AHM Mustafa Kamal Now the government is set to offer an amnesty to salvage siphoned-off money to replenish Bangladesh's fast-depleting foreign-currency reserves amid war-linked global economic crisis.
Finance Minister AHM Mustafa Kamal unveiled the plan Thursday, in a crescendo of a series of measures aimed at augmenting the country's reserves in US dollar which is getting dearer in exchange with the local-currency taka amid a global financial crunch.
He mentions that the media have reported time to time, the Anti-Corruption Commission and Bangladesh Bank have taken note of the situation and sometimes the judiciary issued directives for taking action against money launderers.
"Based on these, we see money has been siphoned off from Bangladesh. We will provide amnesty in various ways so that the money returns," the minister told newsmen after a meeting of the cabinet committee on government purchase.
He said the general pardon might be declared before the placing of next budget in parliament.
The central bank will issue a circular detailing the procedure of bringing back the money under the planned amnesty scheme, Mr Kamal added.
Replying to a query the minister alluded to such tax amnesty offered by many countries in the past to retrieve laundered money.
"When Indonesia offered such an amnesty, huge money came back," he said, for an instance.
In case of Bangladesh, he added, "I think it's a very good opportunity for the launderers and they will make good use of it".
"We have to try on all fronts," said the minister.
The National Board of Revenue is also working on the amnesty scheme which will be reflected in the next fiscal budget.
Meanwhile, as a forex-mobilising measure, the central bank issued on May 23 a circular withdrawing the requirement of submitting any document for sending any amount of remittance from abroad and the remitters will be entitled to 2.5-percent cash incentives.
In the past there was a provision that remitters will have to submit legal documents for claiming cash incentives if they send over Tk 500,000 or more than US$5,000 at a time, which now the government withdraws to increase inflow of the foreign exchange.
Every year, according to data published by Washington-based Global Financial Integrity (GFI), on average some $7.53 billion is being siphoned off Bangladesh through over-and under-invoicing of international trade.
An FE report published this week said the government might let Bangladeshi nationals bring back their laundered money by paying a flat rate of penal tax and the provision may be incorporated into the Finance Bill 2022, to be placed in parliament on June 9.
The report said some $81.74 billion worth of money had been siphoned off during 2006-16 period.
Replying to a query Mr Kamal said in the next budget all types of businesses would get various facilities so that they can further flourish and generate employment.
Regarding businesses' call not to raise prices of gas and electricity now, the minister said price hike of the utilities has impact on all quarters but the government will take step taking everything into consideration.
syful-islam@outlook.com
© 2026 - All Rights with The Financial Express
