Pressure mounts as Bangladeshi authorities request Tulip Siddiq’s bank details

Bangladesh’s anti-money laundering agency has demanded information on the bank accounts and transaction records of the UK’s City minister as part of a probe into allegations that her family embezzled billions from major infrastructure deals in Bangladesh.

Tulip Siddiq, whose remit includes tackling corruption in business and finance, is accused by Bangladeshi authorities of having helped arrange a deal with Russia for a nuclear power plant in Bangladesh over a decade ago, in which £1bn was allegedly siphoned into private bank accounts.

The Bangladesh Financial Intelligence Unit ordered banks in the country to share transactions for all accounts linked to the family of Tulip’s aunt Sheikh Hasina, whose Awami Leage party ruled the South Asian country for over a decade before being deposed last year.

The development comes just a day after the City minister referred herself to the government’s standards watchdog over her role in the probe and her use of London properties linked to Hasina and her party.

In her letter to the Prime Minister’s standards advisor Sir Laurie Magnus, Siddiq insisted that she had done “nothing wrong”, adding: “For the avoidance of doubt, I would like you to independently establish the facts.”

On Monday the Prime Minister said that Siddiq’s decision to consult his standards advisor meant she had acted “entirely properly”, before confirming she retained his confidence.

It follows reports in The Sunday Times and the Financial Times that the minister, who served as shadow financial secretary to the Treasury from 2021 before carrying the position into government at the election, had been gifted the use of properties connected to the Awami League party.

Hasina is a controversial figure, accused of overseeing a regime in which – in addition to the charges of embezzlement – her party quashed dissenting voices and opposition parties, sometimes using violence.

And the decision from the Bangladeshi authorities to request records from Bangladeshi banks – first reported by political website Guido Fawks – is the latest development in what promises to be a wide-ranging investigation into the former ruler and her closest allies.

They are accused of using several infrastructure and energy deals to embezzle billions of pounds.

A Cabinet Office spokeswoman said: “The Minister has referred herself to the Independent Adviser on Ministerial Standards to establish the facts. 

“We would not comment on any ongoing process.”