The government must immediately declare an “open investment policy” to recover money laundered abroad and revive the country’s ailing economy, the president of the Bangladesh National Lawyers’ Association (BNLA) Shah Md Khosruzzaman has said.
The BNLA president made the demand at a press conference at the Law Reporters’ Forum office of the Supreme Court Bar Association on Thursday.
“Without declaring an open investment policy, there is no alternative to saving the current economy from disaster,” Khosruzzaman told reporters.
He said such a policy would create opportunities for investing both money laundered abroad and funds hidden within the country into the productive sector, which could play a special role in revitalising the economy.
The lawyers’ association had participated in a pre-budget discussion meeting for the 2026-2027 fiscal year on 30 April at the National Board of Revenue (NBR) conference room, where it presented a detailed written budget proposal with various recommendations, according to a written statement distributed at the press conference.
Expressing concern over the current state of the economy, the press conference statement said a severe liquidity crisis is prevailing in the money market, creating stagnation in business and trade.
The budget deficit stands at nearly Tk 1 lakh crore, while pressure on the economy is increasing due to rising foreign debt, it added.
According to the latest figures, the country’s total foreign debt has reached $113.51 billion, a significant increase compared to previous periods.
Increasing revenue collection is considered a major condition for receiving instalments of the International Monetary Fund’s loan. In this regard, the NBR’s various steps and strategies deserve praise, the statement noted.
Khosruzzaman said that due to the existing tax system and legal environment, wealthy individuals are often discouraged from investing money in the country and are transferring funds abroad.
He stressed the need for a realistic and attractive policy to bring back laundered money.
The lawyer proposed creating special opportunities to encourage new investment and recover laundered funds, including tax exemptions on newly invested money, allowing the legalisation of money by accepting taxes at a specified rate without questions, and creating opportunities for open investment in all sectors.
“If the opportunity is given to accept money without questions by imposing a tax at a rate of 5 to 7 percent on cash, a huge amount of money could return to the country within a short period,” Khosruzzaman said.
However, he emphasised keeping the tax rate within a single digit, warning that otherwise achieving the desired result would be difficult.
The country today faces economic disaster because lakhs of crores of taka have disappeared from the money market and been invested in non-productive sectors, he added.
To emerge from this situation and revitalise the economy, dependence on foreign debt must be reduced, and a way must be found to increase the government’s internal revenue collection without putting pressure on taxpayers, Khosruzzaman said.
Advocates Shamsul Jalal Chowdhury and Sheikh Rezaul Karim were also present at the press conference.
