On Saturday, Bangladesh Bank Governor Ahsan H Mansur announced that the interim government will hire foreign lawyers to recover funds siphoned abroad, offering commissions as incentives for retrieving large amounts.
"Money had been siphoned abroad, and we are now working with foreign entities to retrieve it. We are hiring international lawyers to recover the (stolen) funds," he said.
The governor added that compliance with global laws is crucial in these efforts.
The governor made these remarks during the year-long "Branding Bangladesh" World Conference Series-2025 inaugural session organized by the Center for Non-Resident Bangladeshis. The event also included launching the Bank Remittance Award ceremony at a city hotel.
Mansur revealed a major money laundering case involving US$20 billion siphoned abroad by a Chattogram-based entity, describing it as one of the largest instances in the country`s history.
"We are collaborating with international authorities, including the FBI, to recover these funds. Foreign organizations have expressed their willingness to assist," he said, stressing the importance of global cooperation.
The governor highlighted recent improvements in the banking sector, noting that remittance inflows have grown by an average of 26% over the past six months, amounting to US$3 billion.
Besides, he said, exports have reached US$2.5 billion during the same period. He emphasized ongoing efforts to create a favorable environment for economic growth.
Mansur pointed out that better governance has significantly curbed money laundering.
"Previously, funds were laundered even from Dubai. Now, with improved governance, we have managed to prevent such incidents. Incentives are being provided to expatriates for sending remittances," he said.
However, he cautioned that bureaucratic hurdles must be minimized to ensure steady remittance growth.
He also underscored the need for direct remittance channels, noting that funds from Saudi Arabia often pass through Dubai before reaching Bangladesh.
"If people have confidence in banks, the sector will recover," Dr. Mansur added.
He commended the 2.5% incentive on remittances sent through banking channels, which has bolstered inflows despite political uncertainties.
The BB governor reiterated the importance of transparency in financial systems and combating money laundering to ensure sustainable economic growth.
He further stressed the need to enhance workforce skills to maximize remittance inflows, expressing optimism that proper governance and international collaboration could help achieve these goals.
Foreign Affairs Adviser Md Touhid Hossain attended the event as the chief guest, while the Chairperson of the Center for NRBs, MS Shekil Chowdhury, presided over the session.
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