Here’s the rewritten article in markdown format:
White Collar Crimes in Finance: A Growing Menace in Bangladesh
===========================================================
What are White Collar Crimes?
White collar crime, coined by American sociologist Edwin Sutherland, refers to non-violent crimes committed by individuals of high social status and respectability. These crimes often involve deceit, deception, concealment, manipulation, breach of trust, subterfuge, or illegal circumvention.
The Alarming Proportion of White Collar Crimes in Bangladesh
In Bangladesh, white collar crimes in the finance sector have reached alarming proportions. Over the past few years, nearly Tk 150 billion (US$ 1.9 billion) has been stolen from banks, while capital market scams are estimated to be of equivalent amount. The recent Bangladesh Bank heist, which involved the theft of a staggering $81 million, raised widespread controversy.
Why Do White Collar Crimes Thrive in Modern Complex Economic Systems?
Experts believe that white collar crimes thrive in modern complex economic systems where money, trust, greed, and opportunity converge. Socially established individuals have access to all these elements, making them more susceptible to committing such crimes.
Factors Contributing to the Rise of White Collar Crimes
- Use of dummy companies and accommodation bills
- Lack of clear-cut rules for bankers and regulators
- Compromising safety regulations by government agencies
Can We Learn from International Practices?
Our country’s inability to adopt best professional and ethical practices on its own is evident from the Rana Plaza tragedy and the recent Bangladesh Bank heist. Both incidents were a result of compromising safety regulations by numerous government agencies. However, following international pressure, the government and factory owners became alert and readily agreed to emulate global work safety practices.
The Importance of Adopting Best Professional and Ethical Practices
Similarly, in the aftermath of the Bangladesh Bank heist, both Fed New York and SWIFT emphatically claimed that their systems were not compromised and Bangladesh must mend its own cyber security standard. The implied threat was scrapping of correspondent or mutual relationship due to slack internal control.
Conclusion
The first step against white collar crimes in Bangladesh is to accept the reality that virtue creates happiness. By embracing a culture of ethics and integrity, we can create an invincible people power that can drive positive change. As our language movement and liberation war bear witness, public sentiments towards any common cause can be a powerful force for good.
About the Author
The writer is a retired banker with extensive experience in the finance sector. He has a deep understanding of the complexities surrounding white collar crimes and the need for a robust regulatory framework to combat them.