UK firms offer $50m to support Bangladesh’s ‘stolen asset’ recovery

Governor Ahsan Mansur highlights moral and political duty to retrieve stolen assets during his key meetings in the UK

UK-based firms are willing to invest up to $50 million to assist Bangladesh in recovering assets allegedly laundered abroad during the Awami League regime, the Chief Advisor’s Press Wing has said.

Governor Ahsan H Mansur led discussions with UK officials, lawmakers, legal experts, and international organisations, placing Bangladesh’s asset recovery efforts high on the agenda during his visit to London from Mar 17 to Mar 21.

Bangladesh Bank spokesperson Arief Hossain Khan told bdnews24.com that the governor had discussed various issues during the trip, including laundered money.

According to a statement from the Chief Advisor's Press Wing, “The government has prioritised recovering money laundered abroad over the past 16 years, much of which was stolen through irregularities in the banking sector and government corruption.”

With defaulted loans now accounting for 20 percent of the country’s banking history, Chief Advisor Muhammad Yunus held a review meeting on Mar 10 to assess asset recovery efforts and instructed all relevant agencies to ramp up their work.

During the five-day visit, Governor Mansur, who also heads the asset recovery task force, met with several government and private organisations in the UK.

On Mar 17, he attended a meeting of the All-Party Parliamentary Group (APPG) on anti-corruption at Portcullis House, the UK Parliament complex, where he was the chief guest.

The meeting was attended by MPs Joe Powell and Rupa Huq, Baroness Uddin, and former justice secretary Alex Chalk.

In the meeting, the governor described the recovery of stolen assets as not only an economic priority but also a moral and political responsibility.

UK-based organisations expressed interest in supporting Bangladesh’s recovery efforts and suggested that sanctions could be considered against the launderers if necessary.

In a meeting with Catherine West MP, UK Minister for Asia at the Foreign, Commonwealth & Development Office (FCDO), Mansur appreciated the UK’s support for strengthening Bangladesh Bank and improving asset management.

A key event of the visit was the Bangladesh Asset Recovery Seminar on Mar 19, which brought together around 100 participants from 30 firms, including prominent law firms and forensic experts.

Mansur said private legal firms and funding agencies could play a vital role in supporting Bangladesh’s largest and most complex recovery mission.

Three of the world’s top litigation funders said they were ready to invest up to $50 million in the recovery process if they receive adequate information.

The governor invited them to visit Bangladesh soon to explore next steps.

He also met representatives of two UK-based strategic communication firms to discuss how Bangladesh could present its recovery efforts more effectively to the global audience.

The governor also gave interviews to Al Jazeera, the Financial Times, The Guardian and Daily Mail, where he outlined Bangladesh’s determination to retrieve stolen public funds.

Mansur also attended an international workshop on financial inclusion and interoperability, alongside deputy governors and 12 other Bangladesh Bank officials.

The statement said Bangladesh will receive technical assistance from the World Bank’s Stolen Asset Recovery (StAR) Initiative and the International Centre for Asset Recovery (ICAR), with a draft terms of reference expected in April.