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Legitimising Black Money

PwC's logic biased, unacceptable: TIB

Staff Correspondent
Transparency International Bangladesh (TIB) has criticised the statement of PricewaterhouseCoopers' (PwC) logic that India offered similar [to Bangladesh's] scope earlier to legitimise black money, calling it "unethical".
Issuing a press statement on Tuesday, TIB condemned PwC's statement that Bangladesh government has no option other than offering the scope for whitening black money through investment in industries to boost private investment, and said, "It (PwC) is giving 'illogical and unwanted support' to the government's move to whiten black money."
In the statement, Iftekharuzzaman, executive director of TIB, said scope to whiten black money will increase the risk of corruption.
He said, "There is no rule that says Bangladesh will have to follow India's path on this matter. PwC's logic on this ground is totally biased, groundless, and unacceptable."
"TIB hoped that Bangladesh government will take stem actions against owners of black money instead of giving them opportunities."
The statement reads that FM Global, an American mutual insurance company, has filed a case against PwC, demanding USD 6.3 billion as compensation because the company had become bankrupt after investing according to PwC's advice.
Not only that, two other companies - Tailor Bin, and Whitetaker - also
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became bankrupt following PwC's advice, he said.
Iftekharuzzaman claimed that PwC supported illegal works across the world, and it is quite natural that they will extend their support for the sake of black money owners.
He hoped that Bangladesh government will not give a scope to legitimise black money, and will follow Prime Minister
Sheikh Hasina's decision to demonstrate "zero tolerance against corruption".
Few days ago, the US-based auditing and accounting firm PwC in a budget analysis said there was no alternative but to extend the opportunity to holders of undisclosed money.
It said whitening of black money is a common phenomenon for any developing country and Bangladesh is no exception. India did the same in 1997.