Govt to appoint international law firms to recover money laundered abroad

Bangladesh will seek assistance from the World Bank and the US government to choose the right legal organisation, a central bank spokesperson says

Bangladesh Bank has approved the appointment of international law firms to recover the money laundered abroad from the country.

The authorities gave policy approval on the issue on Sunday. Bangladesh will seek assistance from the World Bank and the US government to choose the right legal organisation.

“We have received the approval to appoint foreign law firms to recover the money siphoned out from the country,” said Bangladesh Bank spokesperson Executive Director Husne Ara Sikha.

Huge amounts of money were laundered to the United Kingdom, Canada, Singapore, United Arab Emirates and some other countries, according to a senior official in the central bank.

The Bangladesh Financial Intelligence Unit (BFIU) has already contacted the governments in those countries to seek information about different individuals and companies, including controversial businessman S Alam.

Now the international law firms will be appointed to provide overall assistance. A task force will also be formed to recover the laundered money.

Money laundering was already a hot topic before the fall of the Awami League government. Talk on the issue intensified after the government was toppled on Aug 5.

After taking office, Bangladesh Bank Governor Ahsan H Mansur told the media the government would recover the money siphoned out abroad. He noted that the government would contact international organisations if needed.