Bangladesh steps up global drive to recover laundered funds
Central bank says asset recovery cases advancing abroad, with early movement in UK, while warning cross-border litigation could take years
DHAKA, Bangladesh (MNTV) — Bangladesh has intensified its legal and institutional push to recover money allegedly laundered overseas, as authorities pursue complex cross-border cases aimed at reclaiming assets and restoring confidence in the country’s banking sector.
Bangladesh Bank Governor Dr Ahsan H Mansur said progress is being made in identifying cases and initiating legal action abroad, though he stressed that asset recovery through international courts is inherently slow.
Speaking to reporters at the Bangladesh Secretariat on Wednesday, Mansur said overseas recovery typically takes at least four to five years due to procedural and legal hurdles across jurisdictions.
According to the central bank governor, several cases have already been filed, with official details expected to be made public through a formal press release. He noted that developments in certain jurisdictions, particularly the United Kingdom, have been encouraging compared with others.
Mansur referred to a London-based case linked to Saifuzzaman Chowdhury, saying the individual did not contest the proceedings and had already lost the case.
As a result, Bangladeshi authorities believe there may be scope to recover part of the funds claimed by Islamic Bank, one of the country’s largest lenders. The precise timeline for any potential recovery remains uncertain and will depend on procedural steps in the coming months.
The governor cautioned, however, that international cases remain vulnerable to appeals, which could significantly delay outcomes. He emphasized that there are no shortcuts in cross-border litigation and that each case must run its full legal course under foreign jurisdictions.
Alongside overseas legal action, Bangladesh Bank is also prioritizing domestic safeguards to protect depositors and stabilize troubled banks. Mansur said the central bank is developing a computer-based system that would allow depositors, including those linked to Islamic Bank, to receive funds directly into their accounts through an automated and transparent process.
He said the system is designed to ensure that depositors are not deprived of their money and that its implementation is expected to be completed within a relatively short timeframe.
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