Recovery of embezzled funds begins

Zarif Mahmud: The government has started the process of acquiring local assets of money embezzlers and repatriating money laundered abroad by the bank looters.
This information was gained in a press release sent from the Office of the Chief Advisor of the Interim Government on Wednesday (August 28).
According to the notification, with the help of the new management authority of the banks, Financial Intelligence Department of Bangladesh Bank BFIU, Police CID and ACC, work has started to recover the embezzled money by acquiring the local assets of the embezzlers and repatriating the money smuggled abroad. Contact has already been initiated for the assistance of various foreign organizations regarding the repatriation 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 Tk 1 lakhs crore.
Reform programs have already been undertaken in banks and financial institutions related to such corruption and money laundering. Meanwhile, the board of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, Union Bank has 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 through them.

The notification also said that the government will soon constitute a banking commission, which will reveal the true picture of each concerned bank subject to investigation and formulate an implementable roadmap within six months for the restructuring of the banks.
The aim of Bangladesh Bank and Government is 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.
Bangladesh Bank and the government are taking action to restructure the banks by acquiring domestic and foreign assets of 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.