Terming Bangladesh the worst victim of money laundering, Bangladesh Bank (BB) Governor Dr Ahsan H Mansur has said vigorous efforts are underway to recover money laundered by certain family rackets or organized groups from the country’s banking sector.
In an optimistic update on the country’s economic outlook, the BB governor on Friday said: “We are now in an encouraging position as the foreign exchange reserve has reached a stable level, exports have increased by 11 to 12%, and the 26 to 27% growth in remittance inflows is truly inspiring.”
Mansur emphasized that the central bank’s primary responsibility is to restore balance to the economy, and it has made significant progress toward achieving this goal.
He acknowledged that recovering laundered money is not an easy task, but BB is working diligently to do so, ensuring compliance not only with Bangladesh’s laws but also with the relevant laws of foreign countries.
“We are gathering detailed information about the siphoned-off money. Based on this information, we will aim to freeze assets within the next six months, which will be our primary success. The next steps will involve court proceedings after forfeiting the assets of the offenders,” he explained.
He added: “Identifying bank accounts, the whereabouts of companies, and assets of money launderers will require cooperation from foreign asset-tracing firms. We have received positive responses from friendly countries, and while the process is time-consuming, we are hopeful of locating assets abroad within the next six months.”
Reminding the audience that prevention is better than cure, Mansur said that having accurate information will be crucial for BB to recover or bring back the stolen money.
“Additionally, we are considering necessary regulatory reforms to prevent future money laundering and are exploring all options, including out-of-court settlements and reasonable negotiations, to bring back laundered money and assets,” he said.
On the issue of food inflation, Mansur admitted that it was previously underreported. “Food inflation was actually 13-14% but was shown as 9-10% in the past. In the previous month, overall food inflation was 8 to 9%, and the trend is downward. We are optimistic about keeping the food inflation rate at 5% or less in the next fiscal year,” he added.
In response to a question, the BB governor revealed that an estimated Tk2.5 to 3 lakh crore had been laundered during the previous regime.
A large Chittagong-based group had allegedly taken at least Tk1 to 1.5 lakh crore from the banking sector, Beximco had smuggled around Tk50,000 crore, and several other major conglomerates had pilfered substantial amounts of money.
Regarding allegations of involvement by some BB officials in the money laundering process, the governor said: “Necessary legal measures have been taken against a number of BB officials, but we will not take punitive steps based on false information.”
