UK-based firms have expressed interest in investing up to $50 million to help Bangladesh recover assets allegedly stolen and laundered abroad during the Awami League regime, according to a statement from the Chief Adviser's Office.

The firms showed their interest during Bangladesh Bank Governor Ahsan H Mansur's visit to London last month, which was aimed at supporting the interim government's efforts to trace and repatriate illicitly transferred funds.

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The golden rule in recovering stolen assets

Mansur, who leads the Asset Recovery Taskforce, held a series of meetings with key stakeholders in the UK from March 17 to 21 this year.

The UK is believed to be one of the main destinations of laundered money from Bangladesh.

"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," the statement said.

It also noted that the primary sources of such funds were corruption in the banking sector and misuse of government institutions.

In an interview with Al Jazeera during the visit, Mansur said Bangladesh Bank has formed 11 specialist teams to trace assets linked to 11 influential families accused of laundering billions of dollars to different destinations, including the UK, UAE, US, Malaysia, and Singapore.

Citing the Al Jazeera report, the statement said just one of the families under investigation is suspected of transferring $15 billion out of Bangladesh.

In one case, nearly 90 percent of a single bank's deposits were allegedly withdrawn, pushing the institution to the brink of collapse.

Mansur said the UK is the starting point to trace and recover around $25 billion believed to have been laundered from Bangladesh, according to the report.

A Terms of Reference outlining the engagement process for private firms will be issued by the end of April this year, Mansur announced at a seminar in London on March 19, which was attended by nearly 30 firms and around 100 participants, including legal experts, forensic investigators, and litigation funders.

The initiative will receive technical assistance from the World Bank's Stolen Asset Recovery programme and the International Centre for Asset Recovery (ICAR).

Three of the world's largest litigation funders held separate meetings with the Bangladesh Bank governor during the visit, expressing strong interest in supporting the country's asset recovery efforts.

These firms collectively proposed investing up to $50 million, subject to the availability of sufficient evidence to pursue viable legal cases, the statement added.

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Chief adviser seeks greater collaboration with UK

Mansur invited them to visit Bangladesh soon to review potential cases for litigation funding.

During his visit, the BB governor also met with members of the All-Party Parliamentary Group on Corruption at the UK Parliament and Catherine West MP, Minister for Asia at the UK's Foreign, Commonwealth and Development Office.

He thanked the UK for its continued support in strengthening Bangladesh Bank and advancing ongoing banking reforms, and acknowledged its contribution to ICAR's work on legal strategy in Bangladesh.

"There was a strong consensus that successful asset recovery is a moral, political, and financial imperative—both for Bangladesh and for the jurisdictions where the stolen assets were laundered," the statement said.

It also noted that several UK-based nongovernmental organisations urged the UK government to enhance its support for Bangladesh's recovery efforts, including the use of sanctions to signal to kleptocrats that they would be held accountable for financial crimes.

Mansur said a new asset recovery law is currently being drafted under the instruction of the chief adviser.