BB moves for broader crackdown on ousted regime's financial vices

Bangladesh Bank (BB) has taken decisive actions to seize assets worth over Tk 1.73 lakh crore and freeze foreign holdings totaling $37.18 million. This move is part of a broader crackdown on financial crimes linked to the immediate past regime. BB Governor Ahsan H. Mansur, leading the Asset Recovery Taskforce, announced these measures on Monday, emphasizing the central bank's commitment to reclaiming misappropriated funds. The seized assets include Tk 1,30,758 crore in immovable properties and Tk 42,624 crore in movable assets within Bangladesh.

Additionally, foreign assets amounting to $16.4 million have been attached, and $20.78 million in movable assets abroad have been frozen. These actions target individuals and entities involved in laundering approximately Tk 2.5 to 3 lakh crore over the past 15 years, as estimated by the governor. To facilitate the recovery process, Bangladesh Bank has engaged international law firms and forensic investigators. Governor Mansur's recent visit to London resulted in UK-based litigation firms expressing interest in investing up to $50 million to support asset recovery efforts.

The central bank is also coordinating with global agencies, including the United Kingdom's International Anti-Corruption Coordination Centre and the US Treasury, to trace and reclaim laundered funds. The interim government, led by Professor Muhammad Yunus, has prioritized the recovery of stolen assets. A roadmap has been established to address 11 high-priority cases involving former Prime Minister Sheikh Hasina, ex-Land Minister Saifuzzaman Chowdhury, and nine business conglomerates. Investigations have uncovered significant holdings in countries such as the UK, US, Singapore, and Malaysia.

BB Governor Dr. Ahsan H. Mansur emphasized that the asset recovery initiative transcends political affiliations and must continue irrespective of future governmental changes. He acknowledged the complexity of the process, noting that while asset seizures may occur within the year, complete legal recovery could take up to five years. In summary, Bangladesh Bank's assertive measures demonstrate a strong commitment to financial accountability and the restoration of public trust. The ongoing collaboration with international partners and the strategic approach to asset recovery signify a significant step towards rectifying past financial misdeeds and stabilizing the nation's economy.