Govt to Engage Foreign Lawyers to Recover Siphoned Funds: BB Governor

DHAKA, Jan 11, 2025 : Bangladesh Bank Governor Dr. Ahsan H. Mansur announced today that the interim government will enlist the services of foreign lawyers to recover funds siphoned abroad. These lawyers will be incentivized with commissions for successfully retrieving substantial amounts of stolen money.

“Funds have been illicitly transferred overseas, and we are collaborating with international entities to bring them back. To expedite this process, we are hiring foreign legal experts,” Dr. Mansur stated during the inauguration of the “Branding Bangladesh” World Conference Series-2025. The event, organized by the Center for Non-Resident Bangladeshis (NRBs), also featured the launch of the Bank Remittance Award ceremony at a city hotel.

Highlighting a significant case of money laundering, Dr. Mansur revealed that a Chattogram-based entity had siphoned off an estimated US$20 billion, marking it as one of the largest instances of financial misconduct in the nation’s history.

“We are working with global authorities, including the FBI, to recover these funds. Several international organizations have expressed their willingness to assist in this endeavor,” he said, emphasizing the necessity of global cooperation and adherence to international legal standards.

Positive Developments in Banking Sector

The governor also shed light on recent improvements in the banking sector, reporting a 26 percent growth in remittance inflows over the past six months, amounting to US$3 billion. Additionally, export earnings reached US$2.5 billion during the same period, he said.

Dr. Mansur credited better governance for curbing money laundering activities and preventing funds from being laundered even from Dubai, a previous hotspot for such activities. He noted that incentives provided to expatriates for sending remittances have contributed to these positive trends.

Addressing Challenges and Opportunities

While praising the introduction of a 2.5 percent incentive on remittances sent through banking channels, Dr. Mansur stressed the need to minimize bureaucratic obstacles to ensure steady growth in remittance inflows.

He highlighted the importance of establishing direct remittance channels, particularly for funds originating in Saudi Arabia, which currently pass through Dubai before reaching Bangladesh.

“Confidence in banks is essential for the recovery of the sector,” he remarked.

Path to Sustainable Growth

Dr. Mansur reiterated the importance of transparency in financial systems and the fight against money laundering to achieve sustainable economic growth. He also called for initiatives to enhance workforce skills, which would further maximize remittance inflows.

“With proper governance and international collaboration, we can meet these goals and ensure a robust economic future,” he said optimistically.

The event was attended by Foreign Affairs Adviser Md. Touhid Hossain as the chief guest, while MS Shekil Chowdhury, Chairperson of the Center for NRBs, presided over the session.(BSS)

Corporatenews24, Jubair