[🇧🇩] Corruption Watch

[Saif]

This budget is for promoting black money: Fakhrul

BNP Secretary General Mirza Fakhrul Islam Alamgir today said the proposed national budget for the fiscal year 2024-25 as black money-friendly, saying it will further widen scope for corruption in the country

www.thedailystar.net

This budget is for promoting black money: Fakhrul

BNP Secretary General Mirza Fakhrul Islam Alamgir. File photo

BNP Secretary General Mirza Fakhrul Islam Alamgir today said the proposed national budget for the fiscal year 2024-25 as black money-friendly, saying it will further widen scope for corruption in the country.

"This budget is for promoting black money. This is also the budget of how black money can be whitened, corruption can be expanded, and money can be made (illegally)," he said.

Speaking at a seminar, the BNP leader also said the budget was not formulated for the welfare of the people or for creating job opportunities.

"There is no need to talk about the budget. You see the cartoon on the front page of The Daily Star, where a huge elephant is sitting on top of many ordinary farmers, workers, hardworking people… This brilliant cartoon has depicted a clear picture of the budget," he observed.

The BNP leader said the government has allocated huge amount of money for unproductive sectors for creating more scopes to plunder public money.

"Sonali Dal," a panel of teachers of Bangladesh Agricultural University, arranged the event at Dhaka Reporters' Unity (DRU), marking the 43rd death anniversary of former president and BNP founder Ziaur Rahman.

Fakhrul slammed the government for increasing the tax on capital machinery in the proposed budget. "What is the meaning of increasing tax on capital machinery? The meaning is that there should be no industry and factory here as machinery cannot be imported."

He said people are going through a very tough time due to a lack of employment and earning sources. "Those who used to do small business and work here in Dhaka are now moving to the villages for a lack of jobs. But they're also facing a terrible situation as there is no work there as well."

"This government is sustaining on lies. All statistics of this regime are false and fabricated. On which statistics will you make a plan? Benazir's (former IGP) corruption is everywhere now... Benazir is everywhere now," the BNP leader said.​

 

[Saif]

Amnesty for black money: what are the proposed tax measures?

By re-launching the initiative, the government seeks to increase the flow of money into the economy, although such measures failed to yield any fruitful benefit in the past.

www.thedailystar.net

Amnesty for black money: what are the proposed tax measures?
By re-launching the initiative, the government seeks to increase the flow of money into the economy, although such measures failed to yield any fruitful benefit in the past.

The government wants to re-introduce the provision allowing individuals and companies to whiten their black money without facing any question from any authority about the source of the wealth.

According to the new provision, a taxpayer needs to pay tax at fixed rates against investment in immovable properties such as flats and land.

In case of other assets, including cash and deposits in banks, a taxpayer will need to pay a 15 percent tax on the amount to legalise his/her income.

By re-launching the initiative, the government seeks to increase the flow of money into the economy, although such measures failed to yield any fruitful benefit in the past.

The unquestioned amnesty to black money will remain effective from July 1 this year to June 30 next year if the lawmakers approve the proposal placed by Finance Minister Abul Hassan Mahmood Ali on June 6 as part of tax measures for the next fiscal year.

But what are the provisions in his proposal?

By paying a 15 percent tax, one can invest his/her undeclared money in financial schemes and instruments, in the stock market or deposits in banks.

To read the rest of the news, please click on the link above.​

 

[Saif]

Suspicious transactions, capital flight growing

Suspicious transactions linking to money laundering are growing in the county amid the resource crunch caused by a persistent dollar shortage.

www.newagebd.net

Suspicious transactions, capital flight growing
Shakhawat Hossain 09 June, 2024, 23:57

Suspicious transactions linking to money laundering are growing in the county amid the resource crunch caused by a persistent dollar shortage.

According to a budget document, the Bangladesh Financial Intelligent Unit received 12,046 suspicious transaction reports and suspicious activity reports in the first nine months of the outgoing FY24.

The number was around 10,000 during the same period of FY23 with the BFIU recording overall 14,100 STRs and SARs at the end of FY23.

The BIFU also took measures against 25.9 million cash transaction reports in the first nine month of the outgoing FY24, said the budget document prepared by the Financial Institutions Division over the country's financial sector.

Former Bangladesh Bank governor Salehuddin Ahmed, however, called the government initiatives to check the hundi and capital flight insufficient.

The inflow of remittance did not reflect the growing number of overseas job seekers from the country, he said, adding that hundi diverted remittance elsewhere.

Some 11 lakh Bangladeshi sought overseas jobs in FY23 as the Middle East countries hired workers from Bangladesh in an increased number.

But despite the rise in employment, inward remittance had not increased much.

For the period of July–April in the current financial year FY24, remittance inflow reached $21.3 billion against $19.1 billion earned in the same period of FY23.

The Financial Institutions Division report said the the BFIU suspended 27,860 individual mobile financial service accounts and two MFS providers in the first nine months of the outgoing FY24.

The BFIU also closed down 291 websites, 33 apps and 464 social media platforms for same reasons during the same period.

On May 9, finance minister Abul Hassan Mahmood Ali said that money laundering was increasing due to online gambling, gaming and hundi while responding to a question in the parliament.

Taking advantage of this development in technology, some unscrupulous circles became involved in criminal activities such as online gambling/betting, gaming, forex/cryptocurrency trading and hundi, he said.

As a result, he said that money was being smuggled out of the country leading to the loss of foreign currency.

Remittance significantly contributes to the country's balance of payments, but the slower than expected growth had deepened the current economic crisis begun in April 2022.

To read the rest of the news, please click on the link above.​

 

[Saif]

Provision to whiten black money an injustice to honest taxpayers: speakers

Prof Selim Raihan, executive director of SANEM, criticises the tax disparity between honest earners and black money holders

www.thedailystar.net

Provision to whiten black money an injustice to honest taxpayers: speakers

The provision for whitening black money by paying 15 percent tax in the proposed national budget for 2024-25 fiscal year will encourage corruption, and it stands against the values of a just society, said speakers at an event today.

They remarks came at a national budget review programme organised by the Economics department of Dhaka University on the premises.

Prof Selim Raihan, executive director of SANEM, criticised the tax disparity between honest earners and black money holders.

"People with legal incomes have to pay 30 percent or more taxes, while those legalising black money will pay 15 percent. This is an injustice to honest taxpayers," he said.

Raihan questioned the realism of the government's target to reduce inflation to 6.5 percent within the next fiscal year, with a GDP growth target of 6.75.

"The exchange rate needs to be stabilised and the government should further undertake major reform initiatives to address problems in the financial sector, including defaulted loans," he added.

Prof Masuda Yasmin, chairman of DU Economics department, expressed her disappointment with the budget, saying it failed to meet expectations amid the current economic crisis.

"The economy needs stability, even if it means slower growth," she said.

Prof Sayema Haque said the government could have reduced the budget deficit further, warning that borrowing from the domestic sector to meet the deficit could lead to increased inflation.

DU Vice Chancellor Dr ASM Maksud Kamal highlighted the growing waste in various sectors due to a lack of skills and the need for special attention to agricultural production in light of climate change.

"There will be a significant risk to food security in future if the agriculture sector isn't given priority in the budget," he said.

Speakers also talked on issues including social security, large-scale investment, industrialisation, and the health system.

They called for increased allocation and incentives in the SME (small and medium-sized enterprises) sector, proper use of budget allocations, and institutional measures against corruption to ensure proper implementation.

Prof Ferdowsi Nahar, Rumana Haque, Saima Haque, and Syed Naimul Wadood also spoke at the event.​

 

[Saif]

Probe initiated against Aziz’s siblings

An investigation has been initiated into the alleged passport and NID card forgery against former army chief general Aziz Ahmed’s siblings Haris Ahmed and...

www.newagebd.net

Probe initiated against Aziz's siblings
Staff Correspondent 11 June, 2024, 00:27

Aziz Ahmed

An investigation has been initiated into the alleged passport and NID card forgery against former army chief general Aziz Ahmed's siblings Haris Ahmed and Tofael Ahmed.

The Anti-Corruption Commission sent letters to the Election Commission and the Department of Immigration and Passports in the past week to investigate the allegations, said commission chairman Mohammad Moinuddin Abdullah on Monday.

The Election Commission on Sunday formed a committee with three members of its National Identity Card wing to investigate how Haris and Tofael, also known as Joseph, obtained NID cards using false information, chief election commissioner Kazi

Habibul Awal told journalists on Monday.

He said, 'The NID has a technical side. There may be loopholes in this technology, but if only 0.01 per cent people abuse it, efforts should be made to bring them to justice.'

No investigation has, however, been initiated into the alleged forgery by former inspector general of police Benazir Ahmed in obtaining ordinary passport despite being a public servant.

ACC lawyer Khurshid Alam Khan told New Age, 'Now the ACC is conducting an inquiry into the allegations brought against Benazir Ahmed over amassing wealth and money laundering.'

The commission will also take further step if its inquiry finds other anomalies such as irregularities in obtaining passport, he said.

Recent reports suggested that Haris used the alias Mohammad Hasan to obtain an NID card, falsely listing Suleman Sarkar and Rahela Begum as his parents.

Additionally, he changed his photo on his NID card in 2019, with the recommendation for the change coming from his brother Aziz Ahmed when he was the army chief.

Tofael Ahmed, alias Joseph, possessed two NID cards—one under his actual name with parents listed as Abdul Wadud and Renuja Begum, and another under the name Tanvir Ahmed Tanjeel, with different parent names.

The ACC is also scrutinising allegations of corruption against retired general Aziz Ahmed following a petition submitted by a lawyer recently.

This development came after the United States had imposed sanctions on Aziz Ahmed and his immediate family members on May 21, citing his alleged involvement in serious corruption.

Aziz served as the chief of army staff from June 2018 to June 2021 and also led the Border Guard Bangladesh from 2012 to 2016.

Aziz, the eldest among five brothers, had siblings who made headlines for criminal activities of murder, extortion and illegal possession of firearms during the 1990s and 2000s.

Joseph, in particular, was implicated in ten cases related to extortion and illegal firearms possession.

In 2004, Joseph was sentenced to death, while Haris and another brother, Anis, received life imprisonment in a murder case.

The spotlight intensified on Aziz Ahmed when Joseph was granted clemency in the murder case in 2018, followed by similar actions for Haris and Anis in 2019.

An Al-Jazeera documentary 'All the prime minister's men,' aired on February 1, 2021, alleged that Aziz misused his influence to secure contracts for his convicted brothers.

However, both the army headquarters and foreign ministry dismissed these allegations as false and defamatory.

The National Identity Registration Act 2010 stipulates penalties for providing false information to obtain an NID card, including imprisonment for up to one year, a fine of Tk 20,000, or both.

To read the rest of the news, please click on the link above.​