Some laundered funds could be recovered by February: finance advisor

He says discussions with legal firms are under way and progress has been made

Bangladesh could see a portion of the money laundered out of the country repatriated by February, according to Finance Advisor Salehuddin Ahmed.

Speaking to reporters on Tuesday after a meeting of the Cabinet Committee on Government Purchase at the Secretariat, Salehuddin said discussions with legal firms were under way and progress had been made.

“Those who launder money know how to do it smartly. It takes some time to bring it back. But there has been some progress. We are in discussions with many legal firms. Maybe some portions will come by February. We are preparing the groundwork for the rest."

Salehuddin stressed that no government could bypass the formal legal process.

"Suppose, we ask the central bank or a Swiss bank to send the money back -- they won’t do it just like that. It has to go through a legal process.”

According to the advisor, "11–12 cases" are being prioritised, while cases involving more than Tk 2 billion are also being pursued.

Asked whether the next government would continue the process, Salehuddin said: “They are bound to do it. Because if the processes we have started are not continued, they won't be able to bring the money back. If they sit idle, the money won’t come back. And if they want to bring back the money, these processes must be maintained. This is an international practice. How will they bring the money without it?”

Addressing allegations that some advisors were directing more funds to their own ministry initiatives, Salehuddin was dismissive, saying: “No, no. These projects were initiated a long time ago.”