BB Governor Visits London to Strengthen Efforts in Recovering Stolen Assets

Bangladesh Bank Governor Dr. Ahsan H Mansur visited London from March 17-21, 2025, to advance the government's efforts in recovering stolen assets and to attend workshops organized by the Bill and Melinda Gates Foundation on financial inclusion and interoperability among financial entities.

The recovery of stolen assets, misappropriated during the 16 years of the Awami League regime, is a key priority for the interim government, especially as much of the stolen wealth was illegally transferred overseas. These assets largely stem from the banking sector and government corruption, with the banking sector experiencing a record level of Non-Performing Loans (NPLs), now exceeding 20%.

On March 10, the Chief Adviser held a meeting to review asset recovery efforts, directing key agencies to intensify their work, particularly in money laundering destination countries. As part of this push, Dr. Mansur, who heads the Asset Recovery Taskforce, visited London for high-level discussions with a range of public and private sector stakeholders.

Given the UK’s status as a major financial center and a key destination for stolen assets, the visit was significant. On March 17, Dr. Mansur participated in a meeting with the All-Party Parliamentary Group (APPG) on Corruption at Portcullis House, UK Parliament. He was the chief guest at the event, which was moderated by co-chair Joe Powell MP and attended by several notable figures, including Rupa Huq MP and Rt Hon Alex Chalk KC, the immediate past Lord Chancellor.

The Governor expressed gratitude for the UK’s support in Bangladesh’s asset recovery efforts, citing assistance from the International Anti-Corruption Coordination Centre (IACCC) and multiple visits to Dhaka. A consensus emerged that asset recovery is not only a financial but a moral and political imperative for both Bangladesh and the UK. Several UK-based NGOs emphasized the need for increased UK support, including the potential use of sanctions to hold perpetrators accountable for financial crimes.

Dr. Mansur also met with Catherine West MP, the FCDO minister for Asia, to discuss UK support in strengthening Bangladesh Bank and the ongoing Asset Quality Review (AQR) of problem banks. He also commended the UK’s funding for the International Centre for Asset Recovery (ICAR) and its contribution to legal strategy development.

On March 19, Dr. Mansur chaired a Bangladesh Asset Recovery Seminar in London, attracting nearly 30 firms and 100 attendees, including law firms, forensic investigators, and litigation funders. He emphasized the private sector's vital role in Bangladesh’s asset recovery efforts, one of the largest and most complex operations in history. He also revealed plans to issue a Terms of Reference (TOR) by the end of April, outlining how private firms could engage in the recovery process.

In one-on-one meetings with three of the world’s largest litigation funders, Dr. Mansur discussed potential investments in the recovery efforts. The funders expressed interest in supporting Bangladesh's asset recovery initiatives, with a possibility of investing up to $50 million if sufficient evidence is gathered to pursue cases.

Alongside asset recovery, Dr. Mansur engaged in several workshops related to financial inclusion and interoperability. Between March 18-21, he and 12 Bangladesh Bank staff participated in a workshop hosted by the Gates Foundation on inclusive payment systems and governance. A key focus was the potential adoption of the "Mojaloop" system to enhance payment interoperability.

Dr. Mansur also met with the Cambridge Center for Alternative Finance (CCAF) to explore technological solutions for reaching Bangladesh’s unbanked population and discussed creating a Bangladesh Center for Alternative and Inclusive Finance.

Another workshop with GSMA focused on promoting a cashless economy in Bangladesh, leveraging global experiences to accelerate mobile financial services, QR code usage, and credit card payments.

Furthermore, Dr. Mansur held discussions with the International Growth Centre (IGC) at the London School of Economics on future collaborations in research, including the use of AI and integrating carbon risks into macroeconomic modeling. The IGC also expressed interest in further research on financial inclusion across Bangladesh.

In his interviews with major UK media outlets such as Al Jazeera, the Financial Times, and the Guardian, Dr. Mansur worked to build stronger political support for Bangladesh’s asset recovery efforts. The Governor’s visit underscored Bangladesh’s commitment to recovering stolen assets and modernizing its financial system, with international partnerships playing a crucial role in the process.