The government is considering out-of-court settlements as an option to recover laundered money from abroad, as the formal legal process is often time-consuming, Bangladesh Bank Governor Ahsan H Mansur said today.
He made the remarks at a discussion on “Anti-money laundering and contemporary banking issues” held at the central bank’s Chattogram office.
“Recovering laundered funds through legal channels can be a lengthy process. Many countries pursue alternative means beyond formal procedures. The government is willing to consider them if such settlements can help expedite the return of funds,” he said.
He stressed the need for accurate data before any recovery efforts.
“Whether the money is brought back through legal procedures or out-of-court settlements, we must first gather detailed information on the amount and destination of the laundered assets. The more specific the data, the stronger our negotiating position.”
The central bank has engaged several private firms to assist in identifying and tracing these assets abroad, he said.
“These firms are supporting us in locating the assets. Once the information is compiled, we will initiate discussions with the respective government agencies. We must also abide by their legal frameworks. Communication has already begun, and so far, their response has been encouraging,” he added.
In response to a question from journalists, Mansur said: “A major Chattogram-based business conglomerate, the S Alam Group, laundered between Tk 1.25 lakh crore and Tk 1.5 lakh crore. Including other groups such as Beximco, the total amount laundered could range from Tk 2.5 to 3 lakh crore
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