Bangladesh is ramping up efforts to retrieve funds illegally moved abroad, with key international officials arriving this week to help.

Bangladesh Bank (BB) Governor Ahsan H Mansur announced the initiative at the 3rd Bangladesh Economic Summit 2024, organized by Bonik Barta in Dhaka.

Governor Mansur revealed that officials from the World Bank, the US, and the British government are set to visit Bangladesh to discuss coordinated efforts for asset recovery.

Representatives from the US Treasury and Justice Departments, officials from the UK, and the World Bank’s Stolen Asset Recovery (StAR) initiative will participate in these discussions, highlighting a broad international commitment to tackle the issue.

“The government is crafting a roadmap that includes possible bilateral agreements to legally repatriate funds,” Mansur stated, emphasizing that international collaboration is key to Bangladesh’s recovery strategy. Additionally, he plans to meet with the Singapore high commissioner, who is currently in Dhaka, to ensure that Singapore supports the recovery efforts.

“If funds have been siphoned abroad, we will work to establish our claim and bring the money back through legal channels,” Mansur affirmed, underscoring the government’s commitment to pursue all legal avenues. He also mentioned that significant progress has already been made, stating, “We’ve already cast a net.”

In addition to the asset recovery efforts, Bangladesh Bank is working to restore stability in the banking sector by encouraging savers to reinvest their funds. This initiative addresses concerns that prompted many to withdraw deposits recently. It is part of a larger plan to reinforce confidence in the financial sector while addressing illegal financial outflows.