The Ministry of Land has unveiled a new draft law titled the ‘Foreign Voluntary Organizations (Regulation of Acquisition of Immovable Property) Act, 2023’ sparking public discourse on the acquisition of immovable property by foreign voluntary organizations within the country.
A notification regarding this draft law has been issued, encouraging individuals to contribute their feedback before its potential implementation.
Under the provisions of the draft law, foreign voluntary organizations seeking to acquire immovable property within Bangladesh must obtain prior approval from the government. This applies to property acquisition through various means, including purchase, donation, and exchange.
The law aims to ensure transparency and accountability in such transactions, while also safeguarding national interests.
Any foreign voluntary organization found contravening this requirement and acquiring immovable property without government approval could face serious repercussions. The government would be empowered to confiscate the acquired property, which would subsequently be transferred to state ownership without any encumbrances.
The draft law defines foreign voluntary organizations as entities, regardless of their corporate status, operating inside or outside Bangladesh, and dedicated to serving individuals, organizations, or
authorities within the country. Their activities encompass a range of voluntary initiatives that benefit the local populace and promote societal welfare.
The Ministry of Land has extended an invitation for public engagement on this matter. Stakeholders and concerned citizens are encouraged to share their insights, suggestions, and concerns regarding the proposed draft law. Submissions can be made in writing to the Acquisition-1 Wing of the Ministry of Land, either through traditional mail or via email at acquisition1mol@gmail.com. All submissions must reach the ministry no later than September 11, 2023.
If the 'Foreign Voluntary Organizations (Acquisition of Immovable Property) Act, 2023' is successfully enacted in the parliamentary process, it will replace the existing 'Foreign Voluntary Organizations (Acquisition of Immovable Property) Regulation Ordinance, 1983'. This potential legislative change signifies a substantial shift in the regulatory landscape governing property acquisition by foreign voluntary organizations, aiming to ensure a more controlled and accountable process.
As this draft law enters the public review phase, various stakeholders, legal experts, and civil society members are expected to engage in discussions on its merits and potential impacts. The outcome of this public feedback period will likely to contribute to shaping the final version of the law before it is presented for parliamentary deliberation.
