Bangladesh Bank (BB) is preparing to freeze foreign assets acquired through laundered money within the next six months, BB Governor Ahsan H Mansur announced today during a press briefing at the central bank's Chattogram branch.
“The concept of recovering laundered money is relatively new for us,” Mansur said. “We are consulting international law firms and government officials in countries where large amounts of illicit funds are suspected to have been laundered. Asset-tracing firms are also assisting us in this effort. Once we gather conclusive evidence, steps will be taken to freeze those assets.”
Acknowledging the challenges ahead, he described the legal process to repatriate frozen funds as "complex and lengthy." To expedite recovery, the central bank is exploring alternative approaches, including negotiations and dialogue, to bypass protracted legal battles.
Governor Mansur emphasized BB's commitment to combating money laundering and ensuring financial accountability. To bolster prevention efforts, senior bank executives will undergo specialized training to detect and stop illicit financial activities. "Prevention is better than cure," he stated.
During the briefing, Mansur also addressed the central bank's ongoing efforts to stabilize the banking sector. Despite challenges, he noted progress in controlling inflation and monitoring struggling banks. "If necessary, we will consider mergers to strengthen the sector," he said.
Reassuring depositors, the governor asserted, "No depositor will lose their money. Bangladesh Bank takes full responsibility. There is no reason to withdraw funds from banks."
