Bangladesh Bank is set to investigate money laundering allegations against 42 more defaulting companies, each owing more than Tk200 crore in classified loans.
The move expands an ongoing crackdown on illicit financial flows after Bangladesh Bank (BB) and the Bangladesh Financial Intelligence Unit (BFIU) earlier launched probes into 10 major business groups accused of laundering money.
Bangladesh Bank Governor Md Mostaqur Rahman held a meeting on Sunday with managing directors and senior officials of 38 banks, where it was decided that eight international firms would be engaged to trace, freeze and recover assets siphoned abroad by the 42 companies.
The governor instructed the banks to begin preparations for signing agreements with the selected international firms.
Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said, “Forty-two companies will be investigated over allegations of money laundering. The governor has instructed banks to engage eight international firms to help recover the funds.”
The selected firms are Grant Thornton, RI Consortium, Baker McKenzie and PwC, BCG and HHR, EY and Dentons, Rahman Ravelli and Interpath, DLA Piper and Kroll and Animus Associates.
Under the meeting’s decision, the bank with the largest exposure to a particular defaulter will act as the lead bank in that case. The lead bank will coordinate legal action and sign agreements with the international firms on behalf of other lenders, while the remaining banks will provide support.
The international firms will receive an agreed commission from successfully recovered funds and assets. Domestic banks will not be allowed to make any other payments to them.
Bangladesh Bank is working with the Attorney General’s Office, Anti-Corruption Commission, Criminal Investigation Department and the National Board of Revenue’s Central Intelligence Cell in gathering information and investigating suspected money laundering.
The previous interim government had prioritised investigations into former prime minister Sheikh Hasina and members of her family, along with 10 business groups accused of laundering money. Those investigations are continuing.
In 98 cases linked to those individuals and entities, courts have ordered the freezing of assets worth around Tk76,000 crore at home and abroad.
BFIU chief Ikhtiar Uddin Mohammad Mamun said in July that about Tk57,000 crore of the frozen assets were located in Bangladesh and Tk19,000 crore abroad.
