Bangladesh Bank (BB) has instructed commercial banks to ink Non-Disclosure Agreement (NDA) with 12 international asset recovery and law firms to help bring back money laundered abroad allegedly by ousted prime minister Sheikh Hasina, her family members and several major business groups.

The central bank today gave the directive to the banks during a meeting presided over by Bangladesh Bank Governor Ahsan H Mansur, with managing directors of several commercial banks in attendance.

Talking to BSS, Managing Director (MD) of the Islami Bank Bangladesh PLC Md Omar Faruk Khan said the banks will engage international law and asset recovery firms to trace and repatriate the funds.

The firms will provide administrative and legal assistance in the repatriation process, he added.

"Some banks will act as lead banks, forming consortia with others to sign agreements with these firms. Once finalised, we'll assess how to deposit the recovered money," he added.

Responding to a question, Omar Faruk Khan said that the government has initially identified 11 local industrial groups suspected of money laundering, including Nassa Group and S Alam.

"We will work with the asset recovery agencies under NDA. Some preliminary negotiations have begun," he noted.

It is reported that, in addition to ousted Prime Minister Sheikh Hasina and her family members, the list of individuals and entities allegedly involved in money laundering includes former Land Minister Saifuzzaman Chowdhury's Aramit Group, as well as S. Alam Group, Beximco, Sikder Group, Nassa Group, Orion, Gemcon, Nabil, and Summit, among others.

According to allegations, a portion of the laundered money transferred through these groups is believed to have ultimately benefited the ousted prime minister and her family members.