Amnesty for bringing back laundered money unethical: GM Quader

Jatiya Party Chairman GM Quader today said that the provision of amnesty in bringing back laundered money is unethical and is only going to encourage money launderers.

"This will increase money laundering and corruption," the opposition leader noted at the Jatiya Party office Sunday.

He demanded punishment for those who laundered money abroad.

"We have long called on the government to release the list of traffickers. We still want the list of traffickers to be published and them [traffickers] brought to justice," he said.

Finance Minister AHM Mustafa Kamal offered Bangladeshis a scope for legalising their unreported assets outside the country without facing any questions in the next fiscal year, subject to paying taxes ranging from only 7% to 15%.

The privilege will remain in force for a year till June 2023, according to the FY23 budget proposal placed in parliament on 9 June.

The offshore tax amnesty will help to lure back the money syphoned off the country, believes the minister.

Undisclosed assets holders have been allowed to show any of their immovable assets outside Bangladesh in tax returns by paying a 15% tax.

In the case of legalising any movable assets, including cash, bank accounts, securities and financial instruments without repatriation to Bangladesh, they will have to pay a 10% tax, according to the proposed budget.

Besides, any cash, bank deposits, bank notes, bank accounts, convertible securities and financial instruments, if repatriated to Bangladesh, will be taxed at a rate of 7%.