• Tuesday, December 23, 2014

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Money Laundering


Capital flight triples in a year

THE Global Financial Integrity (GFI) in its latest study has found that capital flight from Bangladesh has tripled in the last year from US$1.78billion up from $593million a year ago. The country ranked 4th in South Asia and shows a disturbing trend which indicates that there is little confidence in the political stability of the country. The flight of such large sums of monies is also an indicator of how little control policymakers have over the transfer of such...

Judge dealing Khaleda's graft cases transferred

Judge dealing Khaleda's graft cases transferred

The judge dealing the two graft cases against BNP Chairperson Khaleda Zia and eight others has been transferred midway in the trial of the corruption cases. Judge Bashudev Roy, special judge-3 of Dhaka, has been transferred to the position of a special judge in Patuakhali. He will be replaced by Abu Ahmed Jomadar, a...

Anti-money Laundering Law

Amendment aims at stringent monitoring

The finance ministry has proposed amending the anti-money laundering law to allow Bangladesh Bank to monitor the bank accounts of influential people, including politicians, bureaucrats and businesspersons. Once amended, the Central bank's Financial Intelligence Unit will keep a close watch on influential people. The proposal was made at a meeting of the anti-money laundering taskforce under the finance ministry. The meeting was chaired by Finance Minister AMA Muhith at the secretariat yesterday. The meeting also suggested amending another provision of the law...

Money Laundering

Charges against Mosharraf accepted

A Dhaka court yesterday took cognisance of charge against former health and family welfare minister Khandaker Mosharraf Hossain in a case filed for laundering over Tk 9.53 crore to the United Kingdom. After scrutinising the case docket and other relevant documents, Judge Jahurul Haque of the Senior Special Judge's Court of Dhaka passed the order. The court also fixed November 2 for hearing on charge framing against the BNP leader.  On August 13, Anti-Corruption Commission (ACC) Director Nasim Anwar pressed charge against...

The police: Proper investigative body in money laundering cases?

UNDER the Anti-Corruption Commission Act, 2004 (ACCA), all corruption related offences as specified in the Act have to be investigated by no other agency but the Anti-Corruption Commission (ACC). Newspaper reports indicate that the government, acting on the proposal of the ACC, is now considering the case for stripping the ACC of the power of investigation into certain offences specified in the ACCA. According to the proposed change, the ACC would continue to investigate frauds committed by government employees,...


Trial begins in Khaleda’s absence

Trial begins in Khaleda’s absence

Trial in two corruption cases against Khaleda Zia -- Zia Orphanage and Zia Charitable Trust graft cases -- began today through the recording of the deposition of a witness in the BNP Chairperson's absence. Partial deposition of plaintiff Harun-ur-Rashid, deputy director of the Anti-Corruption Commission (ACC), was recorded at Judge Bashudeb Roy of Special...

BASIC Bank being probed for money laundering

Bangladesh Bank is investigating whether any money laundering crimes were committed by BASIC Bank when it gave out loans using forged documents. BB's financial intelligence unit is looking into the matter and will forward the findings to the Anti-Corruption Commission (ACC), Abu Hena Mohammed Raji Hasan, deputy governor of the central bank, yesterday told reporters while announcing the monetary policy. The move comes after investigations by other departments of the central bank concluded that the bulk of the amount that was...


SC stays Khandaker Mosharraf’s HC bail

SC stays Khandaker Mosharraf’s HC bail

The Supreme Court today stayed until September 2 a High Court order that had granted bail to BNP leader Khandaker Mosharraf Hossain in a money laundering case. A five-member bench of the Appellate Division of the SC headed by Chief Justice Md Muzammel Hossain passed the stay order after hearing two separate petitions filed...

Money Laundering By Destiny

Arrest order for 46

A Dhaka court yesterday accepted charges against the Managing Director of Destiny Group Rafiqul Amin, Destiny 2000 President Lt Gen (retd) Harun-Ar-Rashid and 49 others in two money laundering cases involving around Tk 4,200 crore. Judge Mohammad Zahirul Haque of the Senior Special Judge's Court of Dhaka also issued an arrest warrant for 46 out of 51 of the company's staff, including Rafiqul's wife Farah Diba. After issuing the arrest warrant, the court directed officers-in-charge of different police stations concerned to...

Pele's son jailed for 33yrs over money laundering

Pele's son jailed for 33yrs over money laundering

The son of the Brazilian football legend Pele has been sentenced to 33 years in jail for laundering money raised from drug trafficking. Edinho is a retired footballer who played goalkeeper for Pele's old club, Santos, in the 1990s. He was first arrested in 2005 and has served a sentence for drug trafficking offences and...

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