Kamal eyes return of laundered money

FE REPORT | Friday, 13 May 2022

Finance minister AHM Mustafa Kamal on Thursday pinned hopes on getting back the money that has been laundered from the country over the years.

"We're greatly hopeful that the money earlier sent abroad would be brought back home as the owners have to pay higher service charge there," he said.

"The banks abroad don't provide them any incentive, whereas we are planning to give attractive benefits to lure them to return the money here."

Mr Kamal said this as the chief guest at the 'Bangladesh Bank Remittance Award 2019 and 2020' handover ceremony at the Krishibid Institution Bangladesh Auditorium in Farmgate area.

Bangladesh Bank (BB) governor Fazle Kabir, Financial Institutions Division secretary Sheikh Mohammad Salim Ullah, and Expatriates' Welfare and Overseas Employment secretary Dr Ahmed Munirus Saleheen spoke as special guests.

BB deputy governor Abu Farah Md Naser chaired the event.

The minister said some countries provide money-launderers with scope to siphon off money, but there is little scope to deal with them.

Despite all odds, the country's economy is going on well and Bangladesh has been an example of resilience for tackling the pandemic.

Mr Kamal also reiterated Bangladesh's strong economic stance that has been questioned in the wake of economic crisis taking place in Sri Lanka.

"Please don't compare the country's position with that of Sri Lanka or Pakistan," he said, adding that Bangladesh's debt-GDP ratio is much lower than global average.

The minister along with other guests handed over crests and certificates among the awardees.

Some 67 financial institutions and individuals received the award for their contribution to bringing in remittance to the country through legal channels.

Urging the immigrants to use official channel to remit, Mr Kamal said: "Whatever means beyond the proper channel will be questioned any time."

Governor Kabir said the government is providing the remitters with 2.5-per cent incentive on the remitted amount to encourage them to use legal channels.

Besides, the government has introduced several investment schemes for non-resident Bangladeshis (NRBs), he added.

Mr Saleheen highlighted the need for preparing a Diaspora policy in the country to utilise the capabilities of the NRBs.

Currently, 10-million NRBs are working or living in 170 countries across the world, thus contributing to the national economy through remittance, he said.

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