Bangladesh set to sign deal with Hong Kong to recover laundered money

The government has approved the final draft of a mutual legal assistance agreement in criminal matters with Hong Kong to help recover money and assets laundered out of Bangladesh.

The Cabinet approved the draft at a meeting chaired by Prime Minister Tarique Rahman at the Secretariat today (2 November) following a proposal from the home ministry.

Once signed, the agreement will allow Bangladesh and Hong Kong to exchange information, documents and evidence and provide legal assistance in criminal investigations and judicial proceedings, particularly in tracing and recovering illicit assets.

According to a ministry press release, the draft was received from the Hong Kong Special Administrative Region government on 14 May 2025. Following bilateral discussions and legal vetting, Hong Kong’s Department of Justice agreed to the final draft on 17 October this year.

Bangladesh currently has similar bilateral agreements with India, signed in 2010, and South Africa, signed in 2019. The proposed agreement with Hong Kong will take the number to three.

The government has identified 10 countries and territories as priorities for recovering laundered money: United States, United Kingdom, Canada, Switzerland, Australia, Thailand, UAE, Singapore, Malaysia and Hong Kong. Malaysia, Hong Kong and UAE have expressed willingness to sign bilateral agreements.

On 21 April, Finance Minister Amir Khosru Mahmud Chowdhury told parliament that Bangladesh had sent mutual legal assistance requests to 23 countries, with another 21 in process. The requests seek information on overseas assets and assistance in enforcing court orders to seize and freeze them.

$234bn siphoned abroad in 15 years

An estimated $234 billion was illegally transferred out of Bangladesh between 2009 and 2023, according to figures presented in parliament by Tarique Rahman on 1 April, citing findings of the white paper committee formed by the interim government.

The average annual outflow was around $16 billion, equivalent to Tk1.8 lakh crore.

The government has identified 11 priority cases and formed 11 joint investigation teams led by the Anti-Corruption Commission (ACC), involving officials from the Criminal Investigation Department, National Board of Revenue’s Central Intelligence Cell and Customs Intelligence and Investigation Directorate.

As of 25 March 2026, court orders had frozen and seized assets worth Tk57,168.09 crore domestically and Tk13,278.13 crore abroad, totalling Tk70,446.22 crore.

A total of 141 cases have been filed to recover laundered money. Chargesheets have been submitted in 15 cases, while verdicts have been delivered in six.

Court orders seizure of assets in Hong Kong

In a separate case, a Dhaka court has ordered the seizure of assets and freezing of bank accounts belonging to Nassa Group Chairman and former Exim Bank chairman Nazrul Islam Mazumder, his son Walid Ibn Islam and daughter Anika Islam in Hong Kong.

The order was issued on 9 September following an ACC application.

The ACC alleges that around Tk35,000 crore was fraudulently taken from 26 banks and laundered to the UK, Isle of Man and Hong Kong.

Investigators identified the three as beneficial owners of Hong Kong-based China Supreme Limited, which maintains an account with the Bank of East Asia.

The ACC sought the order, fearing assets purchased with illicit funds could be transferred elsewhere. However, the amount specifically transferred to Hong Kong has not been disclosed.