Bangladesh’s Central Bank Governor Leads Urgent Hunt for Stolen Billions
Bangladesh’s new central bank Governor Ahsan Mansur has launched an urgent investigation into the laundering of billions by powerful elites following the collapse of the Awami League government. Special teams are focused on tracking 11 influential families, with the UK identified as a key location for many of these assets. Mansur emphasizes the importance of quick action to prevent asset erosion and advocates for stricter international cooperation.
In the wake of the August 2024 collapse of the Awami League government following violent protests, Bangladesh’s newly appointed Governor Ahsan Mansur has initiated an extensive investigation to recover significant sums of money believed to have been illicitly transferred abroad by political and business elites. Notably, Bangladesh Bank has formed 11 specialized teams tasked with tracking the assets of powerful families implicated in laundering billions of dollars to various countries, including the UK, UAE, USA, Malaysia, and Singapore over the last decade.
The amounts in question are staggering, with one family reportedly having moved an estimated $15 billion from Bangladesh. This family alone reportedly withdrew nearly 90 percent of one bank’s deposits, placing it at risk of collapse. Governor Mansur, concerned that the missing funds could disappear if not located swiftly, emphasized the urgency of the situation, stating, “We know that time is of the essence. Erosion of the asset base is a possibility.”
Mansur has prioritized the UK as a focal point for this investigation and is currently in discussions with the British Foreign and Commonwealth Office to locate and seize approximately $25 billion that has been laundered from Bangladesh. He emphasized the significance of London as a favorable destination for stolen assets, sharing, “Our whole purpose is at least [to] create awareness that the UK is a favourite destination of stolen assets all over the world, and Bangladesh is one of those countries from where it came.”
Among those under investigation is former land minister Saifuzzaman Chowdhury, who reportedly owns over $500 million in real estate, predominantly in London and Dubai. Although the Anti-Corruption Commission has frozen nearly 40 of his bank accounts and imposed a travel ban, the central bank aims to halt any potential sales of his foreign assets. Chowdhury maintains that he is a victim of politically driven persecution.
Beyond asset freezing, Mansur is advocating for investigations into the legal and financial professionals who facilitated the movement of illicit funds for these affluent families. He asserts the necessity for regulatory authorities to adopt a more stringent approach against such practices. He remarked, “I think it’s a moral imperative for the country authorities to take a tougher stance against those things.”
Despite the substantial complexity of recovering these funds, which may take several years, Mansur is contemplating the possibility of offering plea bargains to individuals who can provide evidence against the primary culprits. Moreover, the recent change in U.S. administration has hindered investigative efforts, particularly with the cancellation of support from the U.S. Agency for International Development (USAID), which directly impacted the anticipated arrival of investigative teams in Bangladesh. “That’s unfortunate for us, but that’s the way it is,” said Mansur.
In conclusion, Bangladesh’s new central bank Governor Ahsan Mansur is spearheading an urgent investigation to recover billions suspected to have been illicitly transferred by influential elites. The effort emphasizes the critical need for international cooperation, particularly with the UK, and calls for stricter scrutiny of those facilitating such illicit financial practices. Despite challenges, Mansur’s leadership is focused on accountability and the eventual return of stolen assets to Bangladesh.
Original Source: www.aljazeera.com
