Dhaka, April 22 -- Bangladesh has begun legal and diplomatic steps to recover money allegedly laundered abroad by tycoons, the finance minister told parliament Tuesday, vowing that there would be "no compromise" in enforcing financial discipline.

Speaking during a question-and-answer session in the JatiyaSangsad, Amir Khosru Mahmud Chowdhury said the government had already initiated both criminal and civil proceedings to trace and repatriate illicit assets linked to powerful conglomerates.

The remarks came in response to a question from Hasnat Abdullah, who cited large volumes of default loans tied to corporate groups.

He claims Islami Bank Bangladesh Limited alone held Tk921.15 billion in non-performing loans, of which roughly Tk 800 ...