Bangladesh’s Urgent Efforts to Recover Stolen Billions Amid Political Turmoil
Following a government collapse in Bangladesh, new Central Bank Governor Ahsan Mansur is leading an investigation into substantial wealth allegedly laundered abroad by political and business elites. With specialized teams set up to track these assets, Mansur aims to recover billions, particularly focusing on the UK as a key destination for these funds. He acknowledges potential challenges due to political shifts and complexities in the financial systems involved.
In the wake of the collapse of the Awami League government in Bangladesh in August 2024, newly appointed Central Bank Governor Ahsan Mansur has initiated an urgent search for vast amounts of wealth allegedly transferred abroad by influential political and business figures. In response to the political turmoil, Bangladesh Bank has established 11 specialized teams to investigate the assets of powerful families implicated in laundering significant sums to countries such as the UK, UAE, US, Malaysia, and Singapore over the past decade.
The scope of the investigation highlights staggering amounts, with one family suspected of transferring $15 billion, nearly depleting a bank’s deposits. Under Governor Mansur’s leadership, the bank is prioritizing the expedition of asset recovery. “We know that time is of the essence. Erosion of the asset base is a possibility,” he commented.
Mansur’s investigation begins in the UK, where he is collaborating with the British Foreign and Commonwealth Office and local law firms to trace approximately $25 billion suspected to be laundered from Bangladesh. He emphasizes the UK as a frequent destination for stolen assets and notes, “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 the prominent figures under scrutiny is former Land Minister Saifuzzaman Chowdhury, reportedly linked to over $500 million in real estate investments, primarily in London and Dubai. Despite the Bangladesh Anti-Corruption Commission freezing several of Chowdhury’s bank accounts and placing him under a travel ban, the central bank is focused on halting his overseas property sales. Chowdhury asserts his innocence, claiming he is facing a politically motivated attack.
In addition to freezing assets, Mansur is keen on targeting the financial professionals complicit in moving wealth for these elite families, stressing that “the law is being flouted” and urging for stronger measures against those enabling these activities.
Mansur acknowledges the challenge of reclaiming laundered funds may take up to five years and has suggested the possibility of offering plea deals for information against major offenders. The political landscape in the US has further complicated matters, as the cancellation of support from USAID has impeded the deployment of critical investigative teams. Mansur lamented, “That’s unfortunate for us, but that’s the way it is.”
In summary, Bangladesh’s new Central Bank Governor Ahsan Mansur is spearheading a crucial effort to recover billions allegedly laundered abroad by powerful elites. The establishment of specialized teams and collaborative efforts with the UK government signify a determined approach to asset retrieval. Challenges remain due to political changes and complex financial networks, but the governor’s tenacity highlights a commitment to addressing corruption and reclaiming stolen resources.
Original Source: www.aljazeera.com
