Bangladesh Bank Governor Ahsan H Mansur has unveiled startling details about money laundering activities, including the illicit transfer of $20 billion abroad by a Chattogram-based entity.

Speaking at the Branding Bangladesh event in the capital on Saturday, the Governor highlighted the steps being taken to recover the siphoned off funds and strengthen the country's economic governance framework.

He pointed to a single case where $20 billion was transferred abroad illegally, marking it as one of the largest instances of money laundering in the country's history.

Governor Mansur said that improved governance has significantly curbed capital flight, but recovering the stolen funds remains a priority for the authorities.

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"We are collaborating with international authorities to retrieve the siphoned money," Mansur said, adding that discussions with the FBI and other foreign agencies are ongoing. To expedite the process, Bangladesh is also engaging foreign legal experts to tackle the complexities of international law.

Acknowledging the scale of the challenge, Mansur emphasised the importance of global cooperation. "Foreign organisations have shown willingness to assist us in recovering the laundered money," he stated.

The ongoing investigations underline the government's commitment to bringing perpetrators to justice and recovering public assets lost through illicit financial outflows.

The Governor linked the economic consequences of such financial crimes to broader issues, such as exchange rate manipulation.

He cited concerns over certain entities in Dubai exploiting the remittance process to influence currency rates. "This manipulation is harmful to our economy and needs to be addressed with strict oversight," Mansur warned.

Mansur commended the introduction of a 2.5% incentive on remittances sent through banking channels, which has contributed to a surge in remittance inflows despite political uncertainties.

He, however, reiterated that ensuring transparency in financial systems and combatting laundering remain integral to the nation's economic growth.

The governor emphasised the importance of bolstering the workforce's skills to increase remittance inflows further.

While these goals are ambitious, Mansur expressed optimism about achieving them with proper governance and international collaboration.