Bangladesh Bank(BB) is working to repatriate money laundered abroad, said Dr. Ahsan Mansur, the Governor of Bangladesh Bank. A task force has already been formed to recover the laundered funds, and they are currently active in the UK.
“We have identified several hundred individuals involved in money laundering. We are hiring law firms to take legal steps against them. These firms will be provided with information, and if they can recover the money, they will receive a designated portion as compensation,” he said.
He made these remarks at a discussion meeting organized by the Bangladesh Consulate in New York, USA, on Saturday afternoon (April 19 local time). Deputy Governor Habibur Rahman was also present.
Governor Mansur stated, “We do not have a significant dependence on IMF funds. Bangladesh can function without their loans. We have no disagreements with the IMF. Currently, we have reserves of around $26 billion. Our relationship with the IMF, however, is broader than just financial support.”
He added that the IMF is providing technical support and advice on various economic development issues. “We are consulting them on the merger of banks because there is hardly any precedent globally for merging seven to eight banks simultaneously. Their guidance is necessary in this process. We have a substantial amount of foreign currency reserves, and the IMF is our development partner. They are involved in our technological and developmental initiatives. For the sake of continuity and partnership, we are open to taking their funds.”
Regarding weak banks, the governor said, “We will bring these banks to a stable condition and then merge them. Afterward, their ownership will be transferred to individuals from various segments of society, including expatriates. However, before transferring ownership, the banks will be made stronger. Merging and operating them will cause less loss to the government than shutting them down entirely.”
He further added, “We do not want any bank to be shut down.”
When asked if he is under political pressure in bank governance like in past regimes, he said, “Not at all. Banks are now operating independently. The era of rampant looting in the banking sector is over. Legal reforms are underway to ensure that no single family can dominate a bank. No politician or their children will be allowed to own a bank merely on the basis of political identity during my tenure as governor.”
He also said, “No new bank licenses will be granted based on political consideration anymore. In the past, such practices led to the ruin of the banking sector. The culture of appointing brothers, sisters, wives, and party leaders as bank chairpersons must not be allowed to continue.”
