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BB Urges Banks to Join 12 Global Firms to Recover Assets
Bangladesh Bank (BB) has instructed all commercial banks to immediately sign agreements with 12 international asset recovery and law firms to launch a coordinated effort to repatriate money laundered allegedly by former prime minister Sheikh Hasina, her family members, and several major industrial groups.
The directive was given on Monday during a meeting with managing directors of 32 commercial banks with Bangladesh Bank Governor Dr. Ahsan H. Mansur in chair, said Managing Director and CEO of Islami Bank Bangladesh PLC Omar Faruk Khan.
All banks will engage the international law and asset recovery firms to trace and bring back the laundered money, he said.
"Some banks will act as lead banks, forming consortia with others to sign agreements with these firms. Once finalised, we will assess how to repatriate and deposit the recovered money," he said.
He added that the Criminal Investigation Department (CID) has already identified 11 industrial groups under investigation for money laundering including Bashundhara , Nasa, and S Alam groups.
"We will work with the asset recovery agencies under Non-Disclosure Agreements (NDAs). Some preliminary negotiations have begun," Faruk added.
AB Bank managing director Mizanur Rahman said the initiative represents a comprehensive effort in the entire banking sector involving multiple institutions.
Pubali Bank Managing director Mohammad Ali said the central bank named the 12 international firms in the context of anti-money laundering efforts and directed banks to engage them for foreign asset recovery under NDAs.
The list of individuals and entities allegedly involved in money laundering, a portion of which is believed to have benefited former Prime Minister and her family, includes former Land Minister Saifuzzaman Chowdhury's Aramit Group,S. Alam Group, Beximco, Bashundhara, Sikder Group, Nasa Group, Orion, Gemcon, Nabil, and Summit, among others.
In a related move to strengthen regulatory oversight, the central bank recently established a new dedicated body called the Money Laundering and Terrorism Funding Prevention Department to enhance its ability to combat illicit financial flows.
The central bank's action comes as four global organisations—the Stolen Asset Recovery (STAR) Initiative, International Anti-Corruption Coordination Centre (IACCC), US Department of Justice (DOJ), and International Centre for Asset Recovery (ICAR)—have reportedly already gathered key information and initiated legal processes related to the funds, reports UNB.
Bangladesh's investigative agencies have so far traced an estimated Tk40,000 crore worth of assets built with laundered money, according to a recent statement from the CA Press Wing.