Bangladesh Government announce that budget 2011-2012, Black money invest by stock market. But International Organization are also comments this news. International Organization thinks this opportunity for money laundering, terrorist financing and weakening the tax authority’s legal power.
The Asia Pacific Group on Money Laundering (APGML) has expressed its concern over the decision and asked the government to exact the methods for allowing the investment of undisclosed income in the capital market.
bdnews24.com has a copy of the official communication from the APGML secretariat to the Bangladesh government.
Bangladesh is a member of the Thailand-based international organisation which works to prevent money laundering.
Finance minister A M A Muhith on June 28 announced in parliament that undisclosed income could be invested in the capital market and in government treasury bonds for a 10 percent tax with no questions asked. Also, the money must remain invested until June 2013.
Both the nation’s bourses and investors welcomed the decision, though some quarters questioned the move.
The finance minister, however, thinks the issue is of no big concern, since the government has taken an initiative to revise the Money Laundering Prevention Act 2009, which would ‘soon’ be finalised.
The APGML letter sent on July 1 asked for an explanation of ‘how the money laundering offence and confiscation provisions would apply in relation to fund invested in the capital market and practically, how implementation of mechanisms to investigate offences would take place’.
Bangladesh Bank’s deputy governor Ziaul Hasan Siddiqui replied to this query saying the government’s position on the matter would be explained when the finance minister returns from abroad.
On July 5, another letter from the APGML secretariat demanded an explanation as to ‘how implementation of mechanisms to investigate offences would take place if the funds under investigation were subject to amnesty’.
It also enquired whether ‘the Nation
No comments:
Post a Comment