B Mirror Report: Banks allegedly involved in the illicit transfer of funds abroad have appointed eight to ten international law firms as part of renewed efforts to repatriate the stolen money, bankers said following a review meeting on Tuesday.

“These firms are now handling legal cases in foreign courts in an effort to trace and recover the laundered funds,” Association of Bankers, Bangladesh (ABB) Chairman Mashrur Arefin told reporters after a meeting with the new Governor of Bangladesh Bank.

He said the process of recovering money allegedly smuggled abroad is being pursued through international legal channels, which may take three to five years due to the complexity of legal procedures.

Representatives of the Association of Bankers, Bangladesh, the apex body of the country’s bank executives, met Bangladesh Bank Governor Mostaqur Rahman at the central bank headquarters where the issue was discussed in detail.

According to sources, the meeting reviewed the progress of ongoing initiatives aimed at recovering funds transferred overseas and explored further steps to accelerate the process.

Speaking to reporters after the meeting, Mashrur Arefin, who is also the Managing Director of The City Bank, confirmed that banks accused of involvement in illicit fund transfers have already engaged international legal firms to pursue recovery efforts.

Legal experts believe that retrieving laundered money through international litigation generally requires three to five years, he said, expressing optimism that the funds could eventually be returned through proper legal procedures.

The ABB chairman also said the central bank governor assured bankers that efforts to recover siphoned-off money would continue.

“There is no concern that the initiative will stop even if there is a change in government,” he added.

He also clarified that no evidence has so far been found suggesting that funds were laundered through The City Bank.

Banking-sector insiders believe that once the international legal processes are completed, there will be a possibility of gradually bringing the laundered money back to the country.

Earlier in October last year, the banking regulator advised commercial banks allegedly involved in illicit fund transfers to sign agreements with a dozen international firms to trace and recover the laundered assets.

According to Bangladesh Bank sources, these firms will receive commissions only after the recovered funds are successfully brought back to Bangladesh.