06/06/22

ASIA: Bangladesh Govt reforms taskforce to bring back laundered money.

As published on tbsnews.net, Sunday 5 June, 2022.

The government has reformed the taskforce responsible for bringing back the money laundered abroad.

The taskforce includes the attorney general, BFIU chief and BSEC commissioner, according to a notice issued by the Financial Institution Division of Finance Ministry on Sunday.

The taskforce will take steps to bring back money laundered abroad under Money Laundering Act 2012.

The government is going to offer Bangladeshis offshore tax amnesty which will help to lure back the money syphoned off the country.

The privilege will remain in force for a year till June 2023, according to the FY23 budget proposal to be placed in parliament on 9 June.

Undisclosed assets holders will be allowed to show any of their immovable assets outside Bangladesh in tax returns by paying a 15% tax.

In the current fiscal year, the untaxed money can be invested in the stock market, subject to paying a 25% tax plus a 10% penalty on the payable tax. There is also an opportunity to legalise undisclosed property, such as flats, bank deposits and savings instruments on similar conditions. Some Tk200-Tk6,000 for per square metre depending on sizes and locations needs to be paid in the case of a flat legalisation, alongside the penalty.

Besides, black money can be invested in bonds, economic zones and hi-tech parks on the payment of a flat 10% tax.