Laws whitening black money for boosting national economy: prevention or legalisation of corruption in Bangladesh?
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.