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Bank & Finance - Corporate - 3 weeks ago

Bringing back laundered money after tax illegal

Dr Mohammad Farasuddin

Staff Correspondent: Renowned economist, Personal Associate of Bangabandhu and former governor of Bangladesh Bank Dr Mohammad Farasuddin said the proposal to bring back the laundered money after paying tax is unethical and illegal.
“The opportunity given to the money launderers to bring their money back to the country cannot be justified in any way. The finance minister has to realise this reality,” he said while addressing a shadow parliament as the chief guest on what needs to be done to overcome Sri Lanka’s economic crisis at FDC arranged by Debate for Democracy yesterday.
The former central bank governor also said those who are involved in money laundering are getting benefit from 2.5% incentives on remittances.
“The loans taken for mega projects in Bangladesh will have to be repaid in the next three or four years. Lack of adequate preparation to repay these loans can have a negative impact on the overall economy,” he added.
Speaking on the occasion, Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiran said, “We have to be careful not to misuse the opportunity being given in this year’s budget to bring back laundered money.”
The opportunity to bring money back to the country through such a small tax will discourage honest taxpayers, said Kiran.
Stamford University Bangladesh’s debaters defeated Sher-e-Bangla Agricultural University In shadow parliament competition.

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