Staff Reporter :
Money laundering from Bangladesh has been curbed through the implementation of good governance in the banking sector, stated Bangladesh Bank (BB) Governor Dr Ahsan H Mansur at a programme titled “Branding Bangladesh: NBR and UN Peacekeepers Leading the Way”, held at a hotel in the capital yesterday.
“Despite political unrest, remittance inflows have increased by $3 billion and exports by $2.5 billion over the past five months, achieving a historic milestone in December,” he said.
Dr Mansur also highlighted that the government is spending Tk 7,000 crore annually on a 2.5 percent incentive to encourage remittances through official banking channels.
He noted that remittance inflows through legal channels could increase further if intermediaries profiting from the system were removed.
“Currently, expatriates send remittances equivalent to around Tk 4,000 crore on average each day. This amount could double if middlemen are eliminated and the skills of Bangladeshi workers are enhanced,” he added.
The Governor urged expatriates to send money directly through banking channels, warning that Dubai has surpassed Saudi Arabia as the leading source of remittances.
“This is not a positive development, as money from Saudi Arabia is being routed through Dubai before reaching Bangladesh. Certain institutions in Dubai are exploiting this to manipulate currency exchange rates,” he cautioned.
In response to a question from journalists, Dr Mansur revealed that “a single group based in Chittagong has laundered $20 billion abroad. Efforts are underway to recover these funds, with foreign assistance being utilised.”
Highlighting progress, Dr Mansur mentioned that 80 percent of the stolen reserve funds have already been recovered, and legal proceedings are in progress to retrieve the remaining amount. “I am confident that Bangladesh will win the case,” he concluded.
He stated that discussions are ongoing with international agencies, including the Federal Bureau of Investigation (FBI) in the United States, to repatriate the laundered funds. Foreign lawyers have also been appointed to support the process.
