It’s a crime, says Anisul Islam Mahmud on amnesty to money launderers

Anisul Islam Mahmud, MP said he was surprised to see the finance minister’s proposal allowing amnesty to money launderers.

“I am surprised. It’s a crime both from national and international legal perspectives,” Mahmud said while addressing a dialogue on the proposed budget for FY 2022-23 at a city hotel on Thursday.

The Centre for Policy Dialogue (CPD) organised the dialogue chaired by its executive director Dr Fahmida Khatun. Dr Khandaker Golam Moazzem, research director of CPD, presented an analysis of the budget proposals.

“Do we know its legal implications? Are we sure, launderers who’ll avail the facility and send back money to home, won’t be implicated in that country?” questioned the lawmaker, also a former minister for a foreign affairs, environment and forest and water resources.

“I don’t find any logic (behind this move),” said the five-time lawmaker.

Dr Fahmida Khatun said the amnesty to money launderers is in no way an acceptable move.

Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry, said this amnesty will encourage honest taxpayers to become dishonest.

The government in the Finance Bill 2022 added 19F, a new section in the Income Tax Ordinance 1984, giving special tax treatment in respect of undisclosed offshore assets.

By giving 7 percent tax, a launderer can bring back cash or cash equivalents, bank deposits, bank notes, convertible securities and financial instruments and the rate is 10 percent for repatriation of other moveable assets and 15 percent for immovable assets. In any of these cases, launderers do not need to repatriate the assets.

No question as to the source of any undisclosed asset located outside of Bangladesh shall be raised by any authority if an assessee pays before the submission of return of income applicable for the assessment year 20022-23 at the aforesaid tax rates, says the Finance Bill 2022.