Transparency International Bangladesh (TIB) has issued a scathing condemnation of the interim government’s decision to maintain the black money legalisation provision in the proposed FY2025-26 budget, calling it “unethical, unconstitutional and corruption-friendly.”
In a hard-hitting statement, TIB Executive Director Dr Iftekharuzzaman asserted the move “directly contradicts state reform objectives, particularly anti-corruption efforts,” accusing the administration of “surrendering to real estate lobbyists.” He emphasised this violates Article 20(2) of the Constitution prohibiting unearned income.
The anti-graft watchdog highlighted three fundamental flaws: creating an exclusive property market for illicit wealth holders while pricing out honest buyers, effectively encouraging year-round illegal wealth accumulation with guaranteed year-end legalization, and favouring the real estate sector – widely recognised as corruption-ridden.
Iftekharuzzaman particularly criticised the government for ignoring its own Anti-Corruption Commission Reform Commission’s recommendation to permanently scrap such provisions – a proposal previously endorsed by all political parties. “This inconsistency embarrasses the interim administration,” he stated.
The TIB chief also lambasted the budget’s tokenistic approach to recovering laundered money, noting the finance adviser addressed this critical issue with just “a single vague sentence.” While welcoming the new provision to tax assets of citizenship-renouncing money launderers, he questioned its implementability given the absence of operational details.
The transparency watchdog demanded immediate removal of the provision from the revised budget, thorough investigations into black money sources, and equitable tax reforms. It warned that retaining such measures would render anti-corruption efforts “mere eyewash,” further entrenching graft normalisation.