University of Miami International and Comparative Law Review


Black money is a global concern. However, black money has disproportionately affected Bangladesh. To combat the proliferation of black money in the country, successive governments of Bangladesh have offered amnesties to black money holders (BMHs) in contravention of the national Constitution, legislation, and international conventions. Nonetheless, responses to such incentives have been notably poor, mainly because the wrongdoers do not fear the superficial threat of law enforcement. This article examines the BMHs’ responses to amnesties so far and explains the substantial harm caused by such discriminatory favors, including increases in corruption, the price of real estate, money laundering, deposits by Bangladeshis in Swiss banks, defaulted bank loans, and capital flights. To address these problems, this article makes several recommendations, including discontinuing amnesties, placing checks and controls on corruption, strengthening watchdog and law enforcement agencies, incentivizing whistle-blowers and the establishment of the Ombudsman’s office, and establishing a new statutory body for the assessment of the performance of financial regulators. In addition, this article argues that effective measurements need to be undertaken to increase global cooperation, enhance public awareness, and stimulate social movement. These recommendations aim to improve the regulatory regime in Bangladesh in preventing black money, and they may also be suitable for other countries facing similar issues.