Chief Adviser Prof. Muhammad Yunus has called for swift action to recover billions of dollars in stolen funds, both from the banking system and other illicit means. This comes as the government prepares to introduce a special law to facilitate the process of asset recovery.
Yunus made the statement during a meeting with the 11-member task force, formed in September last year, led by Bangladesh Bank Governor Ahsan H. Mansur, along with senior officials from relevant departments and agencies. The Chief Adviser’s Press Secretary, Shafiqul Alam, briefed the media at the Foreign Service Academy, revealing that a law would soon be enacted to expedite the recovery process.
When asked about the process in the absence of parliament, Alam explained that an ordinance would be promulgated to enact the law in accordance with standard procedures.
The task force has already engaged with around 200 law firms and is considering agreements with approximately 30 internationally renowned firms to aid in the recovery. However, Alam emphasized that the selection of firms will be made through a legal process. He described the situation as a “highway robbery” and assured that the government is prioritizing the return of the stolen money at any cost.
The new law is expected to be finalized within the next week, streamlining the recovery process and improving coordination among involved agencies. Yunus emphasized the need to use time efficiently, stressing that every day counts in the effort to recover the stolen funds, which he referred to as “people’s money.”
Shafiqul Alam also highlighted that approximately $234 billion had been siphoned off from Bangladesh during Sheikh Hasina’s tenure (2009-2024), with $17 billion of that amount taken from the banking sector. The government is focusing on recovering assets linked to major companies and individuals, including Hasina and her family members.
The meeting also discussed the need to delve deeper into money laundering practices to understand how and where the funds have been transferred. Yunus directed the task force to ensure all possible efforts are made to retrieve the stolen money as quickly as possible.
Alam announced that such meetings will be held monthly, with the next gathering scheduled after Eid.
In addition to these efforts, the government is in discussions with Malaysia and Singapore, with Malaysia expressing willingness to assist in asset recovery. Special Envoy on International Affairs to the Chief Adviser, Lutfey Siddiqi, is also engaging with Singapore to establish an effective recovery strategy. On March 17, the Bangladesh central bank governor will address a program in the UK, urging British support for the recovery efforts.
A half-day conference will take place in London on March 19, bringing together international law firms to further the cause. Additionally, in early May, a conference supported by the World Bank’s Stolen Asset Recovery (STAR) initiative will be held in London. Alam stressed the importance of these events, expressing hope that some stolen assets could be recovered by the end of this year if significant progress is made.
Chief Adviser’s Deputy Press Secretaries Apurba Jahangir, Abul Kalam Azad Majumder, and Assistant Press Secretary Suchismita Tithi were also present at the meeting.
