By Azizur Rahman Khan
Within the region century on account that its emergence from army rule and integration into the worldwide economic system, Bangladesh's financial system has completed excessive development, decreased reduction dependence and made amazing development in social signs whereas while it maintains to be afflicted by expanding inequality. This publication analyses those successes and screw ups.
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But some preliminary illustrations may be useful at this stage. Concealing illicit earnings and making them safe for future use has been widely practiced by corrupt officials and political leaders everywhere. Often this kind of capital flight does not involve a transfer abroad from the country. Illicit earning is made from payments received and stored abroad. Examples are “commissions” earned by officials and politicians who use their power to enable foreign contractors and suppliers to obtain contracts.
The present foreign exchange regime, with very low premium on foreign exchange if any, is by itself not a reason for capital flight. The impetus to convert domestic income and assets into foreign income and assets is driven by two main factors: to conceal illicit earnings from scrutiny; and to avoid taxation, and loss of ownership, of income and assets that may have been earned legitimately. These are due to failure of governance, an issue that is discussed in a later chapter. But some preliminary illustrations may be useful at this stage.
With taxes and fees amounting to a tenth of GDP in 2012/13, this hardly seems to be the case. A not particularly justifiable reason for seeking foreign capital despite the adequacy of domestic resources might be the relative ease with which those with power can skim off resources from aid-financed projects. As argued later, illicit acquisition from this source can be kept abroad with much greater ease than transferring abroad funds illicitly accumulated from domestic sources. Capital outflow Capital flight that we are concerned with is the unrecorded outflows of funds that constitute violations of law.