Chief Adviser (CA) Professor Muhammad Yunus has directed the formation of a special "Looted Money Management Fund" aimed at managing and utilizing confiscated assets and embezzled funds for public welfare, particularly for the benefit of the poor.
The directive was issued during a high-level meeting on the recovery of laundered money held at the State Guest House Jamuna on Monday, with the Chief Adviser presiding.
"The Chief Adviser instructed the authorities to establish the fund, which will be used for the welfare of the people," said Shafiqul Alam, Press Secretary to the Chief Adviser, at a press briefing at the Foreign Service Academy following the meeting.
Speaking at the briefing, Bangladesh Bank Governor Ahsan H Mansur said the fund will be established under existing legal frameworks. If necessary, laws will be amended to facilitate its formation and operation.
“We hope to establish this fund within the interim government’s tenure, but we also expect the next elected government to continue and expand it,” Mansur added.
The Governor clarified that the fund will consist of money and assets seized from individuals accused of embezzlement, corruption, and financial crimes.
Funds recovered from bank-related fraud will be returned to the affected banks to compensate depositors. Meanwhile, looted assets obtained through non-banking channels will be redirected towards poverty alleviation and welfare programs via the newly formed fund.
In addition, frozen shares of companies with outstanding loans will be handed over to strategic investors. To legalize this process, the government will temporarily assume ownership of the shares.
“The capital from new investors will then be channeled back to the banks through this fund,” the Governor noted.
Officials stressed that proper legal procedures will be followed to ensure the transparency and accountability of the fund. The initiative reflects the interim government’s commitment to restoring public trust and ensuring that looted national wealth is used for the greater good of society.
