Laws whitening black money for boosting national economy

S.M. Solaiman

Journal of Money Laundering Control, 2014, vol. 17, issue 2, 141-165

Abstract: Purpose - – The purpose of this article is to demonstrate that granting general amnesty to thousands of black-money holders in Bangladesh has failed to make any positive impact on the development of its securities market. Rather, such a move or mercy by the successive governments over the years has basically increased corruption in the country. Design/methodology/approach - – The article relies on both primary and secondary materials. An archival analysis of the materials has been carried out in this research. Findings - – The major findings are that whitening black money is legally flawed, morally indefensible and economically unsound; the ultimate outcome of the whitening opportunity appears to be the protection of corruption, the prevention of which is imperative for the sustainable development of the national economy of Bangladesh; and no credible evidence has been found to support the underlying assumption that this immunity offered over the past four decades has benefited the economy. Originality/value - – Its originality is evident in the analysis of the materials in a cohesive way to prove a hypothesis that the immunity granted to the black-money holders has been a flawed initiative of the successive governments of Bangladesh to increase investment.

Keywords: Bangladesh; Corruption; Investment; Black money (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2013-0013

DOI: 10.1108/JMLC-04-2013-0013

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