Money launderers can leave the country forever: Finance minister
Finance minister AHM Mustafa Kamal said actually there is no appropriate law about money laundering. However, it was seen earlier that no goods were imported but the money has already siphoned off. Such things have declined and will decline more once the automation system is launched
Those who do not want to keep the money of the country within the country can leave the country forever, remarked finance minister AHM Mustafa Kamal in a post-budget virtual media briefing on Friday.
In his budget speech at parliament on Thursday, the minister said anyone found to be involved in money laundering will be slapped with 50 per cent tax. It will be an effective method.
Finance minister Kamal first looked for Md. Ashadul Islam, senior secretary of financial institutions division, finance ministry, to answer the question. As he was not available, the minister asked planning commission member (General Economics Division) M Shamsul Alam, but Shamsul Alam said he could not answer this question. Later, the minister sought Bangladesh Bank governor Fazle Kabir, who neither was available
The minister further said there are allegations (against businessmen) of importing goods showing higher prices (over invoicing), exporting goods showing lower prices (under invoicing) and money laundering and tax evasion. “The government’s stand is tough in this regard.”
In the briefing, the minister was asked many business conglomerates of Bangladesh announce, even on their websites, that they have offshore investment but the Bangladesh Bank is in dark about those. So, the question is, is the government sincere to detain the money launderers?
Finance minister Kamal first looked for Md. Ashadul Islam, senior secretary of financial institutions division, finance ministry, to answer the question. As he was not available, the minister asked planning commission member (General Economics Division) M Shamsul Alam, but Shamsul Alam said he could not answer this question. Later, the minister sought Bangladesh Bank governor Fazle Kabir, who neither was available.
Finally, the minister himself answered to the question. Addressing the governor, at the beginning, Kamal said, “Money is being siphoned off abroad. No lawsuit was fined in most of the cases. A new law has to be enacted if there is any flaw with the existing one.”
Later, the minister said actually there is no appropriate law about this. However, it was seen earlier that no goods were imported but the money had siphoned off. These have declined and will decline more once the automation system is launched.
AHM Kamal said, “Money laundering is undesirable for any government. If anyone informs me, the governor (of Bangladesh Bank) or the secretary to financial institutions division over those incidents, we can take action.”
He further said, we also want the money of the country to stay within the country. They should spend the money of the country within the country itself. Those who do not want to do so can leave the country forever.
The finance minister also said they had formulated this budget beyond the convention against the backdrop of the novel coronavirus pandemic. Saving people’s lives has been emphasised here. This time we will spend first, then will concentrate on earning. But the way I devised the budget for 2020-21 fiscal, we can implement it, he added.
Agriculture minister Abdur Razzaq, planning minister MA Mannan, prime minister’s financial affairs adviser Mashiur Rahman, energy adviser Tawfiq-e-Elahi Chowdhury, financial institutions division senior secretary Md. Ashadul Islam, Bangladesh Bank governor Fazle Kabir, National Board of Revenue (NBR) chairman Abu Hena Md Rahmatul Muneem and planning commission’s general economics division (GED) member professor Shamsul Alam, joined the briefing, among others.
Kamal on Thursday placed a Tk 5,680 billion national budget for the coming fiscal at Jatiya Sangsad setting a target of attaining a 8.2 per cent GDP growth expecting to keep up the economy’s momentum, offsetting the impact of the coronavirus pandemic.