Legal drive to retrieve laundered assets from abroad: BB Governor
Staff Reporter :
Bangladesh has strengthened its legal and institutional initiatives to bring back money laundered abroad, Bangladesh Bank Governor Dr Ahsan H Mansur said on Wednesday.
Speaking to journalists at the Bangladesh Secretariat, the governor said notable progress has been made in identifying cases and pursuing legal actions, though recovering assets from foreign jurisdictions remains a time-consuming and complicated process.
“Repatriating money from abroad generally takes at least four to five years. That is the reality of international legal mechanisms,” he said.
Dr Mansur confirmed that several cases have already been filed and that further details would be shared through an official press release later in the day.
He added that while immediate recovery should not be expected, developments in some cases-particularly in the United Kingdom-are encouraging.
Referring to a London-based case involving Saifuzzaman Chowdhury, the governor said the accused did not challenge the proceedings and has already lost the case. As a result, Bangladesh may be able to recover a portion of the funds claimed by Islamic Bank.
“There is a chance that some money could be returned. The timeframe will become clearer in the coming months-whether before February or later in the year,” he said.
However, Dr Mansur warned that international cases often allow for appeals, which can further delay the process. “These are formal legal proceedings, and there are no shortcuts,” he noted.
Addressing another issue, the governor spoke about arbitration proceedings filed by S Alam in Washington against the Bangladeshi authorities. He termed the move unfounded and said Bangladesh would firmly challenge the case.
“We have strong and sufficient evidence proving that he is a Bangladeshi citizen. This has already been established in Bangladeshi courts,” Dr Mansur said, dismissing claims of foreign nationality.
He pointed out that S Alam had served as both director and chairman of a Bangladeshi bank-roles that would not have been possible without Bangladeshi citizenship.
In parallel with international legal efforts, Bangladesh Bank is also prioritising depositor protection and financial system stability. Dr Mansur said a digital, computer-based system is being developed to ensure that depositors of distressed banks, including Islamic Bank, can receive their funds directly into their accounts.
“This automated mechanism will enable quick and transparent fund transfers. Our goal is to ensure that no depositor is left out,” he said, adding that the system would be implemented within a short time.
The governor reaffirmed the government’s commitment to recovering laundered assets, bringing offenders to justice, and rebuilding trust in the banking sector.
While acknowledging the difficulties involved in cross-border litigation, he remained hopeful that sustained legal action would eventually produce results.
“Asset recovery is a long-term process, but we are moving ahead with resolve,” Dr Mansur said.