Govt freezes assets worth Tk 66,146cr at home, abroad to recover laundered funds

The government has reported of freezing a total of Tk 66,146 crore in movable and immovable assets of various industrial groups at home and abroad in efforts to recover laundered money.

Of this, Tk 55,638 crore is held in Bangladesh and Tk 10,508 crore overseas, according to a statement issued by the Ministry of Finance on Wednesday.

However, the statement did not specify the countries or the owners of the frozen assets.

The announcement has been made during the 30th meeting of National Coordination Committee on Anti-Money Laundering and Countering the Financing of Terrorism, chaired by Finance Adviser Saleh Uddin Ahmed.

The committee decided to update several provisions of the existing anti-money laundering law to make recovery of assets and funds sent abroad “more efficient and effective.” Detailed discussions were held on the progress of joint investigation teams established for 11 priority cases of offshore asset recovery.

According to the statement, 104 cases have already been filed under these priority cases, 14 charge sheets submitted, and courts have issued verdicts in four cases. Documents under the Anti-Money Laundering Act have been sent to 21 countries in connection with these cases.

Officials were instructed to ensure swift filing of charges, timely international correspondence, and expedited case resolution.

Bangladesh Bank Governor Ahsan H. Mansur told reporters after the meeting that repatriating laundered funds from abroad typically takes at least four to five years. “It doesn’t happen overnight,” he said. Mansur cited the example of former Land Minister Saifuzzaman Chowdhury Javed, whose London assets have been frozen. Some of these claims involve Islamic Bank and UCB, which may recover a portion of the funds, though the timing remains uncertain.

Senior officials from the Anti-Corruption Commission, Finance Ministry, National Board of Revenue, Ministry of Commerce, Bangladesh Securities and Exchange Commission, Ministry of Foreign Affairs, Legislative and Parliamentary Affairs Division, CID, and the Additional Attorney General attended the meeting.