Law bars asking questions about laundered money: Finance Minister

Finance Minister AHM Mustafa Kamal has said the government is obliged by a law that those who will bring back their laundered money home will not be questioned any more.

Defending his move, announced in the national budget for FY2022-23, he said most of such money is undeclared and smuggled out due to the faulty system, reports UNB.

He made this remark while addressing a post-budget press conference at Osmani Memorial Auditorium in the city on Friday.

Fielding a volley of questions on the issue, he said many countries in Asia, America and Europe have declared amnesty for the money launderers.

According to a provision declared in the newly placed national budget, no authority, including the income tax collectors, shall raise any question as to the source of any asset located abroad if a taxpayer pays extra taxes on such assets.

The proposed rate is 15 per cent for immovable property not repatriated to Bangladesh, 10 per cent for movable property not repatriated to Bangladesh and 7 per cent for cash and cash equivalents repatriated to Bangladesh. This will take effect from July 1.

A question was asked by a reporter that in the past the government had declared a "Truth Commission" and provided scope for legalising illegal money through paying tax, but later the names of the persons who took the opportunity were disclosed.

So, how could people trust the new assurance and take the opportunity?

Answering the question, Kamal said the government will use some tools so that people will be encouraged to bring the smuggled illegal money back.

"But this will not discourage or undermine those people who regularly pay taxes", he added.

Supporting his view Agriculture Minister Abdur Razzak, who present on the occasion, supported the government move in this regard and said that the Truth Commission was formed during the caretaker government which was a non-constitutional government.

"But Awami League is a constitutional government and the relevant law is passed by the government to give the guarantee to the people not to raise any question in future", he added.

The finance minister claimed that the newly unveiled national budget will bring benefits for all the segments of the society, specially, for the poor.

"I was born in a poor family and raised up from poverty. So, I do feel the pain of the poor", he said, adding that so many measures including allocation for social safety-net programmes were increased in the new budget.