Punishment for money laundering should be enhanced to life imprisonment: HC

A High Court bench today observed that the punishment for money laundering should be enhanced from the existing 12 years' imprisonment to life imprisonment considering the gravity of the offence.

Money laundering is a serious offence and its highest punishment of 12 years' imprisonment under the Money Laundering Prevention Act is insufficient, the bench of Justice Md Nazrul Islam Talukder and Justice Mohi Uddin Shamim said.

The bench made the observation during hearing a bail petition of SM Shoabul Kabir, a convict in a case filed against nine executives of Bismillah Group for laundering Tk 15.33 crore.

A Dhaka court on September 10, 2018, sentenced them to 10 years' rigorous imprisonment each.

The convicts include Bismillah Group Managing Director Khaza Solaiman Anwar Chowdhury, his wife and the chairperson of Bismillah Group Nowrin Hasib, Shafiqul Anwar Chowdhury, Akbar Aziz Muttakin, Abul Hashem Chowdhury, Riazuddin Ahmed and Akbar Hossain.

Of the convicts, Mustaque Ahmed Khan and SM Shoabul Kabir are now in jail and the rest are absconding.

Today, the HC bench refused to grant bail to Shoabul Kabir and said it will hold hearing on his appeal challenging the trial court verdict on him, Anti-Corruption Commission's lawyer Hassan MS Azim told The Daily Star.

He said no lawyer appealed for Shoabul Kabir today.

Lawyer Khurshid Alam Khan informed the HC that the highest punishment under the Money Laundering Prevention Act is 12 years' imprisonment.

Deputy Attorney General AKM Amin Uddin Manik told this correspondent that the HC bench in February last year directed the authorities to arrest the absconding convicts of the case and accordingly a red alert has been issued against them.