All landlords in Dhaka have ‘black money’ in a sense, says Finance Minister Kamal

Finance Minister AHM Mustafa Kamal has said everyone who owns land, house or flats in Dhaka has ‘black money’ in a sense and urged all to use the term ‘undisclosed funds’ instead.

Speaking to journalists after a meeting of cabinet committees on Wednesday, he faced questions on his proposal to offer amnesty to money launderers by levying some taxes in an effort to bring their funds back from abroad.

Despite widespread criticism of the proposal even from within the ruling Awami League, Kamal vowed to press ahead with his plan. “I’m not under any pressure. I’ll do what I’ve said.”

He said systemic problems turn people’s income into undisclosed funds, or so-called black money. “All the owners of land, house or flats in Dhaka have black money. None left. The government and the system are to blame for this.”

People show a lower price than the original while registering their properties, he explained. This practice is depriving the government of the right fees, he said. “The money in the difference between the original price and the declared value vanishes from record.”

“Everyone is involved with black money, [but Kamal faces criticism] when I try to bring back the black money.”