London: Bangladesh Bank Governor Dr. Ahsan H Mansur visited London during March 17-21, 2025, in connection with the government's ongoing efforts to recover stolen assets and participate in workshops organized by the Bill and Melinda Gates Foundation on financial inclusion and interoperability among all financial entities/clients. The recovery of stolen assets misappropriated during the 16 years of the Awami League regime, much of which was transferred illegally overseas, is an important policy priority for the interim government.
According to Bangladesh Sangbad Sangstha, the two major sources of such stolen assets were via the banking sector and government corruption, with Non-Performing Loans (NPLs) reaching record levels of at least 20% and rising. The Chief Adviser held an Asset Recovery Review meeting on March 10, directing all key agencies engaged in Asset Recovery to accelerate efforts in key money laundering destination countries, as stated by the CA press wing.
In this context, Dr. Ahsan H Mansur, who also heads the Asset Recovery Taskforce, held meetings with key stakeholders in both public and private sectors during his visit to London. Given the UK's status as a major development partner and financial center, as well as a significant destination for stolen assets, this trip held particular significance.
At a meeting with the All Party Parliamentary Group (APPG) on Corruption held at Portcullis House, UK Parliament, the BB Governor served as the chief guest. The meeting was moderated by co-chair Joe Powell MP, with participation from Rupa Huq MP, Baroness Uddin, and Rt Hon Alex Chalk KC, the immediate past Lord Chancellor and Justice Secretary in the previous Conservative Government. Leading Anti-Corruption NGOs, UK press, civil society, and the Bangladeshi diaspora were also present.
The Governor expressed appreciation for the UK's ongoing support for Bangladesh's Asset Recovery efforts, including technical assistance from the International Anti-Corruption Coordination Centre (IACCC). A consensus emerged, highlighting that successful Asset Recovery is both a moral and financial imperative. UK NGOs advocated for increased support and sanctions to hold kleptocrats accountable.
During a meeting with FCDO minister for Asia Catherine West MP, the Governor acknowledged the FCDO's support in reforming Bangladesh Bank and the ongoing Asset Quality Review (AQR) on problem banks, as well as their backing of the International Centre for Asset Recovery (ICAR) in Bangladesh.
On March 19, a Bangladesh Asset Recovery Seminar took place in London, attended by 100 participants, including leading law firms and forensic investigators. The Governor underscored the vital role private sector firms could play in Bangladesh's Asset Recovery efforts, with significant technical assistance from World Bank StAR and ICAR teams expected soon.
Former UK Chancellor Rt Hon Alex Chalk KC emphasized the benefits of stronger engagement with "Legal London" for Bangladesh's asset recovery. The BB Governor also engaged with UK media and strategic communication firms to build political support for the initiative.
The Governor met with major litigation funders, who expressed interest in investing up to $50 million in Bangladesh's Asset Recovery efforts, provided sufficient evidence is gathered to pursue cases. He invited them to Bangladesh to review potential cases.
In parallel, the Governor and Bangladesh Bank staff attended a Gates Foundation workshop discussing financial inclusion, governance, and the "Mojaloop" payment system for interoperability. The potential adoption of "Mojaloop" is under consideration.
Workshops with the Cambridge Centre for Alternative Finance (CCAF) and GSMA explored new technological instruments for financial inclusion and building a "cashless economy." Discussions with the International Growth Centre (IGC) at the London School of Economics focused on research collaboration and capacity building for Bangladesh Bank.
These engagements aim to leverage global expertise and support to advance Bangladesh's financial inclusion and asset recovery agendas.