Bangladesh Bank has instructed commercial banks to sign agreements with 12 international firms to help recover assets illegally transferred abroad.
The instruction came during a meeting on Sunday, chaired by Bangladesh Bank Governor Ahsan H. Mansur, attended by the managing directors of 30 commercial banks.
The firms, with expertise in identifying and repatriating laundered assets, will provide legal and administrative support for the recovery process, said Bangladesh Bank Executive Director and Spokesperson Arief Hossain Khan.
No upfront payments will be required from the banks. Instead, the firms will receive a commission based on the funds successfully recovered, he added.
The initiative follows the identification by the Criminal Investigation Department (CID) of several major industrial groups, including Bashundhara, S Alam, Nasa, and Beximco, involved in the illegal transfer of funds.
The recovery process will begin once the banks sign non-disclosure agreements with the designated firms.
Banks will work closely with the firms to assess the volume of loans and assets, allowing them to identify laundered assets.
Using their global networks, the firms will gather preliminary data on the status of these assets, particularly non-performing loans.
Once the data is collected, the firms will enter into commercial agreements with the banks to initiate the recovery process.
A dedicated taskforce at Bangladesh Bank will oversee the process, ensuring that legal support is provided if needed.
