Yunus-led govt targets embezzled, smuggled funds recovery
The interim government, led by Dr Muhammad Yunus, has begun calculating the vast sums of money embezzled by dishonest businessmen and influential individuals during the regime of Sheikh Hasina, who recently resigned following intense student protests.
According to a press release from the Chief Adviser’s Press Wing on Wednesday, the estimated amount of money smuggled and embezzled, both domestically and internationally, is around one lakh crore taka. However, the government is working to determine the exact figure.
In a decisive move, the Yunus-led interim government announced plans to seize local assets of those involved in embezzlement and to repatriate funds that have been smuggled abroad.
The government has already initiated communication with various foreign organisations to assist in this effort, as stated in the press release.
The statement also detailed that the government is collaborating with the new management boards of banks, the Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank, the Criminal Investigation Department (CID) of the police, and the Anti-Corruption Commission (ACC) to recover these embezzled funds.
“Communications have already been initiated to seek the assistance of various foreign agencies regarding the repatriation of funds,” the release noted. “The goal is to restructure the banking sector in the country by recovering the money.”
The release emphasised that both Bangladesh Bank and the government are committed to building a robust banking sector that meets international standards.
“Achieving this will require time, international technical assistance, and financial support. Measures are being taken to acquire both domestic and foreign assets of those who have embezzled money, with a focus on restructuring the banks by recovering funds from abroad,” the release added.
It highlighted that "certain unscrupulous businessmen and other influential persons have, in recent years, through extensive corruption and fraud in the banking sector, embezzled huge sums of money in their names and smuggled it abroad." The exact amount is still being determined.
The interim government has already initiated reforms in banks and financial institutions linked to these acts of corruption and money laundering.
The boards of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, and Union Bank have been reconstituted as part of these efforts.
The release also said that reforms will be extended to other banks and financial institutions. The actual amounts embezzled will be determined through audits conducted by the new management, with the government planning to reveal the true financial status of each concerned bank.
Within six months, an actionable roadmap for restructuring the banks will be formulated, and a banking commission will be established soon, it said.
Despite acknowledging that restructuring the banks and reforming the financial sector is a time-consuming process, the interim government is determined to bring Bangladesh's financial sector up to international standards.
