TIB lauds UK's £90m asset freeze order linked to former regime

Transparency International Bangladesh (TIB) has lauded the UK's move to freeze nearly £90 million worth of assets allegedly linked to the associates of fallen regime, terming it a "hopeful first step" in the global fight against money laundering.

"This should not be viewed as an isolated incident; rather, the frozen property is merely the tip of the iceberg," said Dr Iftekharuzzaman, executive director of TIB, in a statement issued today.

"Many more individuals, blessed by the fallen authoritarian regime, have laundered massive amounts of wealth. Similar actions must be taken against each of them," he said.

The UK's National Crime Agency (NCA) took the step under its legal framework, targeting luxury assets held by individuals who it said benefitted from the political patronage of the previous regime.

TIB expressed hope that this action would set a precedent for stronger mutual legal assistance between Bangladesh and the destination countries of siphoned wealth, enabling swifter investigations and the eventual recovery of laundered assets.

Calling for coordinated global action, TIB urged other countries -- the US, Switzerland, Canada, Australia, Singapore, Hong Kong, Malaysia, and the UAE -- to follow the UK's example.

TIB pressed both foreign governments and the Bangladesh government to take proactive steps through mutual legal assistance, expert collaboration, and other international mechanisms to identify, seize, and repatriate illegally acquired wealth.

"The return of stolen assets can only be expedited through legal cooperation and political will," Dr Iftekharuzzaman said, adding that the recovery of these assets is vital not only for economic justice but also for accountability and the rule of law.

TIB urged the Bangladesh government to actively engage with international partners, utilise existing legal tools, and hold launderers accountable to prevent further capital flight and ensure transparency in financial governance.