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Published : 27 May 2025, 06:51 PM
Bangladesh Bank Governor Ahsan H Mansur has said around $18 to $20 billion was siphoned out of the country during the Awami League regime.
Speaking at the Bangladesh Bank headquarters on Tuesday, he said: “An estimated $18–20 billion was smuggled out in the past. Recovering this will take time, around five to seven years.”
He added that the central bank sought assistance from foreign governments and agencies to recover the funds, prompting the authorities abroad to freeze the assets of some money launderers.
On Monday, he announced that six financially distressed banks will be consolidated and brought under state ownership as part of a sweeping reform to stabilise the banking sector.
Mansur said on Tuesday one of the goals of merging weaker banks was to protect depositors’ money, assuring that the central bank is putting measures in place to ensure customers can reclaim their funds.
“Depositors have no reason to be worried, they will become part of a stronger bank,” he added.
He urged customers not to withdraw funds from banks out of fear, assuring them that their money is secure.
Before the mergers, a bank resolution fund will be established by the central bank.
Mansur confirmed that these mergers will be carried out under the Bank Resolution Ordinance, and expects that this would improve the financial status of the banking sector.
He clarified that “accounts belonging to businesses will not be frozen, as to not hinder its operations. Bangladesh Bank has only frozen accounts belonging to individuals, not companies.”
The governor acknowledged that Bangladesh has no prior experience in recovering laundered funds or preventing money laundering.
However, he noted that inter-ministerial initiatives are now underway, and the government will amend necessary laws and regulations to bolster these efforts.
Tuesday’s event marks the release of the Bangladesh Financial Intelligence Unit’s (BFIU) annual report for the 2023–24 fiscal year.
The report reveals a year-on-year increase in suspicious transaction reports within the country.
