Govt should punish money launderers, not reward them | The Daily Star
Skip to main content
T
Friday, March 31, 2023
The Daily Star
E-paper Today's News বাংলা
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights
  • E-paper
  • বাংলা
Search Epaper T
  • Today's News
  • Home
  • News
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Feature
    • Lifestyle
    • Arts & Entertainment
    • Showbiz
    • Star Health
    • Satireday
    • Shout
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights

  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
Editorial

Govt should punish money launderers, not reward them

Allowing them to whiten their money is not only immoral, but also illogical
Sat Jun 11, 2022 07:28 PM Last update on: Sat Jun 11, 2022 07:56 PM
VISUAL: STAR

We are quite shocked at the proposal put forward by our finance minister in the proposed national budget to allow people to bring back money from abroad by paying only a nominal tax. In a post-budget discussion, he again defended the proposal and asked the concerned citizens not to oppose the move. According to the proposal, the money laundered out of Bangladesh can be legalised in exchange for only 7-15 percent tax. While the finance minister says that it will boost revenue and mobilise foreign currencies, we disagree with him and think that the move is immoral and would only encourage more money laundering in the future.

While the Centre for Policy Dialogue (CPD) has termed the proposal unacceptable and illogical from the economic, political and ethical perspective, the Transparency International Bangladesh (TIB) has said that this will give the money launderers unethical protection from the law and reward them instead of punishing them. We agree with their views and think that such a move will frustrate the regular taxpayers and businesspeople in the country. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has also expressed fear that this might encourage capital flight from the country.

For all latest news, follow The Daily Star's Google News channel.

The finance minister also gave examples of other countries such as Indonesia – which has reportedly brought back a large amount of money through such steps – to gather support in favour of his proposal. But we do not think Bangladesh's situation is comparable with any other country, because we have rarely seen the money launderers taking the opportunities given by the successive governments to whiten their money. According to the CPD, very little money has been legalised through such steps in the previous years. Why, then, is the government giving such scopes to them again and again?

While the budget has failed to address the plight of ordinary people as no substantive measures have been proposed to check inflation and rising inequality in society, giving money launderers the opportunity to whiten their ill-gotten money only goes to show the discriminatory policies of the government.

Instead of providing the money launderers further scopes for money-whitening, the government should take tough actions against them. As per our existing law, the punishment for money laundering is confiscation of the money laundered, fining them double the amount laundered and imprisonment for up to 12 years. What is stopping the government from enforcing the law and preventing money laundering from the country once and for all? Are we to believe that the government lacks the capacity, or the political will? It must take stock of its poorly thought-out policies that are enabling launderers, year after year.

Related topic:
Money laundering case in BangladeshNational budget BangladeshNational Budget 2022-23 BangladeshFinance Minister AHM Mostafa Kamal
Apple Google
Click to comment

Comments

Comments Policy

Related News

Fiscal year 2022-23

Process on to collect $1.5b as budget support

Education Budget

Education budget only 1.83% of GDP

Bangladesh banking sector

Fuel prices falling in global market, consumers will be benefitted: Finance Minister

Politics of budget-making

Managing the politics of budget-making

2d ago
Bangladesh Finance Minister AHM Mustafa Kamal

Tax to be realized without hurting taxpayers: Finance Minister

Editors Council
৮ ঘণ্টা আগে|বাংলাদেশ

মতিউর রহমানসহ সব সাংবাদিকের ডিজিটাল নিরাপত্তা আইনের মামলা প্রত্যাহার দাবি সম্পাদক পরিষদের

‘আমরা এই কাজগুলোকে সংবাদপত্রের স্বাধীনতার হুমকির স্পষ্ট উদাহরণ বলে মনে করি।’

৯ ঘণ্টা আগে|বাংলাদেশ

আ. লীগের নেতৃত্বেই দেশে ভাতের অধিকার প্রতিষ্ঠিত হয়েছে: কাদের

The Daily Star
Journalism without fear or favour
  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
© 2023 thedailystar.net | Powered by: RSI LAB
Copyright: Any unauthorized use or reproduction of The Daily Star content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
X