NEWS reports said speakers at a human chain on Wednesday in the city demanded the government to publish a white paper on black money and illegal capital flight and to take stern actions to stop it. The government must recover the money already put out of the country. They have also demanded tax transparency of Multinational Companies (MNCs) at a time when many such organizations are using fake tax returns to shield their real earning to pay tax accordingly. Capital flight and tax evasions are not anything new but what is highly disturbing is that the government is not working seriously to plug such loopholes to stop money from moving out of the country.
More than 20 civil society organizations held the event in front of Jatiya Press Club as part of the Global Week of Action for Tax Justice. UK-based research organization named Tax Justice Network published a report on Financial Secrecy Index (FSI)-2014 early this month and the organizers sought to bring the matter to public notice. The report revealed the position of 92 countries in maintaining financial secrecy and highlighted that while developed countries are paying $135 billion to poor countries as foreign aid they are getting more than $1.6 trillion in return in terms of illicit financial flows from the developing countries. Bangladesh alone lost a total of $18.41 billion in 10 years since 2003 through over invoicing, corruption, bribery and tax evasion. It means almost $2 billion the country lost every year, which is enough to set up industries and give jobs to people, besides it could have been taxed to ease pressure on revenue collection.
It is no secret that the government has enacted many laws to stop money laundering within the country and outside but their applications remained totally sidetracked; except using the laws to harass political opponents. Many Bangladeshi nationals have illegal money in Swiss Banks, but there is no effective move to bring the money back. Bangladesh is an active member to several anti-money laundering international watchdog bodies but their activities are totally limited to lip service. Even our Anti-Corruption Commission (ACC) can’t see the laundering of huge money by former BASIC Bank chairman and when the Parliamentary Standing Committee is asking its officials who have investigated and not found him guilty for testimony, the ACC is claiming constitutional impunity from appearing before the Committee.
The fact is that powerful people in the government and around it are regularly laundering money and evading tax but the government agencies are reluctant to apply law on them. MNCs are also taking advantage. We demand accountability of the government agencies; they can’t sit blindfolded when capital flight is going on unabated.
