Recovering laundered money from abroad is likely to take three to five years, said Bangladesh Bank Governor Ahsan H Mansur yesterday.

In its white paper on the state of the Bangladesh economy, the panel estimates that an average of $16 billion was illicitly siphoned off from the country every year in the past 15 years.

The legal battle to bring back the money could take three to four years as the global standard for such recoveries is typically four to five years, he said while unveiling the monetary policy for the second half of the fiscal year.

"Our short-term goal is to identify and attach foreign-held assets within one year. We have launched major initiatives for asset recovery."

A joint investigative team has been formed and both the central bank and the Bangladesh Financial Intelligence Unit (BFIU) are actively working with international anti-crime agencies. Additionally, foreign experts are assisting in the recovery efforts.

"Some international professionals are currently visiting Bangladesh to provide training. We are making every effort to recover the laundered money while adhering to international rules and regulations."

However, he cautioned that asset recovery is a time-consuming process.

"Our goal is twofold: first, to recover laundered assets using international legal frameworks, and second, to identify and freeze illicit wealth both domestically and abroad."

The process involves several stages, said Mansur, a former economist of the International Monetary Fund.

"First, we must seize local assets before tracing foreign-held assets and attempting recovery through legal channels."

He cited examples of other countries that have successfully retrieved stolen assets.

"Malaysia recovered funds siphoned off from its sovereign wealth fund. Nigeria retrieved assets stolen by its former president, and Angola reclaimed $15.6 billion that had been illicitly transferred abroad. We will succeed as well but it will take time."

Discussing the challenges involved, Mansur said the inter-ministerial coordination remains a significant hurdle.

"In Bangladesh, government departments struggle with effective communication, but joint investigations are a new initiative here. We are working to implement them successfully," he added.