Facility to whiten black money to be withdrawn soon:
Prime Minister Sheikh Hasina has approved an NBR proposal to scrap the existing money whitening
facility for investment in stock market, a high official in the Prime Minister's Office (PMO) said. The
prime minister endorsed the proposal of the National Board of Revenue (NBR) last week. Following the
Prime Minister's approval, the revenue board submitted the draft Statutory Regulatory Order (SRO) to the
law ministry on Wednesday last for vetting, sources confirmed. The SRO that will scrap the 'unethical'
provision is expected to be issued by the NBR within a couple of days, a high official said."The existing
provision to whiten black money for investing in the share market after paying 10 per cent tax would no
longer exist after the issuance of the SRO," a PMO top official told the FE."The government cannot
afford losing its image internationally," he added.The drastic measure has been taken following pressure
from Financial Action Task Force (FATF) and the Asia Pacific Group (APG) on money laundering, the
global watchdog organizations assigned to combat money laundering and terror financing
