Dhaka, Apr 12 (V7N) – Bangladesh Bank Governor Ahsan H Mansur said that a single family and their associates had laundered at least Tk 2.5 lakh crore, and the government was working with international tracing firms to locate the stashed money with the aim of freezing the assets within six months before taking steps to recover every penny.

He made these remarks on Friday afternoon at a press conference held at Bangladesh Bank’s Chattogram office, focused on preventing money laundering and discussing current banking issues.


He further said: “Bangladesh is one of the biggest victims of money laundering. A single family and their group have stolen and smuggled all this money abroad. Besides recovering the laundered funds, the government's top priority is to block any future attempts at money laundering. Recovering the money is a complex process, as Bangladesh’s domestic laws alone aren’t sufficient. Coordination is needed with the governments and legal systems of the countries where the money has been sent. Fortunately, most of these countries are cooperating with us, and we expect to see positive results very soon.”

The Governor added: “The current government is working to repair the fragile economy left behind by the previous administration and to restore overall macroeconomic stability. In the past eight months, remittances have grown by around 26%. Export growth remains in double digits. Inflation has been brought down from 14% to 8%. Increased reserves have enabled greater subsidies for the power and energy sectors. Even the struggling banks have begun to recover. Overall, the national economy is regaining stability.” He expressed optimism that the national economy would be standing on a strong foundation within this year.

“From Chattogram alone, a large business group has taken between Tk 1.25 lakh crore and Tk 1.5 lakh crore from the banking sector. There are other groups as well — some have taken Tk 20,000 crore, others Tk 40,000 crore or Tk 50,000 crore. I estimate that the large groups may have taken a combined Tk 2.5 to 3 lakh crore, excluding the smaller ones. These amounts must also be recovered through legal means, including the money loan court,” he said.

The Governor said: “Our main responsibility from Bangladesh Bank is to restore balance in the overall economy. We believe we’ve had some successes, though not completely. More will come. We are on the right track. Our reserves are stable and adequate. Our exports are rising. Despite various unrests and protests, export growth has not stalled; it is increasing. We are witnessing double-digit growth. The remittance flow is encouraging and we expect this trend to continue. Overall, we have reached a point of comfort in the macroeconomic external sector. I don’t believe there is any kind of crisis, nor do I foresee one. We have arrived at a strong position.”

Senior officials from Bangladesh Bank, including Chief Officer of the Bangladesh Financial Intelligence Unit AFM Shahinul Islam, were present at the event.

 

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