The interim government has launched an aggressive campaign to recover billions of taka embezzled by influential businessmen and funneled abroad.
In this regard Bangladesh Financial Intelligence Unit (BFIU) has sent letters to multiple countries, including the United States, United Kingdom, Singapore, and the United Arab Emirates, seeking their cooperation in retrieving these funds; a senior Bangladesh Bank (BB) official on Thursday said.
Chief Adviser Prof. Muhammad Yunus is leading the initiative accusing a significant sums of funds have been allegedly been transferred abroad by major business conglomerates like S Alam, Bashundhara, and Beximco.
These groups reportedly moved large amounts of money overseas under the cover of anonymous loans and questionable investments. The BFIU, in collaboration with foreign authorities, is also working this moment to freeze the local assets of these entities to prevent further transfer of funds.
According to a senior BFIU official, the organization is actively pursuing information provided by international agencies to assess the extent of the illegal transfers. "Letters have been sent to multiple countries, and we are gathering specific data on how much money has been funneled out by these influential groups," the official said.
The BFIU has partial information on money laundering activities of these conglomerates and detailed investigations are currently underway.
The interim government's effort to recover laundered money has also drawn attention from global financial watchdogs.
Swiss authorities recently questioned Bangladesh's government commitment to retrieving the stashed funds, leading to further pressure on the country's financial institutions.
To address these concerns, the government is restructuring the boards of the banks involved in illicit transfers and implementing reforms to tighten financial regulations.
The central bank new governor, Ahsan H Mansoor, added to the gravity of the situation, noting that S Alam Group is the first in history to systematically loot banks.
Mansoor assured that depositor's money will be refunded by selling assets held in the group's name, warning investors not to buy these assets during this ongoing investigation.
In light of this, the High Court has directed the government to finalize mutual legal assistance agreements (MLAs) with at least ten countries by early next year. These agreements are seen as crucial to expedite the repatriation of stolen wealth.
It is estimated that the laundered money around Tk1 trillion has put immense pressure on the country's financial system, prompting the central bank to reinforce Bangladesh's financial integrity through global partnerships.
