Ink deals with 12 int’l law firms to recover money laundered by Hasina, family, business groups: BB to banks
The firms will provide administrative and legal assistance in the repatriation process
Highlights
- Bangladesh Bank directs commercial banks to sign deals with 12 international firms to recover laundered money
- Firms will provide legal and administrative support under NDAs
- Special CID identified 11 industrial groups, including Bashundhara, Nasa, and S Alam Group
- Multiple banks will form consortia for the initiative
- Four global organisations, who were contracted earlier, have already collected data and begun legal proceedings
Bangladesh Bank has instructed commercial banks to sign agreements with 12 international asset recovery and law firms to help bring back money laundered abroad allegedly by former prime minister Sheikh Hasina, her family members, and several major business groups.
The firms will provide administrative and legal assistance in the repatriation process.
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The directive came during a meeting today (6 October), presided over by Bangladesh Bank Governor Ahsan H Mansur, with managing directors of 32 commercial banks in attendance.
Islami Bank Bangladesh Managing Director and CEO Omar Faruk Khan said the banks will engage international law and asset recovery firms to trace and repatriate the funds.
"Some banks will act as lead banks, forming consortia with others to sign agreements with these firms. Once finalised, we'll assess how to deposit the recovered money," he said.
He added that the Special CID has initially identified 11 local industrial groups suspected of money laundering, including Bashundhara, Nasa, and S Alam.
"We will work with the asset recovery agencies under non-disclosure agreements [NDAs]. Some preliminary negotiations have begun," he noted.
AB Bank MD Mizanur Rahman said the initiative is not specific to any one bank but rather a comprehensive banking effort involving multiple institutions.
Pubali Bank MD Mohammad Ali said the central bank has named the 12 international firms in the context of anti–money laundering efforts and directed banks to engage them for foreign asset recovery under NDAs.
Representatives from around 30 organisations participated in the meeting.
It is reported that, in addition to former Prime Minister Sheikh Hasina and her family members, the list of individuals and entities allegedly involved in money laundering includes former Land Minister Saifuzzaman Chowdhury's Aramit Group, as well as S. Alam Group, Beximco, Bashundhara, Sikder Group, Nasa Group, Orion, Gemcon, Nabil, and Summit, among others.
According to allegations, a portion of the laundered money transferred through these groups is believed to have ultimately benefited the former prime minister and her family members.
Previously, four global organisations — the Stolen Asset Recovery (STAR) Initiative, International Anti-Corruption Coordination Centre (IACCC), US Department of Justice (DOJ), and International Centre for Asset Recovery (ICAR) — were involved in tracing the funds.
These bodies have reportedly gathered key information and initiated legal processes.
