• Friday, Jul 10, 2020
  • Last Update : 09:42 am

TIB: Scope to whiten black money is unethical

  • Published at 10:04 pm June 19th, 2019
Web_TIB Executive Director Dr Iftekharuzzaman-TIB-Press-Release
File photo of TIB Executive Director Dr Iftekharuzzaman Courtesy

The scope to whiten black money will increase the risk of corruption, said the graft watchdog

Transparency International Bangladesh (TIB) has said the government’s offer to give businessmen the opportunity to legalize black money in the proposed budget for FY2019-20 is unethical, and unconstitutional.

TIB Executive Director Iftekharuzzaman said this in a statement on Wednesday.

Mentioning that scope to whiten black money will increase the risk of corruption, the watchdog hoped that Bangladesh government will take stern actions against the owners of black money instead of giving them opportunities.

TIB also criticized the statements of  UK-based multinational professional services network PricewaterhouseCoopers or PwC’s, that Bangladesh government has no option other than offering the scope for whitening black money through investment in industries to boost private investment.

In the statement, Iftekharuzzaman said PwC's logic that India offered similar scope earlier to their black money owners is totally unethical.

He said: “There is no rule that says Bangladesh will have to follow India's path on this matter. PwC’s logic on this ground is totally biased, groundless, and unacceptable.”

Iftekharuzzaman told that FM Global, an American mutual insurance company, has filed a case against PwC, demanding 6.3 Billion dollar as compensation because the company had become bankrupt after investing according to PwC’s advice.

Not only that, two other companies- Tailor Bin, and Whitetaker- also became bankrupt following PwC’s advice, he said. 

Iftekharuzzaman claimed that PwC supported illegal works across the world, and it is quite simple that they will extend their support for the sake of black money owners.

He hoped that Bangladesh government will not give a scope to whiten black money, and will follow Prime Minister Sheikh Hasina’s decision to show “zero tolerance against corruption”.

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