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Assets seized in London due to mounting pressure: Governor

Bangladesh Bank governor Ahsan H Mansur said that there has been growing international pressure regarding the issues of money laundering from Bangladesh and the repatriation of those funds. As a result of this pressure, assets in London, United Kingdom, have been seized, he added.

en.prothomalo.com

Assets seized in London due to mounting pressure: Governor
Staff Correspondent Dhaka
Published: 24 May 2025, 17: 31

On Saturday morning, during the inauguration ceremony of the Loan Capacity Enhancement Programme at the office of the Palli Karma-Sahayak Foundation (PKSF) in Agargaon, Dhaka, the governor of Bangladesh Bank, Ahsan H Mansur, made several remarks. Photo: Collected

Bangladesh Bank governor Ahsan H Mansur said that there has been growing international pressure regarding the issues of money laundering from Bangladesh and the repatriation of those funds.

As a result of this pressure, assets in London, United Kingdom, have been seized, he added.

The governor made these comments at the inaugural event, which was presided over by PKSF chairman Zakir Ahmed Khan. Nazma Mobarek, secretary of the Financial Institutions Division, and Hoyeon Jeong, Country Director of the Asian Development Bank (ADB) in Bangladesh were present as special guests at the event.

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

UK seizes 90 million in luxury properties linked to associates of Bangladesh’s ousted prime minister Sheikh Hasina.

The United Kingdom’s National Crime Agency (NCA) has seized luxury properties worth 90 million (approximately Tk 14.79 billion, based on an exchange rate of Tk 164 per pound) owned by two individuals connected to Sheikh Hasina, the ousted prime minister of Bangladesh.

The individuals whose assets have been seized are: Ahmed Shayan F Rahman, son of Salman F Rahman, former Private Industry and Investment Adviser to Sheikh Hasina, and Ahmed Shahriar Rahman, nephew of Salman F Rahman.

According to the seizure order, both Ahmed Shayan F Rahman and his cousin Ahmed Shahriar Rahman are prohibited from selling their properties in London, which include an apartment in Grosvenor Square, a prestigious area. Their names appeared in a Guardian investigation concerning assets held in the UK by individuals close to Sheikh Hasina.

Following today’s event at the PKSF building, journalists asked Bangladesh Bank governor Ahsan H Mansur about the matter. In response, he said: "I recently visited London and had discussions with officials there regarding money laundering. Our chief Adviser also emphasised our commitment to bringing back stolen funds. 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."

"Global media outlets like The Financial Times and Al Jazeera are publishing major reports on money laundering involving Bangladesh. British Members of Parliament and NGOs are supporting this issue. As a result, I believe significant pressure has built up, leading to the recent asset seizures by the NCA," the governor added.

When asked how soon the seized assets might be returned to Bangladesh, Ahsan H Mansur said, "Asset seizure does not directly mean the assets will be returned immediately. That will happen after legal proceedings. But the seizure is significant—it prevents the owners from selling or disposing of the assets during the trial. Now, a court will decide whether those assets belong to the UK or to Bangladesh. We will now begin the legal process."
He also noted that similar illicit assets are reportedly held in other countries.

The governor said, "We are working on that as well. Last week, I visited Dubai. I plan to visit Singapore, and I intend to return to London soon. There are also plans to organise an international conference on money laundering."

Ahsan H Mansur emphasised, "We must remind the international community that holding onto such assets is unethical. These assets rightfully belong to the people, and they should be returned. We expect the international community to act accordingly."​

 

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Int’l community active to send back laundered money: BB governor

Regarding the issue of bringing back the money laundered abroad, Bangladesh Bank governor Ahsan H Mansur said that this is a political commitment of the interim government...

www.newagebd.net

Int’l community active to send back laundered money: BB governor
Bangladesh Sangbad Sangstha . Dhaka 24 May, 2025, 22:43

Ahsan H Mansur

Regarding the issue of bringing back the money laundered abroad, Bangladesh Bank governor Ahsan H Mansur said that this is a political commitment of the interim government.

‘The international community is also now under pressure to act. Major media outlets such as The Financial Times, The Times of London, and Al Jazeera, publishing extensive articles about Bangladesh’s illicit money laundering cases. More reports will follow,’ he added.

He announced on Saturday that the government is set to introduce new currency notes ahead of Eid-ul-Azha, with designs emphasizing national heritage rather than portraits.

‘New Tk1,000, Tk 50 and Tk 20 banknotes will be released into circulation before Eid-ul-Azha. The notes will not feature any human portraits but will, instead, showcase natural landscapes and traditional landmarks of Bangladesh,’ he said.

The governor said this while speaking as the chief guest at the inauguration ceremony of the ‘Credit Enhancement Scheme (CEC)’ organized by the Palli Karma-Sahayak Foundation (PKSF) at the PKSF auditorium in the city.

PKSF chairman Zakir Ahmed Khan presided over the event while Asian Development Bank (ADB) Country Director Hoe Yun Jeong and Financial Institutions Division Secretary Najma Mubarak were special guests.

Replying to a question from journalists after the ceremony, Mansur said the new bank notes that the government will release ahead of Eid-ul-Azha will have images of mosques, temples, historical landmarks and natural sceneries printed on them, while these notes will not have images of any person.

‘People will get to see these new notes ahead of Eid-ul-Azha. These notes will not have images of any person printed on them,’ he added.

Asked about what types of monuments will be on these notes, the BB governor said, ‘Some historically significant monuments will be printed on these notes, be it a mosque or a temple. We are not differentiating on this matter.’

The BB governor also detailed the newly launched credit enhancement scheme at PKSF, under which the foundation will provide bank loan guarantees to partner microfinance institutions (MFIs) through a reserve fund of 240 crore taka.

‘A one-time 0.5 per cent commission will apply for each guarantee. This initiative will make it easier for small businesses to secure loans from formal financial institutions,’ he added.

Supported by the Asian Development Bank (ADB) and the interim government, the scheme is aimed at boosting access to finance for micro-entrepreneurs across Bangladesh.

Governor Mansur concluded by urging financial institutions to enhance financial literacy nationwide. ‘Every school should be partnered with a bank to educate students on basic financial skills,’ he emphasized, calling for a long-term investment in national economic awareness.​

 

[Saif]

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

thefinancialexpress.com.bd

Return stolen assets to rightful owners: BB governor

FE REPORT
Published :
May 25, 2025 07:41
Updated :
May 25, 2025 07:41

The 'Credit Enhancement Scheme' under the Microenterprise Financing and Credit Enhancement Project of the Palli Karma-Sahayak Foundation (PKSF) was launched at the PKSF auditorium in the city on Saturday. Bangladesh Bank Governor Dr Ahsan H Mansur was present as the chief guest while PKSF Chairman Zakir Ahmed Khan presided over the event. — FE photo

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.​

 

[Saif]

NCA freezes Sheikh Rehana’s London home sale

The National Crime Agency has taken the first step in Britain in a corruption case embroiling ex-city minister Tulip Siddiq, by freezing any future sale of her mother’s home, reports The Mail...

www.newagebd.net

TULIP’S ALLEGED CORRUPTION

NCA freezes Sheikh Rehana’s London home sale

New Age Desk 26 May, 2025, 22:02

From left, Sheikh Rehana, Tulip | Collected photo

The National Crime Agency has taken the first step in Britain in a corruption case embroiling ex-city minister Tulip Siddiq, by freezing any future sale of her mother’s home, reports The Mail.

The agency — hailed as Britain’s FBI — last night confirmed obtaining an asset-freezing order on the luxury property in Golders Green, North London, which has been the Tulip clan’s main home for 14 years.

Hampstead Labour MP Tulip’s mother Sheikh Rehana, has been living there since it was bought in 2011 for £1.2 million.

The home, registered in the Isle of Man tax haven, was bought by millionaire Ahmed Shayan Rahman, 42.

He was a chairman of the British Asian Trust, a charity founded by King Charles. Last night the trust said he has stood down over the NCA probe.

Rahman’s father Salman, 74, was a minister for prime minister Sheikh Hasina Wazed, the aunt of Tulip, 42, who was ousted from power last year after weeks of violent protests.

The freezing order is part of the NCA’s investigation into suspected corruption and money-laundering.

Bangladesh is probing claims Tulip and family members siphoned nearly £4 billion from a nuclear plant deal with a Russian company. Tulip denies any wrongdoing.

She quit as City minister in January after a standards investigation into properties she owned or lived in which were given to her family by her aunt’s allies in Bangladesh.

Tulip did not comment and Rahman could not be reached.​

 

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Awami league rule: Up to $20b loan money laundered

About $18 billion to $20 billion was laundered abroad during the Awami League regime, said Bangladesh Bank Governor Ahsan H Mansur yesterday.

www.thedailystar.net

Awami league rule: Up to $20b loan money laundered
Says BB governor Ahsan H Mansur

Ahsan H Mansur. File photo/Collected

About $18 billion to $20 billion was laundered abroad during the Awami League regime, said Bangladesh Bank Governor Ahsan H Mansur yesterday.

"Tracking where this money was used abroad or where it was diverted is a massive task for us -- none of us were prepared to handle such tasks," he said at a press conference organised by the Bangladesh Financial Intelligence Unit to unveil its annual report for 2023–2024.

Money was taken from the banking sector as loans.

Efforts are underway to reduce bureaucratic complexities to expedite the process of recovering the laundered funds, he said, adding that a joint investigation is ongoing involving 11 teams.

"If we speak frankly, inter-ministerial cooperation is a major challenge in Bangladesh. One organisation can move quickly, but when four or five organisations are involved, it gets caught in a complex bureaucratic web. That's why we are also looking to make some legal changes — because without those, the blame game will just continue, and no real work will get done."

The existing law will be amended to bring the joint task force -- formed with representatives from various agencies -- under a legal framework. The task force would be incorporated into the Money Laundering Act, giving it official recognition as a government agency.

"Once that happens, the task force will be significantly empowered. It will then act as a coordinating body among all stakeholders, helping us overcome bureaucratic obstacles."

The government is receiving considerable support from foreign counterparts, said Mansur, also a former economist of the International Monetary Fund.

Already, the assets of one individual have been seized abroad.

"Our goal is to put pressure on the money launderers so that the funds can be recovered through out-of-court settlements. Our intention is not to harass anyone by putting them in jail. We do not aim to shut down anyone's business. We haven't shut down anyone's business -- those whose businesses have closed, it happened for other reasons."

The process of recovering the laundered money would take three to five years, Mansur added.

Assistance is being taken from the World Bank's StAR (Stolen Asset Recovery Initiative), the US Department of Justice, the International Stolen Asset Coordination Committee and the International Centre for Asset Recovery for this end, said BFIU head AFM Shahinul Islam.

Steps have even been initiated to appoint foreign legal firms to aid in asset recovery.

"However, since the process is long-term and complex, it will take time," he added.

Since July last year, the workload of the anti-money laundering agency has increased severalfold, said BFIU Director Mohammad Anisur Rahman.

Suspicious transactions and suspicious activity from banks increased 23 percent to 17,345 last fiscal year.​