Rampant money laundering taking place: Razzaque

A huge amount of money is being laundered from Bangladesh to different countries, including Canada's Begumpara and the UAE's Dubai, said Agriculture Minister Muhammad Abdur Razzaque.

"Anyone now can easily launder money abroad in various ways, including under-and over-invoicing. It should be stopped strictly," he said while addressing a seminar in Dhaka today.

The National Board of Revenue (NBR) organised the seminar titled "Bangladesh Customs: Chariot of Smart Bangladesh Building" at the Bangabandhu International Conference Centre on the occasion of "Revenue Conference 2023".

The minister said the NBR officials should take decisive action to prevent money laundering from the country.

Razzaque, however, said although revenue has increased a lot in Bangladesh compared to previous years, it is still very low in comparison with the tax-GDP ratio.

"This ratio should be increased. We have not been successful in income tax collection yet. Therefore, the capacity and efficiency of the revenue department should be increased too," he added.