$20b laundered by Ctg-based entity, recovery efforts on: BB governor

Bangladesh Bank Governor Ahsan H Mansur has said that a Chattogram-based entity illicitly transferred $20 billion abroad, making it one of the largest money laundering cases in the country's history, with the government now prioritising efforts to recover the stolen funds.

"We are working with foreign organisations, including the FBI, to recover the funds and their response has been encouraging," he said while addressing a programme titled "Branding Bangladesh: NBR and UN Peacekeepers Leading the Way", at a hotel in the capital today (11 January).

The governor said that to expedite the fund recovery process, the Bangladesh Bank plans to sign agreements with foreign legal firms, offering them 10% of the recovered funds as an incentive.

"We are hiring international lawyers to recover the [stolen] funds," he said, adding that compliance with global laws is crucial in these efforts, reports BSS.

"No other country in the world has experienced such extensive looting of funds from the banking sector under the guise of loans and money laundering as Bangladesh," he said.

"Although Malaysia has experienced some irregularities, they are nowhere near the scale seen in Bangladesh," Mansur said.

Regarding the foreign exchange reserves, the governor said, "Currently, the forex reserve is $20 billion under the BPM 6 measurement, which is sufficient to cover four months of import bills."

The Centre for Non-Resident Bangladeshis organised the event which included an award ceremony for the top remittance-collecting banks.

During the event, awards were presented to Islami Bank Bangladesh, Agrani Bank, Janata Bank, BRAC Bank, Trust Bank, Social Islami Bank, Bangladesh Krishi Bank, National Bank Ltd, Rupali Bank, and Sonali Bank as the top 10 remittance collectors for 2025.

Over the last six months, remittances increased by a net $3 billion, while exports grew by $2.5 billion, providing a total of $5.5 billion in additional support, said the governor, crediting the rise in remittances to improvements in governance and reduced corruption.

'Laundering stopped due to good governance'

Ahsan H Mansur said money laundering from the country has been halted due to the implementation of good governance and increased transparency in the banking sector, reports UNB.

"Besides, the government is offering a 2.5% incentive on remittances, amounting to Tk7,000 crore, despite raising taxes in other areas," he said.

The governor highlighted that remittance inflows through legal channels could rise further if intermediaries benefitting from the system are eliminated.

"At present, expatriates are sending remittances equivalent to around Tk4,000 crore on average each day. This figure could double if middlemen are removed and the skills of Bangladeshi workers are enhanced," he said.

However, he flagged concerns over irregular remittance patterns.

'A group in Dubai manipulating dollar market'

"We are observing an unusual increase in remittances from Dubai, while those from Saudi Arabia are declining. This is not a good sign," the governor said.

He expressed concerns over a vested quarter in Dubai destabilising the dollar market in Bangladesh. 

"Not all remittances from Saudi Arabia are being sent directly to Bangladesh; instead, they are being routed through Dubai. An unscrupulous group is purchasing and stockpiling these remittances and selling them to Bangladeshi banks at inflated rates, attempting to destabilise the country's dollar market from abroad," he said.

"This manipulation is harmful to our economy and needs to be addressed with strict oversight," Mansur warned.

The governor also criticised volatile dollar pricing by banks, stating, "A few days ago, a bank bought dollars at Tk121 in the morning and Tk127 a few hours later. Such sudden increases do not happen in any country. In India, for example, the dollar rate fluctuates by only 0.10-0.20 rupee."

On the need for skilled expatriates, Mansur said, "Our expatriates earn an average of $300 per month, whereas Indonesian workers earn $1,200-$1,500. We must enhance the skills of our workers to improve their earnings."

Foreign Affairs Adviser Md Touhid Hossain attended the event as the chief guest while the Chairperson of the Centre for NRBs MS Shekil Chowdhury presided over the session.