TIB condemns black money amnesty
Transparency International Bangladesh yesterday expressed deep concern over the government's recent move to allow unquestioned legalisation of black money in real estate.
The anti-corruption watchdog in a statement stressed the need for scrapping the rule from the national budget for 2014-15.
The unethical whitening provision in the budget indicates that policymaking is overpowered by corruption, said TIB Executive Director Iftekharuzzaman.
“Although the finance minister opposed the rule both in and outside parliament, continuing such unethical option without any logical explanation is frustrating and embarrassing.”
The provision is contradictory to the constitution and the government's unconditional stance against corruption and its initiative of bringing laundered money back to the country, TIB said.
The provision all but awards and institutionalises corruption, the TIB chief added.
The decision comes three weeks after Finance Minister AMA Muhith publicly vowed to discontinue “all sorts of scope for legalising black money” from the next fiscal year.
“I tell you that the provision is cancelled from today,” Muhith said at a crowded post-budget press conference on June 6.
However, Muhith backtracked and said on Saturday that the facility would be available in the next fiscal year in two ways—investments in homes by paying tax, and legalisation of undisclosed income by paying a 10-percent penalty on top of normal tax.
The move reflects the finance minister's apparent U-turn and surrender to the pressure of corrupt politicians, bureaucrats and influential realtors, TIB said.
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