Ctg-based group siphoned off $20b abroad: BB governor
Sunday, 12 January 2025
A single group based in Chattogram has laundered $20 billion abroad, said Bangladesh Bank (BB) Governor Dr Ahsan H Mansur on Saturday, reports UNB.
The central banker, however, did not mention the name of the group.
Efforts are underway to recover the laundered money, with foreign assistance being provided, said Dr Ahsan H Mansur.
Money laundering from the country has been halted due to the implementation of good governance in the banking sector, he added.
"Despite political unrest, remittance inflows have increased by $3 billion and exports by $2.5 billion over the last five months, marking a historic milestone in December," said Dr Mansur while speaking at a programme titled 'Branding Bangladesh: NBR and UN Peacekeepers Leading the Way', held at a hotel in the capital on Saturday.
Besides, he said, the government is spending Tk 70 billion (Tk7,000 crore) annually on a 2.5per cent incentive to encourage remittances through official banking channels.
The governor highlighted that remittance inflows through legal channels could rise further if intermediaries benefiting from the system are eliminated.
"At present, expatriates are sending remittances equivalent to around Tk 40 billion (Tk4,000 crore) on an average each day. This figure could double if middlemen are removed and the skills of Bangladeshi workers are enhanced," he said.
Dr Mansur urged expatriates to send money directly through banking channels, cautioning that Dubai has overtaken Saudi Arabia as the leading source of remittances. "This is not a positive trend, as money from Saudi Arabia is being routed to Dubai before reaching Bangladesh. Certain institutions in Dubai are exploiting this opportunity to manipulate currency exchange rates."
He said discussions are going on with international agencies, including the Federal Bureau of Investigation (FBI) in the United States, to repatriate the laundered money. Foreign lawyers are also being appointed to support the process.
Highlighting progress, Dr Mansur mentioned that 80 per cent of the stolen reserve money has already been recovered, and legal proceedings are underway to retrieve the remaining funds. "I am confident that Bangladesh will win the case," he said.
Foreign Affairs Adviser Md Touhid Hossain also addressed the event.