Bangladesh Bank (BB) Governor Md Mostaqur Rahman, who also chairs the Stolen Asset Recovery Taskforce (ARTF), has called on commercial banks to accelerate the recovery of assets illicitly transferred abroad, emphasising that safeguarding depositors’ interests must remain the top national priority.
Speaking at a high-level review meeting on the “Update of Civil Asset Recovery Status” on Wednesday, BB Governor Mostaqur Rahman was joined by senior officials from the Bangladesh Financial Intelligence Unit (BFIU) and Managing Directors of the banks involved.
Adviser Farhanul Ghani Chowdhury briefed participants on a dual-path legal strategy for reclaiming stolen funds. Criminal Proceedings operate on a government-to-government (G2G) basis, focusing on prosecuting individuals, while Civil Proceedings leverage international asset recovery firms and litigation funders to reclaim actual monetary losses for affected banks.
The Taskforce highlighted notable progress in forming cross-border partnerships, with 10 banks signing 36 Non-Disclosure Agreements (NDAs) with six international recovery firms.
These NDAs allow specialists access to critical bank data to trace and recover assets overseas.
However, state-owned banks were urged to expedite their participation, as compliance among them has lagged.
Governor Mostaqur Rahman directed all banks to promptly provide comprehensive loan default data and assessments to facilitate the technical phase of recovery. Civil recovery efforts will initially target six major industrial groups responsible for the largest volume of defaulted loans and smuggled assets, maximising the return of funds to the domestic banking system.
Stressing the importance of independence, Mostaqur Rahman warned against any political interference, instructing managing directors to report any attempts at pressure directly to him.
“The recovery of public money is a matter of financial stability and accountability. Political influence will not be tolerated,” he said.
Mostaqur Rahman also outlined a long-term roadmap: after completing the first phase focusing on six industrial groups, a second, broader phase will address over 100 additional cases, demonstrating BB’s sustained commitment to restoring financial discipline and protecting the interests of ordinary depositors.
