BB governor calls for urgent action

Newly appointed Bangladesh Bank Governor Md Mostaqur Rahman has asked the relevant officials to take urgent actions for early recovery of funds illicitly transferred abroad, signalling a renewed push to tackle capital flight and financial crimes.

Mr Arief Hossain Khan, executive director and spokesperson for the central bank, disclosed the information about governor's directive following a meeting between the governor and a consultant working with the Stolen Asset Recovery task force.

During the meeting, Mr Rahman instructed officials to intensify and streamline the recovery process and place the initiative on a fast-track footing to accelerate the repatriation of laundered assets.

He emphasised the need for tangible progress through closer coordination among domestic agencies and stronger international cooperation.

The initiative comes as Bangladesh seeks to strengthen financial governance amid mounting concerns over large-scale loan irregularities and illicit capital outflows in recent years.

Policymakers estimate that billions of dollars have been transferred abroad through trade misinvoicing, fraudulent loans, and offshore investments, weakening the country's foreign exchange reserves and banking sector stability.

The Stolen Asset Recovery initiative is designed to trace and repatriate illegally transferred funds through collaboration with foreign jurisdictions and international financial institutions.

Officials say the meeting aims to improve investigative capacity, legal coordination, and asset tracing mechanisms quickly.

The central bank recently stepped up reforms to improve oversight of commercial banks and recover distressed assets, part of a broader effort to restore confidence in the financial system.

The recovery of siphoned funds will help ease pressure on Bangladesh's external balances while reinforcing accountability in the banking sector.

jasimharoon@yahoo.com