Governor calls for swift asset recovery

Bangladesh Bank Governor Md Mostaqur Rahman has urged banks to accelerate
efforts to recover funds allegedly laundered abroad by several companies, as 12 foreign firms have signed non-disclosure agreements (NDAs) to assist in tracing and reclaiming the assets.

The call came during a meeting with managing directors of banks on Tuesday, where ongoing initiatives to recover stolen assets were discussed.

According to Bangladesh Bank officials, 12 international firms have already signed NDAs to support the asset recovery process.

These include Omni Bridgeway, E&Y and Dentons, R1 Consortium, Grant Thornton, Baker & McKenzie, DLA Piper, Kroll, Rahman Ravelli and Interpath, Jones Day, Deloitte & EMM, G37 Chamber, and FTI Consulting Forensics.

A managing director of a bank, speaking on condition of anonymity, said the foreign firms will work alongside banks to help track and recover the laundered funds.

“The initiative was launched by the previous governor and is continuing as part of an ongoing process.

The current governor emphasised that banks should not delay the recovery of stolen assets,” the banker said.

He added that each foreign firm will collaborate with several banks and will receive a share of the recovered funds as its fee.

The firms will also assess the feasibility of recovering assets claimed by the banks.

Another private bank managing director said the governor instructed banks to maintain their efforts to recover assets smuggled abroad and to cooperate fully with the foreign firms by providing necessary information.

According to the banker, the governor also referred to several major business groups allegedly involved in laundering money and stressed that efforts to recover those assets would continue without interruption.