Recovering laundered funds: BB directs banks to hire 12 int’l firms
Staff Reporter :
The Bangladesh Bank (BB) has instructed all commercial banks to enter agreements with 12 international law and asset recovery firms to assist in tracing and repatriating funds allegedly laundered abroad by former Prime Minister Sheikh Hasina, her family members, and several major Bangladeshi business conglomerates.
According to central bank officials, these foreign firms will provide both administrative and legal support in identifying, freezing, and recovering the illicitly transferred assets.
The directive was issued during a high-level meeting held Monday, chaired by BB Governor Ahsan H Mansur, and attended by managing directors from 32 commercial banks.
During the meeting, Islami Bank Bangladesh Managing Director and CEO Omar Faruk Khan said that several banks will collaborate with the appointed foreign firms to expedite the recovery process.
“Some banks will act as lead institutions, forming consortia with others to sign agreements with the selected law and asset recovery firms. Once arrangements are finalised, we will determine procedures for repatriating and depositing the recovered funds,” he explained.
He also mentioned that the Special Criminal Investigation Department (CID) has initially identified 11 local industrial groups suspected of involvement in large-scale money laundering, including Bashundhara Group, Nasa Group, and S.
Alam Group. “Negotiations have already begun under non-disclosure agreements (NDAs) with some of the firms,” he added.
AB Bank Managing Director Mizanur Rahman noted that the recovery plan is a sector-wide initiative, not confined to individual banks, while Pubali Bank MD Mohammad Ali said the central bank had specified the 12 international firms to be engaged under NDAs as part of an intensified anti–money laundering drive.
In total, representatives from around 30 banking and financial organisations took part in the meeting.
Sources familiar with the development said that, apart from Sheikh Hasina and her family, the list of entities allegedly linked to the laundered funds includes former Land Minister Saifuzzaman Chowdhury’s Aramit Group, as well as Beximco, Sikder Group, Orion, Gemcon, Nabil, Summit, and others.
Investigators allege that portions of the laundered funds were transferred through these corporate networks, ultimately benefiting individuals connected to the former prime minister.
Prior to this initiative, four global organisations—the Stolen Asset Recovery (StAR) Initiative, the International Anti-Corruption Coordination Centre (IACCC), the US Department of Justice (DOJ), and the International Centre for Asset Recovery (ICAR)—had already been involved in tracing these funds and have reportedly gathered crucial intelligence and initiated preliminary legal actions abroad.
The latest move by the Bangladesh Bank marks the most extensive and coordinated financial recovery effort yet undertaken by the country’s banking sector, signalling a renewed push to reclaim assets allegedly siphoned overseas through corruption and illicit transfers.