Bangladesh has made notable progress in identifying individuals and destinations linked to money laundering, but recovering illicit funds will remain a long and complicated process, Finance Adviser Dr Salehuddin Ahmed said on Tuesday, warning that the next government will face major economic and institutional challenges.
Speaking to reporters after a meeting of the Advisers Committee on Government Purchase, Dr Salehuddin said authorities have strengthened systems to track illicit financial flows and have already gathered substantial intelligence on key cases.
"Identification has been made. We know who has done it and in which countries. But recovery is complex and time-consuming," he said.
He noted that money laundering investigations had suffered from years of institutional gaps, adding that one of his first actions after assuming office was to convene a national meeting on the issue - the first in five years. A dedicated sub-committee was later formed to collect primary intelligence and initiate enforcement steps.
The adviser stressed that strong domestic action is essential before seeking international cooperation, as foreign jurisdictions require evidence of local investigations under mutual legal assistance frameworks, which involve extensive legal and documentation procedures.
Despite progress, he declined to disclose the total amount of laundered money identified so far. He also clarified that not all overseas assets held by Bangladeshis are illegal, noting that some funds are maintained abroad lawfully with Bangladesh Bank approval.
Authorities have so far identified around 11 to 12 major laundering cases, with supporting data held by the National Board of Revenue, Bangladesh Bank and the Ministry of Finance. He urged the next government to build on existing findings rather than restart investigations.
Alongside financial crime, Dr Salehuddin warned that reviving business activity and generating employment will be among the next administration's biggest economic challenges.
"If business does not expand, employment will not grow. Without jobs, purchasing power will remain weak," he said.
He said Bangladesh must strengthen its industrial base, particularly small and medium-sized industries, while reducing overdependence on exports. Inflation, he added, remains a multidimensional challenge that cannot be addressed through monetary policy alone.
The adviser also highlighted lingering weaknesses in the banking sector, limited credit flow and the urgent need to develop capital markets to reduce reliance on bank financing. He further identified energy security, including increased domestic exploration and expansion of renewable energy, as a major long-term priority.
Dr Salehuddin said the institutional foundation for tackling these challenges is now in place - but sustained political commitment will determine future success.
