Prospect bleak for repatriation of black money: Mirza Aziz

FE Team | Published: September 30, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Finance Adviser Mirza Azizul Islam said Saturday he sees bleak prospect of repatriation of black money siphoned out of the country although the government has not given up its efforts in this connection, reports UNB.
"We're continuing our efforts, but we have to be practical. We should not expect too much," he told reporters on his arrival at Zia International Airport (ZIA) from a conference in Manila, the Philippines.
The Adviser had gone there to attend a two-day international conference of top global and regional trade and finance officials on "Mobilising Aid for Trade: Focus Asia and the Pacific" jointly organised by Asian Development Bank and World Trade Organisation (WTO).
"It's a complex process and time consuming," he said, replying to a question about the prospect for repatriation of black money from abroad.
He informed that the government has formally requested the World Bank for their help while Bangladesh Bank has requested the central bank of Malaysia in this connection.
But, he said, our claim must have to have specific evidence that our money had been smuggled out to other countries and that the money was illegal income.
"We should also consider that they would look into their losses. Our claim is not enough and that they'll follow their own laws," he added.
Turning to the conference, Aziz said the main focus of the moot was on market access of products from LDCs. But the conference stressed the need for improving export capacity of the LDCs.
The LDCs have reached a consensus that the developed and developing countries should consider 'Aid for Trade' as an additional support to the poor nations. They decided to make a formal recommendation in this regard to the WTO.
The Adviser said the least developed countries urged the conference that the developed and developing countries should not provide aid for trade in a fashion which would not force LDCs to compromise their market access facilities.
They also called upon the developed countries not to step back from the Doha Round of WTO.
Asked about the World Bank's flood support of US$ 75 million, the Adviser said: "It's not too much."