Economic Life at Risk: The Wheels of the Economy are Becoming More Challenging to Turn

As the world grapples with the ongoing pandemic, economic crimes have become a growing concern, posing significant threats to the stability and confidence in the economy. With the increasing frequency of such crimes, the Turkish government is faced with the daunting task of implementing effective measures to prevent and punish these offenses.

The “Ultima Ratio” Feature: A Last Resort

The concept of “ultima ratio” in criminal law emphasizes that the state should first utilize the resources of private law and administrative law to regulate legal relationships. Only when the unlawful act causes a great injustice that cannot be prevented through these means should criminal law be applied.

Characteristics of Economic Crimes

Economic crimes are committed by professionals or individuals with similar environments, often involving multiple victims.
These crimes typically involve financial transactions and are difficult to detect due to their complexity.
They can also have severe consequences for the national economy and individual investors.

Principles of Economic Crimes

The prohibition of imprisonment for debt is a fundamental principle in criminal law, as enshrined in the Turkish Constitution.
The principle of economic sanction emphasizes that sanctions imposed on perpetrators of economic crimes should be economical. However, Turkish law has yet to fully adopt this principle, often relying on prison sentences and judicial fines.

Detection and Punishment

To combat these crimes, protection measures such as:
- Confiscation of assets
- Secret investigators
- Detection of communication
Experts may also be involved in the detection process due to the complexity of financial transactions.
The Capital Market Law provides for judicial fines that cannot be less than twice the benefit obtained, which can serve as a deterrent.

Conclusion

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The increasing frequency of economic crimes poses significant dangers to the national economy and confidence in the economy. As the Turkish government works to implement effective measures to prevent and punish these offenses, it is essential to increase social awareness about the importance of economic crimes and their punishments. By doing so, we can create a stronger defense mechanism against these crimes that continue to threaten our society.