• Wednesday, Feb 20, 2019
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'Money laundering has increased due to existing laws'

  • Published at 04:44 pm June 18th, 2017
  • Last updated at 10:10 pm June 18th, 2017
'Money laundering has increased due to existing laws'
The government is planning to reform some of its laws and regulations to curb the siphoning of money out of the country, said Finance Minister AMA Muhith on Sunday. “Money being siphoned off has increased recently due to some existing laws and regulations. We are going to reform them to stop this trend,” he said at the signing ceremony of Annual Performance Agreement between the ministry and 16 state-run banks and financial institutions at the ministry auditorium. He further said a major source of black money – money that remains undisclosed to evade tax – is land sale. “The government has set the price of land and plots everywhere in the country. But people are selling and buying land at prices that are 10 times higher than the actual price,” he added. Moreover, people are registering those plots at the government price, even though the money exchanged is much higher, which is causing losses to the National Board of Revenue, Muhith said. “So we have decided to cancel the government prices to stop this trend and cut down the sources of black money,” he added. Earlier at the National Coordination Council meeting held at the Finance Ministry Auditorium, the National Coordination Council on Anti-Money Laundering expressed concern that most militants were being granted bail from the court and released from jail due to a lack of coordination between the Attorney  General’s office, police and the National Board of Revenue. Finance minister AMA Muhith had echoed these concerns at the meeting, over which he presided. Sources at the meeting said that the authorities concerned would take measures to solve these coordination issues, including by establishing an office specifically for coordination between the three agencies with a view to preventing terrorist financing. After the National Coordination Committee meeting, the finance minister also announced that the annual meeting of the Asian Pacific Anti money laundering group would be held in 2020, after the 2019 polls.