To recover the laundered money of Sheikh Hasina, her family, and other business groups, the Bangladesh Bank asked commercial banks to sign a non-disclosure agreement (NDA) with 12 international asset recovery and law firms to assist them in bringing back money allegedly laundered abroad.
Bangladesh Bank governor Ahsan H. Mansur gave the instruction to the banks during a meeting presided over by him attended by managing directors of 32 commercial banks on Monday.
Sources informed that these firms will provide administrative and legal assistance to the banks to bring the money back to Bangladesh, while it is an update of an earlier process.
Regarding the governor’s instruction, Md Omar Faruk Khan, managing director (MD), Islami Bank Bangladesh PLC, said: “We will work with the asset recovery agencies under NDA. If we engage international law firms and asset recovery agencies (a total of 12), they will be able to assist in bringing the laundered money back to Bangladesh. Some banks will act as lead banks, while multiple banks will form a consortium. At the same time, agreements will be signed with external firms. After that, the process will determine how the recovered funds can be deposited.”
He further informed: “The Criminal Investigation Department (CID) has initially identified a total of 11 local industrial groups, including Nassa, S Alam, and others. By signing NDAs (Non-Disclosure Agreements), we will begin working with the stolen asset recovery agencies. The main objective is to bring back the money that has been siphoned out of Bangladesh.”
Earlier on January 6, the Financial Institution Division of the Finance Ministry asked the Bangladesh Financial Intelligence Unit (BFIU) to form teams comprising members of the Anti-Corruption Commission (ACC), the National Board of Revenue (NBR), and the Criminal Investigation Department of Police (CID) to investigate the country's 10 major business groups' alleged money laundering and other misdeeds.
According to allegations, a portion of the laundered money transferred through these groups is believed to have ultimately benefited the ousted prime minister and her family members.
After the meeting, Mohammad Ali, MD and CEO, Pubali Bank PLC, said: “Bangladesh Bank referred to the 12 international firms in the context of money laundering. These firms will be engaged through confidentiality agreements to carry out foreign asset recovery.”
Syed Mizanur Rahman, MD & CEO of AB Bank PLC, said: “No specific bank has been consulted for this project. It is a ‘total banking’ concept, designed to include multiple banks.”
Earlier, four international organizations comprising the Stolen Asset Recovery (StAR) Initiative, the International Anti-Corruption Coordination Centre (IACCC), the US Department of Justice (DOJ), and the International Centre for Asset Recovery (ICAR) had been engaged in tracing the siphoned money trail.
