During the Awami League government’s tenure, state-backed looting in the banking sector took place, with loans being misused and funds embezzled. There were record levels of money laundering. After the student-led uprising in August, attention turned toward reforming the banking sector. The boards of 11 banks owned by S. Alam Group were restructured, yet some boards remain ineffective. Since S. Alam’s affiliates remain active, action has not been taken against non-cooperative groups.