Bangladesh’s Central Bank Governor Urges Urgent Action to Recover Stolen Billions

Bangladesh’s new central bank governor, Ahsan Mansur, spearheads efforts to recover billions allegedly laundered abroad by powerful families. Eleven specialist teams are investigating asset transfers to several countries. The urgent task is complicated by the international nature of the transactions and political changes, particularly in the US affecting aid to investigative efforts.

The newly appointed Governor of Bangladesh Bank, Ahsan Mansur, has initiated an urgent campaign to locate billions of dollars embezzled by political and business elites following the government collapse in August 2024. With 11 specialized teams, the central bank is investigating eleven powerful families suspected of laundering substantial amounts of money to various countries, including the UK, UAE, US, Malaysia, and Singapore over the last decade.

The investigation has revealed alarming figures, with one family allegedly transferring an astonishing $15 billion out of Bangladesh, withdrawing close to 90% of a bank’s deposits, pushing it towards insolvency. Mansur emphasizes that timely action is crucial to prevent further asset degradation. He states, “We know that time is of the essence. Erosion of the asset base is a possibility,” highlighting the urgency of the endeavor.

Mansur’s primary focus is the UK, where negotiations are underway with the British Foreign and Commonwealth Office to track and recover an estimated $25 billion in laundered assets. There are hopes that many illicit assets belonging to these elites are located in London, furthering his objective to raise awareness about the UK being a significant haven for stolen wealth.

One significant figure under scrutiny is former Minister of Land, Saifuzzaman Chowdhury, whose real estate holdings in London and Dubai exceed $500 million. Investigations by Al Jazeera’s I-Unit disclosed that his family acquired over 360 luxury apartments in the UK last year. Bangladesh’s Anti-Corruption Commission is attempting to freeze his overseas assets while Chowdhury maintains that he is a victim of political persecution.

In addition to freezing assets, Mansur urges the UK and other nations to investigate legal professionals and financial institutions aiding the transfer of illicit funds. He argues, “It’s a moral imperative for the country authorities to take a tougher stance against those things,” highlighting the broader issue of complicity in money laundering.

Mansur anticipates that reclaiming money could take up to five years, and he acknowledges the challenges posed by the intricacy of tracing funds internationally. Furthermore, he considers proposals for offering leniency to individuals who assist in identifying key players in exchange for their cooperation. The political climate change in the US complicates matters further, as a prior arrangement for American investigators to assist in Bangladesh was disrupted after funding cuts from the Trump administration.

In conclusion, the central bank of Bangladesh faces an immense challenge to recover billions looted by influential families. The urgency and complexity of the task require coordinated international efforts, particularly with assets believed to be located in the UK. Governor Ahsan Mansur’s commitment to reclaiming stolen wealth emphasizes both the moral imperative and the legal obligations that countries must uphold against money laundering. Effective collaboration with foreign authorities is vital for the successful recovery of these funds.

Original Source: www.aljazeera.com