Even if the authorities fail to recover the money laundered by corrupt individuals during the Awami League regime, the current officials concerned will take adequate legal steps to ensure that the launderers are always on the run, newly appointed Bangladesh Bank Governor Dr Ahsan H Mansur has said.
“The money launderers won’t be allowed to sleep in peace,” the central bank chief said at a press conference at the central bank on Wednesday, his first day at office.
He said chiefly money laundering during the last 15 years is responsible for the present dire situation in the banking sector.
Alongside a broader national decline, the Bangladesh Bank (BB) too was responsible for the current bad condition of the banking sector, said Dr Ahsan, adding that the issue now is to understand why they facilitated these irregularities.
Some Bangladesh Bank officials who are still in office and some who resigned recently have also played a role in facilitating money laundering and other irregularities, the veteran economist alleged, warning that everyone responsible for such crimes would face punishment.
He made it clear that there is no longer any room for concealing or manipulating reports in the institution. “Now there is no scope of keeping any central bank report or audit report in the drawer. There is no scope for any kind of data manipulation,” he said.
Dr Ahsan emphasised that the fight against money laundering will not be limited to the efforts of the government or Bangladesh Bank alone. He stressed the importance of international collaboration in bringing perpetrators to justice. “International law is helpful; it must be explored,” he said.
Outlining his priorities as the central bank governor, he said reducing inflation, maintaining sustainable foreign exchange reserves, and ensuring the stability of the forex market will be stressed.
Inflation is the main challenge for the monetary policymakers and efforts will be taken to gradually lower consumer prices, Dr Ahsan said.
Dr Ahsan highlighted existing weaknesses in the country’s economic sector. Stressing the need to uncover the true states of the troubled banks, he said, “First, we need to understand the actual condition of the banks. It is not just about identifying weaknesses but also assessing the extent of those weaknesses. After reviewing this, it might appear necessary to change ownership or boards of some banks.
“Besides, some banks might need to be merged, and in some cases, government capital might be required. Actions on a case-by-case basis will be needed. Moreover, setting up a trust or commission might become necessary.”
He also said, “The Bangladesh Bank will provide support if it is necessary. This process could take five to six months, after which a roadmap will be necessary. International experts may be required in this process. There has been significant looting, and it may not be possible to save many banks.”
The press conference was attended by the central bank’s deputy governors, spokesperson, and senior officials.
