Staff Correspondent

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur on Saturday said that money laundering from the country has been halted due to the implementation of good governance in the banking sector.

“Despite political unrest, remittance inflows have increased by $3 billion and exports by $2.5 billion over the last five months, marking a historic milestone in December,” said Dr Mansur while speaking at a programme titled ‘Branding Bangladesh: NBR and UN Peacekeepers Leading the Way’, held at a hotel in the capital on Saturday.

Besides, he said, the government is spending Tk 7,000 crore annually on a 2.5 percent incentive to encourage remittances through official banking channels.

The Governor highlighted that remittance inflows through legal channels could rise further if intermediaries benefitting from the system are eliminated.

“At present, expatriates are sending remittances equivalent to around Tk 4,000 crore on average each day. This figure could double if middlemen are removed and the skills of Bangladeshi workers are enhanced,” he said.

Dr Mansur urged expatriates to send money directly through banking channels, cautioning that Dubai has overtaken Saudi Arabia as the leading source of remittances. “This is not a positive trend, as money from Saudi Arabia is being routed to Dubai before reaching Bangladesh. Certain institutions in Dubai are exploiting this opportunity to manipulate currency exchange rates.”

In response to a question from journalists, the governor revealed that “a single group based in Chittagong has laundered $20 billion abroad. Efforts are underway to recover these funds, with foreign assistance being provided.”

He said discussions are going on with international agencies, including the Federal Bureau of Investigation (FBI) in the United States, to repatriate the laundered money. Foreign lawyers are also being appointed to support the process.

Highlighting progress, Dr Mansur mentioned that 80 percent of the stolen reserve money has already been recovered, and legal proceedings are underway to retrieve the remaining funds. “I am confident that Bangladesh will win the case,” he said.

Foreign Affairs Adviser Md Touhid Hossain also addressed the event.