close
close

Solondais

Where news breaks first, every time

sinolod

UK MPs urge UK regulators to examine trade dealings with former Lands Minister Saifuzzaman

Saifuzzaman Chowdhury was Bangladesh’s lands minister until earlier this year, when Sheikh Hasina’s government was spectacularly toppled after her regime’s violent suppression of student protests.

TBS Report

October 22, 2024, 2:25 p.m.

Last modification: October 22, 2024, 3:02 p.m.

Former Land Minister Saifuzzaman Chowdhury. Photo: TBS

“>
Former Land Minister Saifuzzaman Chowdhury. Photo: TBS

Former Land Minister Saifuzzaman Chowdhury. Photo: TBS

British MPs have urged regulators to examine links between London estate agents, lawyers and lenders and former lands minister Saifuzzaman Chowdhury, who is currently under investigation for corruption, according to The Guardian.

Saifuzzaman Chowdhury was Bangladesh’s lands minister until earlier this year, when Sheikh Hasina’s government was spectacularly toppled after her regime’s violent suppression of student protests.

Chowdhury has since had his bank accounts frozen and is under investigation by authorities in Dhaka, amid allegations of corruption against several members of the ousted government.

The Google News Business Standard
Stay informed, follow The Business Standard’s Google news channel

A lawyer representing Chowdhury, whose UK property portfolio includes more than 250 properties worth an estimated £200 million, previously said his client had “nothing to hide” and had acquired his wealth before to enter politics.

Now an MP from the All-Party Parliamentary Group (APPG) on Anti-Corruption has asked HM Revenue and Customs, the Financial Conduct Authority (FDCA) and the Solicitors Regulator Authority (SRA) to investigate whether companies British companies complied with anti-money laundering rules. helping Chowdhury with real estate deals.


In letters seen by the Guardian, Labor MP Phil Brickell called on the three regulators to ensure that the companies involved in the transactions “carry out adequate checks on the origin of Mr Chowdhury’s wealth and funds”.

He urged HMRC, the FCA and the SRA to ensure that UK estate agents, law firms and lenders meet their regulatory obligations.

“Showing that the UK is serious about making London the anti-corruption capital of the world requires a proactive, rapid and robust investigation when allegations of this type emerge,” he said.

Members of the Parliamentary APPG on Anti-Corruption and Responsible Taxation met last week to discuss how to help Bangladesh trace UK assets linked to people under investigation by the Dhaka authorities. The group’s chairman, MP Joe Powell, has written to the National Crime Agency asking it to investigate assets in the UK linked to members of the former Bangladeshi regime, including Chowdhury.

The role of Western companies working with politically connected foreign business figures has come under increasing scrutiny in recent years, particularly after Russia’s invasion of Ukraine.

Brickell wants regulators to check whether British companies have filed “suspicious activity reports,” which they must submit to law enforcement if they are concerned about potential money laundering, and whether they may have committed a criminal offense if they do not do so.

Bangladesh’s central bank has frozen bank accounts belonging to Chowdhury and his family members, while the country’s Anti-Corruption Commission is investigating allegations that he illegally acquired hundreds of millions of dollars and laundered them through United Kingdom.

According to reports in Dhaka, British government officials have pledged to help Bangladesh locate all British assets held by those under investigation.

Bangladesh’s central bank governor told the Financial Times last month that he had requested Britain’s help to investigate whether members of Hasina’s regime had embezzled £13 billion of assets abroad.

He said he had asked the UK to identify the source of funds for Chowdhury’s £150 million property purchases, which include several luxury mansions in London.

A lawyer for Chowdhury previously said his client was the subject of a “witch hunt” incited by Bangladesh’s new regime and was at risk of a miscarriage of justice.

Chowdhury had said its overseas assets were financed by legitimate international business interests. Bangladeshi citizens are subject to a strict limit of $12,000 (£9,176) on assets that can be transferred out of the country.

The lawyer said he was no longer instructed by Chowdhury and that Chowdhury did not respond to requests for comment sent to his personal email addresses.

An SRA spokesperson said: “We take the issue of potential breaches of money laundering regulations very seriously and will take action if we find that businesses are not complying with these obligations.”

The FCA and HMRC declined to comment.