Kamal firm on allowing legalising laundered money

Finance Minister AHM Mustafa Kamal today said he will not backpedal from his decision to allow legalising laundered money in the upcoming fiscal year despite growing criticism. 

"I will do what I have said. You know about me. I don't come back from halfway," Kamal said, responding to a query from reporters after a meeting of the cabinet committee on purchase.

He argued that many people criticised when the government decided to give incentives to remitters.

"But remittance earnings have received a huge boost thanks to the incentives. Similarly, the money that has been laundered will come back," the minister said.

On Sunday, lawmakers of both ruling and opposition parties heavily criticised the finance minister for his budget proposal of legalising laundered money for a 7 per cent tax.

Most economists also came down heavily on him.

Kamal further said he is under no pressure to permit the whitening of the laundered money.