Bangladesh discontinues option to legalise dirty money through investment

The government has taken off the table the option to legalise undisclosed income or dirty money with no questions asked about the sources if its invested in certain sectors.

In 2021-22 financial year, the government retained the option by raising the fines for legalising so-called black money.

Finance Minister AHM Mustafa Kamal proposed abolishing two provisions in the Finance Bill for 2022-3 fiscal year on Thursday.

Investment in new industries, stock market, flats and plots had been among other options to legalise the untaxed money.

The option to legalise undisclosed income through investment in shares, bond, mutual fund and other stock market instruments has also been shut now.

The option to park dirty money as cash, bank deposit, financial schemes and instruments, savings and other sorts of deposits, savings instruments or savings certificates is also being made unavailable in the financial year beginning on July 1.

People had the option to legalise undisclosed land, building or apartment by paying taxes and fines at certain rates without facing any questions.

Now these options are going away in the new fiscal year.