Finance Minister
30 Banks Move to Recover Laundered Funds
Finance Minister Amir Khasru Mahmud Chowdhury
About 30 banks affected by loan defaults linked to irregularities and corruption in the banking sector have launched efforts to recover funds allegedly laundered abroad, Finance Minister Amir Khasru Mahmud Chowdhury told Parliament on Wednesday.
The minister provided the information in response to a written question submitted by opposition lawmaker Md. Anwarul Islam of Kurigram-1.
Amir Khasru Mahmud Chowdhury said recovering laundered assets is a civil legal process. To facilitate the recovery of defaulted loans, the banks have signed non-disclosure agreements (NDAs) with nine international law firms and begun the process of hiring them under a 'no win, no fee' arrangement.
According to the finance minister, the firms will help identify assets and funds held overseas by accused loan defaulters and provide legal assistance to bring those assets back to Bangladesh.
He said the initiative has initially been launched around six major cases involving Saifuzzaman Chowdhury, S. Alam, Beximco, Sikder Group, Nassa Group and Orion Group.
