TIB slams PWC for endorsing undisclosed income legalisation

Staff Correspondent | Published: 02:28, Jun 20,2019

 
 

Transparency International Bangladesh on Wednesday came down hard on consultation firm Pricewaterhousecoopers as its Bangladesh unit supported a government move to legalise undisclosed income.

TIB executive director Iftekharuzzaman said giving legitimacy to the illegally-earned money by paying a nominal tax and by investing in several important sectors would be unconstitutional, illegal, discriminatory and corruption- friendly.

He said the company was giving reference to neighbouring India where there was given scope to legalise undisclosed money in 1997 but such example was irrational.

The TIB statement also questioned the credibility of the international financial consultation firm.

It said a case worth $3 billion had been filed against PWC by MF Global seeking compensation as the company became bankrupt investing $6 billion in consultation with them, he claimed.

TIB called on the government to take action against the undisclosed money bearers to stop corruption.

TIB made the statement a day after a PWC official told a newspaper that the government had no alternative but to open up the opportunity to legalise undisclosed income.

Endorsing the government move, he said if the government did not offer the opportunity it would have to borrow money from either the domestic or foreign sources.

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