UK regulators urged to examine business dealings of Bangladeshi ex-minister Saifuzzaman: report

British regulators have been urged by MPs to investigate the business activities of former Bangladeshi land minister, Saifuzzaman Chowdhury, after allegations of corruption surfaced against him and other members of the deposed Sheikh Hasina government, according to a report by The Guardian.
Saifuzzaman Chowdhury, whose UK real estate portfolio reportedly exceeds 250 properties valued at £200 million, is under investigation by Bangladesh’s Anti-Corruption Commission, which has frozen his bank accounts.
In letters seen by The Guardian, Phil Brickell, an MP from the all-party parliamentary group (APPG), called on three regulators to ensure that companies involved in the transactions “undertook adequate checks on the source of Mr Chowdhury’s wealth and funds”.
Phil Brickell asked HM Revenue and Customs, the Financial Conduct Authority (FCA) and the Solicitors Regulation Authority (SRA) to investigate whether UK companies followed anti-money laundering rules when helping Chowdhury with property deals, the report said.
He urged HMRC, the FCA and the SRA to ensure that British estate agents, law firms and lenders had abided by their regulatory obligations.
Brickell stressed the importance of regulators investigating whether UK companies conducted appropriate checks on Chowdhury’s wealth, saying it is vital to show that London is serious about its anti-corruption commitments.
A lawyer for Chowdhury previously said his client was being subjected to a “witch-hunt” instigated by the new Bangladeshi regime and that there was a risk he could be the subject of a miscarriage of justice, the report said.
Chowdhury had said that his overseas assets had been funded 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 APPG on anti-corruption met last week to discuss cooperation with Bangladesh in tracking assets linked to former regime members. Joe Powell MP, chair of the APPG, has written to the UK’s National Crime Agency urging an investigation into these assets, including Saifuzzaman Chowdhury’s, the report said.
UK authorities, including the FCA and HMRC, have declined to comment on the matter.
Meanwhile, a spokesperson for the SRA said, “We take the issue of potential breaches of money-laundering regulations very seriously and will take action if we find firms are not meeting these obligations,” the report added.