It has been suggested that eliminating the provision could create instability and imbalance, and other similar arguments in favour of the provision have been made before. It has been suggested that this is one way to at least bring a small percentage of the vast underground economy into the legitimate economy, and that in the absence of such a provision, the money will merely be kept outside of the country and will neither be taxed nor invested productively here.

Be that as it may, we feel that the moral imperative of not rewarding criminality dictates that the provision be eliminated, as the finance minister has even stated as his intention in the past. The new ACC chairman is correct when he notes that such a provision is not conducive to creating a corruption free environment, and surely bringing down corruption must be one of the principle priorities of the government.

Indeed, organisations as disparate as the MCCI and CPD have argued against the extension of the provision, and there is little doubt that if we wish to enhance our credibility in international markets as well as send the signal to legitimate domestic and foreign businessmen and investors that we are serious about tackling corruption, then this a good place to start.

It is of foremost importance that Bangladesh is and is seen as a country governed by rule of law and one in which the government is focused on stamping out corruption and creating an environment conducive to legitimate investment, both foreign and domestic. Extending the provision permitting the whitening of black money would be the wrong thing to do, both from a moral standpoint as well as a practical one.