BB governor urges banks to speed up recovery of laundered assets as 12 foreign firms sign NDAs

Bangladesh Bank Governor Md Mostaqur Rahman has urged banks to expedite efforts to recover money allegedly laundered by ten companies, as 12 foreign firms have signed non-disclosure agreements (NDAs) to assist in tracing and recovering the assets.

Managing directors of banks met with the governor today (10 March) to discuss ongoing initiatives to recover stolen assets.

According to Bangladesh Bank officials, 12 foreign companies have already signed NDAs to support efforts to recover laundered assets from abroad.

The companies are Omni Bridgeway, E&Y and Dentons, R1 Consortium, Grant Thornton, Baker & McKenzie, DLA Piper, Kroll, Rahman Ravelli and Interpath, Jones Day, Deloitte & EMM, G37 Chamber and FTI Consulting Forensics.

A managing director, speaking on condition of anonymity, told The Business Standard that the 12 foreign companies will work with banks to help recover the stolen assets.

"The initiative was taken by the previous governor and is continuing as an ongoing process. Today the governor emphasised to us not to delay the recovery of the stolen assets," the banker said.

He added that a foreign firm will collaborate with several banks and receive a percentage of the recovered assets as its fee.

The firm will also assess the possibility of recovering assets claimed by the banks.

Another managing director of a private bank told The Business Standard that the governor instructed banks to continue efforts to recover assets laundered out of the country.

He said the governor also advised banks not to halt recovery initiatives and to cooperate with the foreign firms by providing necessary information.

According to the banker, the governor mentioned several top ten business groups allegedly involved in laundering money out of the country and emphasised that action to recover the assets will continue without disruption.