It’ll promote money laundering, graft: TIB

Transparency International Bangladesh (TIB) said the proposed national budget for fiscal year (FY) 2023-24 would encourage and facilitate people in the country to get involved in more corruption and money laundering.
TIB expressed its grave concern over lack of proper directions for ending corruption, money laundering, and ensuring good governance.
It said Finance Minister A H M Mustafa Kamal, in his budget speech, did not acknowledge the ongoing economic crisis, growing income inequality, and declining foreign-exchange reserves - caused by endemic corruption, and money laundering.
The finance minister sent the idea of good governance and justice to exile in this regard, the anti-graft watchdog noted.
In a statement, TIB executive director Dr Iftekharuzzaman said, “In the budget speech, the finance minister has announced tightening import, continued monitoring of debt securities, and withdrawal from multiple currency exchange rates - to deal with the dollar crisis and rebuild foreign exchange reserve.”
However, the minister did not give any specific direction regarding curbing rampant corruption and money laundering; rather ignored these matters, he added.
The organisation said there was no denying that the global crisis, caused by the Covid pandemic and the Ukraine war, had negative impact on the economy.
“However, it is not clear how an ambitious budget without any direction will be meaningfully implemented to curb rampant corruption and sky-high money laundering, which are the main obstacles to sustainable and inclusive development in the country.”
The hope that the budget would play a role for (betterment of) the ordinary people of the country - outside the circle of influential people - is absolutely unrealistic, TIB opined.
The entity also said the government’s good sense triggered, as it did not extend the period of unethical benefits - given in the previous budget to bring back money from abroad without question.
However, the Bangladesh chapter of Berlin-based anti-graft watchdog called for stopping the opportunity to whiten black money by investing in plots and flats in real estate sector as well.
Even, in the proposal of subsidies and incentive expenditure of Tk 845 billion in the current national budget, Tk 600 billion had been allocated for the public administration. Subsidies and incentives in social security stood at Tk 50 billion only, it stated.
TIB called upon the government to justify these matters before passing the budget.

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