The interim government has started the process to ‘acquire local assets’ of the people who embezzled money from banks and bring back money laundered abroad.
To this end, communication with various foreign agencies has also started, according to a press release issued by the office of the chief adviser on Wednesday.
It said that for the recovery of laundered and embezzled money, the government is getting assistance from the new boards of banks, Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank, Criminal Investigation Department (CID) of Police and Anti-Corruption Commission (ACC).
“The government has already started contacting various foreign agencies seeking their help in repatriating the money. It is indicated to restructure the banks in the country by recovering the money,” it reads.
Bangladesh Bank and the government are working towards the goal of building a strong banking sector 'capable of reaching international standards', the release said. "To achieve this objective, the government will need time, and international technical assistance."
“With an aim to restructure the banks by bringing back money from abroad, Bangladesh Bank and the government are taking steps to acquire domestic and foreign assets of those who embezzled money."
The chief adviser’s office said the amount of money laundered abroad and embezzled in the country is estimated to be Tk 1 lakh crore. However, the government is working to assess the actual amount of money.
The release said, "Some unscrupulous businessmen and other influential people in recent years embezzled huge sums of money through massive corruption in the banking sector and laundered it abroad. The process of assessing the exact amount of money is going on."
Highlighting the initiatives taken by the interim government in this regard, the release said, "The government has started carrying out reforms of banks and financial institutions involved with such corruption and money laundering. The boards of Islami Bank, Social Islami
Bank, National Bank, United Commercial Bank, Global Islami Bank, Union Bank Boards have already been reconstituted.”
It said, “The government will start carrying out reforms of the rest of banks and financial institutions. The actual data on embezzled money will be collected through the new management and audit activities will be started to determine the actual amount of money embezzled by them."
The government will soon set up a banking commission, the release said, "The state of each bank will be revealed and an implementable roadmap will be prepared within six months for restructuring the banks."
However, it will take time to restructure the banks and carry out structural reforms of the financial sector, the release said. “The government is determined to make the financial sector of Bangladesh to international standards."
The decision to form a bank commission came in a meeting with Chief Adviser Dr Muhammad Yunus on the overall economic situation of the country soon after new governor of Bangladesh Bank Ahsan H. Mansur took charge.
At that time, the decision was taken to make the banking sector sustainable through reforms.
At the same time, it was decided to prepare a roadmap on the overall situation of the financial sector and reforms and publish it within 100 days of the interim government.
