In a statement on Friday, TIB executive director Iftekharuzzaman said the finance minister has proposed to add a new provision in Tax Ordinance to bring back laundered money without any question. Creating a scope to bring back laundered money from abroad without any question is clearly an unethical protection of launderers.
However, money laundering is a serious crime. As per the law, the punishment for money laundering is confiscation of assets and a fine of double the amount of laundered money and imprisonment up to 12 years.
The TIB executive director said the scope to legalising the laundered money is the continuation of whitening the black money. He mentioned providing scope repeatedly to whiten the black money did not yield expected results.
There is no basis of this daydream that those who laundered money will bring back their money, Iftekharuzzaman said adding if the money laundering is legalised in such a way, the corruption and money laundering will increase further.