Commission (ACC) organized the multi-agency asset recovery training program at Ruposhi Bangla Hotel in the capital, aiming to strengthen the capacity of government officials to recover siphoned off public money from abroad.
Dr Atiur said the processes involved in asset recovery are necessarily complex, since the assets to be recovered are located in different jurisdictions under different legal systems with varying degrees of access to appropriate legal services.
After ascertaining the locations of the assets to be recovered, different legal methods like criminal confiscation, civil forfeiture and non-conviction based recovery may be needed under various situations in different jurisdictions, he said.
The central bank governor said regulators, investigating law enforcement agencies, and adjudicators need a holistic understanding of the entire sequence of the processes involved.
“At the Bangladesh Bank, BFIU’s manpower skills and physical facilities have undergone major upgrading, and the Mutual Legal Assistance in Criminal Matters Act 2012 has facilitated BFIU’s signing of mutual assistance MoUs with FIUs in other jurisdictions,” said.
Dr Atiur said the multi-agency training initiative drawing upon an appropriately diverse mix of resource persons from home and abroad is therefore very timely.
“We look forward to continuing effective, even handed use of the asset recovery processes by our successive democratically elected governments in firmly rooting rule of law and corruption free good governance so much aspired for by the electorate,” he said
Chaired by ACC chairman M Badiuzzaman, the inaugural session of the program was addressed, among others, by Finance Minister AMA Muhith, cabinet secretary M Musharraf Hossain Bhuiyan, attorney general Mahbubey Alam, and ACC secretary M Faizur Rahman Chowdhury.