Staff Reporter :
Bangladesh Bank Governor Ahsan H Mansur on Tuesday revealed that an estimated $18 to $20 billion was siphoned off from Bangladesh during the tenure of the former Awami League government.
Speaking at a press conference at the central bank headquarters in Dhaka, Governor Mansur said, “We estimate that around $18 to $20 billion has been laundered from the country. However, documenting this remains a significant challenge.”
The event, organised by the Bangladesh Financial Intelligence Unit (BFIU) to present its Annual Report for FY2023-24, marked a strong message from the central bank about tackling illicit financial flows. The governor confirmed that foreign governments and agencies had been approached for assistance in recovering the funds. In some cases, this has led to the freezing of assets belonging to suspected money launderers.
“This is a new kind of experience for Bangladesh,” Mansur noted. “None of us were adequately prepared to deal with this scale of financial crime. However, we are working to reduce bureaucratic hurdles and expedite the recovery process.”
The governor also addressed plans to stabilise the banking sector by merging six financially troubled banks-First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, Exim Bank, and National Bank-by July this year.
He confirmed that these institutions would be temporarily placed under government ownership to facilitate the restructuring process. “These banks have become weak due to irregularities and loan fraud. Merging them will enhance financial stability and protect depositors’ interests,” he explained.
Among the six, four banks were previously controlled by the controversial S. Alam Group until 5 August 2024. Exim Bank was under the management of businessman Nazrul Islam Majumdar, while National Bank was linked to the Sikder Group.
The governor reassured the public that deposits in these banks were secure. “Depositors have no reason to panic. Their funds will be safe under a stronger, more stable banking structure,” he said.
Mansur added that a dedicated Bank Resolution Fund will be raised before implementing the mergers and reiterated that the central bank would not arbitrarily freeze any business entity’s accounts.
The BFIU reported a significant rise in suspicious transactions and activity reports (STRs/SARs) in the banking sector following the change in government on 5 August 2024.
From July 2024 to May 2025, a total of 27,130 STRs and SARs were filed, marking a sharp 56 per cent increase compared to 17,345 reports submitted throughout FY2023-24.
This spike may indicate a surge in attempts to move or conceal illicit funds in the wake of the political transition that followed the student-led uprising in July.
Presenting the report, BFIU Director Muhammad Anisur Rahman noted that efforts to recover laundered funds are ongoing in coordination with both domestic agencies and international partners.
Consultations have already been initiated with the World Bank, the US Department of Justice (USDOJ), the International Anti-Corruption Coordination Centre (IACCC), and the International Centre for Asset Recovery (ICAR).
