Bangladesh’s Central Bank Governor Ahsan Mansur Leads Recovery of Stolen Billions

In the aftermath of political turmoil in Bangladesh, Central Bank Governor Ahsan Mansur is spearheading efforts to recover billions in laundered funds by influential families. The Central Bank has set up specialized teams to investigate these assets, primarily focusing on the UK. While significant issues such as political changes in the U.S. and the complexity of the financial systems pose challenges, Mansur’s administration is exploring various strategies to reclaim the missing wealth.

In the wake of the political upheaval in Bangladesh, new Central Bank Governor Ahsan Mansur has initiated a pursuit to recover large sums of money illegally transferred abroad by influential elites in the country. Following the fall of the Awami League government in August 2024, Bangladesh Bank established eleven specialized teams tasked with tracking the assets of families accused of laundering funds totaling billions to locations including the UK, UAE, USA, Malaysia, and Singapore over the last decade.

The scale of the suspected illicit transfers is significant, with one family alone believed to have moved $15 billion, leaving a financial institution on the brink of collapse after withdrawing almost 90 percent of its deposits. Governor Mansur, formerly an economist at the IMF, expressed the urgency of the situation, stating, “We know that time is of the essence. Erosion of the asset base is a possibility,” highlighting the risk of losing the funds if prompt action is not taken.

Mansur’s efforts have led him to focus initially on the UK, where he is engaged in discussions with the British Foreign and Commonwealth Office and local law firms to trace approximately $25 billion that was allegedly laundered from Bangladesh. He noted, “Many of these families have their assets in London in particular, so we think we will find a lot of assets here,” emphasizing the need for awareness regarding the UK being a favored destination for illicit assets.

Among those under scrutiny is Saifuzzaman Chowdhury, a former land minister said to own over $500 million in real estate, chiefly in London and Dubai. The Anti-Corruption Commission has frozen nearly 40 of his bank accounts and enforced a travel ban; however, the Central Bank seeks to prevent any sale of his overseas properties. Chowdhury has claimed he is a victim of political persecution, asserting that his wealth is legitimate.

As the Central Bank concentrates on asset freezes, Mansur urges UK authorities to scrutinize the lawyers, bankers, and estate agents who facilitated the laundering of funds for influential families. He remarked, “There are many others. I think it’s a moral imperative for the country authorities to take a tougher stance against those things.”

The task of recovering these laundered funds could take up to five years, according to Mansur, who acknowledges the pace of progress is limited due to the complexity and magnitude of the issue. He has suggested a potential plea bargain system for individuals who provided assistance in moving money abroad in exchange for incriminating evidence against those orchestrating the operations.

Additionally, the change in the U.S. government has further complicated efforts to trace the funds. A planned investigation team from the U.S. was canceled after funding was frozen by the new administration, impacting the collaboration that was anticipated to commence in Bangladesh. Mansur lamented, “That’s unfortunate for us, but that’s the way it is.”

The hunt for funds laundered by political and business elites in Bangladesh takes on heightened urgency as new Central Bank Governor Ahsan Mansur addresses an extensive operation to track these illicit assets. With plans for international collaboration and potential plea bargains, the efforts signify a crucial step in reclaiming stolen wealth. However, several challenges, including political changes and complex jurisdictional issues, may hinder the expedited recovery process.

Original Source: www.aljazeera.com