Some $18b-$20b laundered during AL regime: Mansur

Some US$18 billion to 20 billion had been laundered during the deposed past regime and the central bank under the interim government launched an all-out drive for freezing the siphoned-off assets of Bangladeshis abroad, says Dr Ahsan H. Mansur.

The main target of the central bank is to go for maximum overseas asset freezing of the Bangladeshi citizens involved in money laundering, the Bangladesh Bank (BB) governor told reporters Tuesday.

After the launch of annual report of Bangladesh Financial Intelligent Unit (BFIU) for the financial year 2023-2024 at the BB headquarters, the governor at a press briefing said they had wanted to see overseas asset freezing of Bangladeshi money launders within six months after his return from United Kingdom visit in March last.

"But within two months (of the trip), we have seen instance of freezing assets of Bangladeshis in the foreign country, which is good," he replied to a question why it is taking time to bring back the laundered money.

The UK's National Crime Agency has obtained freezing orders on two London properties owned by the son of Salman F. Rahman, former adviser to ousted Prime Minister Sheikh Hasina, following allegations that her regime embezzled funds, according to a report recently run by Financial Times (FT).

The central bank governor says they have been receiving enough cooperation from their foreign partners but inter-ministerial cooperation here remains a challenge because of "bureaucratic tangles".

He guesses it may take 3 to 5 years to get back the laundered money. "Freezing assets or punishing the launders is not our main objective. Our prime target is to recover the bank money," he says.

The BB governor mentions many legal complexities in the asset-repatriation process. If they file criminal case, they cannot file civil case. Before lodging any lawsuit, they need to be very careful as there is a difference between domestic and overseas laws.

"So, we've to collect evidence separately maintaining international standards to avert being dismissed in foreign courts. But we're giving utmost efforts to this," he told the press.

The chief of the banking regulator mentions that they have formed a taskforce with representation from all major agencies and they moved for bringing necessary changes in the money-laundering act to give legal recognition of the taskforce.

With such recognition, he thinks, the taskforce will be more empowered and it will act as coordinating body that will help bring further acceleration in the state combat against money laundering.

Replying to a query over possible volume of money laundered during the Awami League regime, he said they estimated that around $18 billion to $20 billion had been siphoned off from the country, but documenting this is a major challenge

To another question regarding action against Tharmax Group over its alleged money laundering, the governor said the matter "is under serious investigation".

According to the BFIU annual report, the suspicious transaction reports (STR) and suspicious activity reports (SAR) jumped by around 23 per cent in the fiscal year 2023-2024, compared to the previous fiscal.

It says the financial spy agency received a total of 17345 STR and SAR in FY'23. The number of such reports was 14106 in FY'24.

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