As Bangladesh’s Chief Adviser, Professor Muhammad Yunus, concludes the first day of his official visit to London, one issue will remain on the table: how the UK can assist in recovering the billions allegedly stolen under the former government. 

Identifying Bangladesh's missing billions

The figures are startling. The interim government, headed by Professor Yunus, estimates that £11 billion ($16 billion) was taken from the country during former Prime Minister Sheikh Hasina’s 15-year rule. This is equivalent to the entirety of India’s education budget for 2023-24.  

Since student-led protests culminated in the collapse of Hasina’s Awami League government last July, scrutiny over her assets and those of her allies has intensified. There are numerous allegations of large-scale embezzlement and entrenched corruption including in the energy and infrastructure sectors, amidst the erosion of democratic institutions, and the violent suppression of civil society. 

The new interim Government, headed by Nobel Laureate Professor Yunus, has vowed to restore democratic integrity, root out corruption, and recover Bangladesh’s stolen wealth. And in this quest, the UK is firmly in Bangladesh’s sight.  

London - a safe haven for dirty money

The UK has proven to be a prime destination for the wealth of Hasina’s allies. Our joint investigation with The Observer identified over £400 million worth of UK property linked to former Hasina regime insiders. These include Mayfair mansions, luxury homes in Surrey, and new-build apartments in Merseyside —purchased during Hasina’s time in office. All are accused of profiting at the public’s expense – a claim they vigorously deny and dismiss as politically motivated. 

That the UK has accepted funds now under scrutiny, is unfortunately no surprise. For decades, we have rolled out the red carpet to the world’s oligarchs and dictators, provided they brought their wealth along with them.  Through our investigations, we found over £11.1 billion of suspicious funds flowing into UK property sector from around the world — and this is just the tip of the iceberg. 

This influx of cash is often enabled by our network of secretive financial centres, lawyers, and corporate service providers, through which kleptocrats and corrupt officials have been able to launder their fortune and their reputations here in the UK. 

Taking action on stolen assets

Following the collapse of Sheikh Hasina’s administration, the British High Commissioner pledged to support Bangladesh’s interim government in restoring peace and ensuring accountability. But what does that look like in practice?  

Working with partners such as Transparency International Bangladesh and Spotlight on Corruption, we have called on the UK to use all available tools to investigate and help recover stolen assets. 

  1. The immediate freezing of assets. The Government should impose Global Anti-Corruption Sanctions on key individuals suspected of stealing state assets. These sanctions would immediately freeze their UK-based assets, preventing them from being moved offshore and out of reach of investigators. Designating individuals now ensures we freeze assets before they disappear and gives Bangladesh a chance to recover what’s been lost. 
  2. Expanded investigations into stolen assets. The NCA has already frozen £90 million in suspected criminal assets linked to Bangladeshi elites. Given the UK is one of the first countries to target assets linked to the Hasina regime, this represents an important step, but only the beginning. 
  3. Returning stolen assets. Under the UN Convention on Anti-Corruption, the UK has a legal obligation to recover the proceeds of corruption. But returning stolen wealth is more than a legal duty: it’s a moral one. Returning Bangladesh’s stolen assets could play a vital role in supporting the country’s fragile democratic transition, empowering its Anti-Corruption Commission, and funding key reforms to strengthen the rule of law.  

The Foreign Secretary has called time on the London Laundromat and the “golden age of money laundering”. Now is his government’s chance to demonstrate real leadership and meet its stated ambition. Swift, coordinated action would send a clear signal: Britain is no longer soft touch when it comes to handling dirty money. 

As Professor Yunus meets British officials this week, the UK will have a role to play in helping Bangladesh recover from more than a decade of corruption and democratic backsliding. It’s time for us to listen, act decisively and help the interim government secure the resources needed to build the democratic future its people have demanded and truly deserve. 

Further reading