Looted money to be used for philanthropic purposes: Governor

Bangladesh Bank Governor Ahsan H Mansur has said that the money looted and laundered in the past few years will be recovered and used for philanthropic purposes.

He said, “The recovered money will be used in two parts. The money looted from the banks will be returned to the banks. And the money embezzled in other ways will be spent for the welfare of the people. A fund will be formed for this purpose.”

The BB governor gave this information at a press conference organized at the Foreign Service Academy on Monday (May 19) afternoon.

In response to a question, the governor said, “It usually takes 4 to 5 years to return laundered money from abroad through legal processes. However, one step can be taken in the internal process during this period to freeze various assets. This process is called MLA.” 

He said, “It may not be possible to bring back all the laundered money. However, the launderers will not be able to remain independent.”