The government plans changes in the provisions for "money whitening" scheme, empowering agencies other than the tax department to seek information on the source of income of undisclosed money holders, the finance minister said Tuesday.
Under the existing laws, undisclosed money can be whitened i.e. legalised by investing in the capital market or treasury bonds after the payment of 10 per cent penal tax. The government can't raise any question about the source of fund.
But finance minister AMA Muhith said the laws would be changed in order to allow other state agencies such as the home ministry and the anti-graft commission to know whether the undisclosed fund is used for terror financing.
"The question on source of black money could be raised by other ordinances or acts in the country. A new SRO (Statutory Regulatory Order) will clarify the changes," Muhith said.
"The move to change the SRO has been taken to plug the opportunity of whitening plundered money and money for terrorist financing," Muhith told reporters after a meeting of the National Coordination Committee on Anti-Money Laundering.
Members of the Coordination Committee including Bangladesh Bank Governor, Anti-Corruption Commission Chairman and Attorney General attended the meeting held at the conference room of the finance ministry.
Muhith did not elaborate the reasons behind the government move to amend the SRO.
But sources in the finance ministry said the government was changing the current money provisions after the Asia-Pacific Group onMoney Laundering (APG) opposed the latest government's measure to whiten undisclosed money.
Bangladesh is a member-country of the APG and it is bound to follow the APG-ratified international rules on checking money laundering.
The APG is an autonomous and collaborative international organisation, founded in 1997 in Bangkok, Thailand. It consists of 41 member countries and a number of international and regional observers.
The finance minister said the new SRO will be issued shortly by the National Board of Revenue (NBR).
The government has also undertaken a move to enact a new law called Mutual Legal Assistance Act by December this year in an effort to bring siphoned-off money back to the country, he added.
"Information sharing with different countries in the world on the nature and extent of laundered and black money will be possible once the act is formulated," the finance minister said.
"The main objective to enact the new law is to repatriate already siphoned-off money from Bangladesh to other countries," added Muhith.
http://www.thefinancialexpress-bd.com/more.php?news_id=146588&date=2011-08-17
Under the existing laws, undisclosed money can be whitened i.e. legalised by investing in the capital market or treasury bonds after the payment of 10 per cent penal tax. The government can't raise any question about the source of fund.
But finance minister AMA Muhith said the laws would be changed in order to allow other state agencies such as the home ministry and the anti-graft commission to know whether the undisclosed fund is used for terror financing.
"The question on source of black money could be raised by other ordinances or acts in the country. A new SRO (Statutory Regulatory Order) will clarify the changes," Muhith said.
"The move to change the SRO has been taken to plug the opportunity of whitening plundered money and money for terrorist financing," Muhith told reporters after a meeting of the National Coordination Committee on Anti-Money Laundering.
Members of the Coordination Committee including Bangladesh Bank Governor, Anti-Corruption Commission Chairman and Attorney General attended the meeting held at the conference room of the finance ministry.
Muhith did not elaborate the reasons behind the government move to amend the SRO.
But sources in the finance ministry said the government was changing the current money provisions after the Asia-Pacific Group onMoney Laundering (APG) opposed the latest government's measure to whiten undisclosed money.
Bangladesh is a member-country of the APG and it is bound to follow the APG-ratified international rules on checking money laundering.
The APG is an autonomous and collaborative international organisation, founded in 1997 in Bangkok, Thailand. It consists of 41 member countries and a number of international and regional observers.
The finance minister said the new SRO will be issued shortly by the National Board of Revenue (NBR).
The government has also undertaken a move to enact a new law called Mutual Legal Assistance Act by December this year in an effort to bring siphoned-off money back to the country, he added.
"Information sharing with different countries in the world on the nature and extent of laundered and black money will be possible once the act is formulated," the finance minister said.
"The main objective to enact the new law is to repatriate already siphoned-off money from Bangladesh to other countries," added Muhith.
http://www.thefinancialexpress-bd.com/more.php?news_id=146588&date=2011-08-17
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