TDS Desk:

The Government has started the process of recovering the money of local assets from the embezzlers and laundered money from abroad.

This was informed in a press release sent by the office of the Chief Adviser of the Interim Government on Wednesday (August 28).

The press release said that with the help of the new management authority of the banks, Bangladesh Bank’s (BB) financial intelligence department BFIU, Police CID, and ACC (Anti-Corruption Commission), work has started to recover the embezzled money from the embezzlers and returning the money laundered abroad. Contact has already been initiated to seek help from various foreign organizations regarding the return of money.

Some unscrupulous businessmen and other influential persons have in recent years embezzled huge sums of money anonymously and laundered it abroad through rampant corruption and fraud in the banking sector. Its exact quantification is ongoing. The amount of embezzled money is believed to be over billions of takas.

Reform programs have already been undertaken in banks and financial institutions related to such corruption and money laundering. Meanwhile, the Board of Directors of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, and Union Bank have been reconstituted. The reform process will be initiated in the remaining banks and financial institutions.

The actual data of these embezzled funds will be collected through the new management authority and the audit process will be initiated to determine the actual amount of money embezzled by them.

The Government will soon constitute a banking commission, which will investigate each bank concerned and reveal the true picture and formulate an implementable roadmap within six months to restructure the banks.

The press release says that BB and the Government aim to build a “strong banking sector” capable of complying with all international standards. However, international technical assistance and funding will be required from start to finish to achieve this objective.

BB and the Government are taking action to restructure the banks by recovering domestic and foreign assets from embezzlers and bringing them back from abroad. This restructuring of banks and structural reform of the financial sector will take time. However, the Government is determined to make Bangladesh’s financial sector international standards.