Bangladesh Bank has advised commercial banks to take legal measures to recover money laundered abroad by ousted Prime Minister Sheikh Hasina, her family members, and ten major industrial groups.
As part of the process, the central bank has instructed banks to sign agreements with seven reputed law firms capable of tracing and recovering the laundered funds.
The firms will receive a commission only once the recovered money is brought back to Bangladesh.
At a meeting with bank representatives on Monday, Bangladesh Bank Governor Ahsan H Mansur issued the directive.
The governor’s adviser on asset recovery, Farhanul Gani Chowdhury, executive director of the Bangladesh Financial Intelligence Unit (BFIU) Mofizur Rahman Khan Chowdhury, and other relevant officials were also present at the meeting.
According to sources, during the meeting the BFIU presented detailed information on money laundering involving Sheikh Hasina, her family, and ten business conglomerates.
These conglomerates include S Alam Group, Beximco Group, Gemcon Group, Nassa Group, Bashundhara Group, Sikder Group, and Aramit Group, among others.
The report also identified other individuals and entities linked to money laundering and the destinations where the funds were transferred. Citing examples of actions taken by other countries, the central bank advised local banks to follow similar measures.
After the meeting, Islami Bank managing director Omar Faruk Khan told reporters that a proposal had been made for banks to work with international legal and asset recovery firms to repatriate the funds siphoned abroad.
Some banks will take the lead, while others will coordinate with them. After signing formal agreements with these foreign firms, the process of recovering the money will begin, he added.
Mercantile Bank managing director Matiul Hasan told Prothom Alo that recovering laundered funds will require cooperation with foreign organisations. They have been advised to sign agreements with such firms. The firms will receive a commission once the money is successfully recovered. The banks will now move forward accordingly, he added.
Bangladesh Bank spokesperson Arif Hossain Khan told journalists that banks have been instructed to contact international firms specialising in asset recovery to bring back laundered money.
Banks may also propose other firms they deem capable of handling such work. If those firms show interest, preliminary agreements can be made.
Once the foreign firms are appointed, they will review the documentation and assess which assets can be recovered and which cannot, he added.