Return stolen assets to rightful owners: BB governor

Bangladesh Bank Governor Dr Ahsan H Mansur on Saturday acknowledged the mounting international pressure to repatriate laundered funds and curb illicit financial flows from Bangladesh, citing the recent seizure of assets in the United Kingdom as a significant breakthrough.

Speaking at the launch of the "Credit Enhancement Scheme" under the Microenterprise Financing and Credit Enhancement Project of the Palli Karma-Sahayak Foundation (PKSF), Dr Mansur disclosed that UK authorities had recently confiscated luxury property worth £90 million-approximately Tk 14.79 billion-linked to individuals associated with Bangladesh's ousted Prime Minister Sheikh Hasina.

According to official reports, the seized property belong to Ahmed Shayan F Rahman, son of former Private Industry and Investment Adviser Salman F Rahman, and Ahmed Shahriar Rahman, Salman's nephew. Their assets, including an upscale apartment in Grosvenor Square, London, have been frozen under a National Crime Agency (NCA) order, prohibiting their sale or transfer.

"We are greatly encouraged by the recent seizure of assets in the UK. This momentum needs to continue," said the governor. "Many individuals and organisations connected to Bangladesh have laundered assets scattered across the UK. We hope these can also be identified and frozen."

Dr Mansur revealed that he had recently visited London and engaged in discussions with British authorities on asset recovery. He said the interim government has made a political commitment to repatriating stolen wealth and that efforts are underway on multiple fronts.

"This is a political commitment, and efforts are being made across all levels. What we are witnessing now is part of that effort, and there is growing international pressure surrounding money laundering," he added.

He further noted that international media outlets such as The Financial Times and Al Jazeera have been reporting extensively on money laundering cases involving Bangladesh, while British lawmakers and NGOs have lent their support to anti-corruption advocacy.

Regarding the next steps, Dr Mansur clarified that asset seizure does not imply immediate repatriation. "Now a court will decide whether the assets belong to the UK or to Bangladesh. The seizure is crucial-it stops the owners from selling or disposing of the property during the legal proceedings."

He indicated that similar illicit assets are reportedly being held in other countries, and that Bangladesh is actively pursuing information and cooperation in those jurisdictions.

"Last week I visited Dubai. I plan to go to Singapore, and I intend to return to London soon. There are also plans to organise an international conference on money laundering," he added.

Dr Mansur stressed that the international community must be reminded that retaining stolen foreign assets is unethical, and called for global cooperation to return such funds to their rightful owners-the people of Bangladesh.

On a separate note, the central bank governor announced that half of all agents under the country's agent banking services will soon be women. This move aims to boost financial inclusion and ensure better access to banking for women, especially in conservative or rural communities.

"Female agents can enter private spaces of women and encourage them to open bank accounts," he said, noting that many women still hide their savings at home. "They won't have to do that any longer. They can now open bank accounts discreetly, without needing anyone's permission."

He also mentioned that Bangladesh Bank will soon revise its digital banking licence policy and issue new licences.

In a notable shift from tradition, the governor announced that the government will issue newly-designed Tk 1,000, Tk 50, and Tk 20 banknotes ahead of Eid ul-Adha. These notes will not feature portraits of individuals but will highlight natural landscapes, historic monuments, mosques, and temples.

"These notes will not feature any person. Some historically significant monuments will be printed-be it a mosque or a temple. We are not differentiating on this matter," he said.

At the PKSF event, Dr Mansur unveiled the Credit Enhancement Scheme (CES), designed to ease access to formal financing for microenterprises. The scheme, supported by the Asian Development Bank (ADB), will allow PKSF to offer loan guarantees to its partner microfinance institutions (MFIs) through a Tk 2.40 billion reserve fund.

"A one-time 0.5 percent commission will apply for each guarantee. This initiative will make it easier for small businesses to secure loans from banks," he said.

Highlighting the importance of the microenterprise sector, Dr Mansur stated that while it accounts for over 50 per cent of the country's total employment, its contribution to gross national income remains low at around 25 percent. He called for significantly increasing the flow of funds into this sector and advocated for a transition towards a cashless society to reduce irregularities in the financial system.

He also stressed the need for including climate-vulnerable populations in remote areas in formal financial networks.

PKSF Chairman Zakir Ahmed Khan, who presided over the event, said CES would formally involve commercial banks in efforts to transform low-income individuals into entrepreneurs. He noted that PKSF is developing a national database of micro-entrepreneurs to streamline financing.

Nazma Mobarek, secretary of the Financial Institutions Division (FID), praised PKSF's high loan recovery rate of 99.9% and called on commercial banks to increase investments in the sector.

ADB's Bangladesh Country Director Hoe Yun Jeong noted that the bank has funded $370 million across seven PKSF projects since 1997, including $200 million for the MFCE project in 2023, of which CES is a component.

Agreements under CES were signed with five commercial banks and one investment company: BRAC Bank, City Bank, Mutual Trust Bank, Prime Bank, Southeast Bank, and UAE-Bangladesh Investment Company Ltd (UBICO).

BRAC Bank Managing Director and CEO Selim RF Hussain, City Bank Managing Director and CEO Mashrur Arefin, Mutual Trust Bank Managing Director and CEO Syed Mahbubur Rahman, Prime Bank Additional Managing Director Faisal Rahman, Southeast Bank Managing Director Abidur Rahman Chowdhury (Current Charge) and the UAE-Bangladesh Investment Company (UBICO) Limited Managing Director (Current Charge) M M Mostafa Bilal signed the agreements on behalf of their respective entities.

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