United Commercial Bank (UCB)

Dhaka, Sunday


03 July 2022


Business Insider Bangladesh

Money launderers should take ‘opportunity’ of tax amnesty: Kamal

BI Report || BusinessInsider

Published: 16:29, 26 May 2022   Update: 22:57, 26 May 2022
Money launderers should take ‘opportunity’ of tax amnesty: Kamal

Graphics: Business Insider Bangladesh

Finance Minister AHM Mustafa Kamal has said the government’s recent offer of tax amnesty for repatriating siphoned money to Bangladesh is an “opportunity” for money launderers.

“We hope that those who have laundered money will take this opportunity,” the finance minister told the media on Thursday after attending a virtual meeting of the Cabinet Committee on Public Purchase and Cabinet Committee on Economic Affairs.

Citing the example of Indonesia, the minister said the country has managed to repatriate a huge amount of money from abroad by declaring tax amnesty.

Many people in the country siphoned off money at different times and ways, the minister said.

However, when asked, the minister said he was not aware of how much money has been siphoned off Bangladesh. “No person, including myself, does not know how much money has been sent aboard.”

The minister also didn’t want to disclose if any fiscal measures have been taken considering any return of laundered money before passing the finance bill of the next budget.

However, he said that the central bank will make more announcements in this regard through circulars before the national budget is placed in Parliament. He said the issue of amnesty will be reflected in the national budget.

The finance minister’s remarks came in response to questions on the government’s initiative as Bangladesh Bank recently announced that any person will be allowed to bring in upto $5,000 from abroad without any prior declaration and no question will be asked about the source of the money.

Such an announcement from the central bank came to encourage people to bring more US dollars against the backdrop of its prevailing crisis.

Nagad
Monetary Policy Stance
Budget 2020-21
Islami Bank Bangladesh Ltd