A Study of Financial Crimes in the Banking Sector of Bangladesh

  • Musnun Kabir
  • Md. Mosharaf Hosen
DOI: https://doi.org/10.36079/lamintang.ijlapp-0602.677
Keywords: Banking Scandals, Banking Sector,, Financial Crime, Legal Reform, Scam

Abstract

In recent years, Bangladesh has witnessed significant financial crimes within the banking sector, which pose a serious concern for the country. This research investigates the nature and contributing factors of financial crime in the banking sector, along with its primary causes and consequences. The study adopts a qualitative and descriptive approach to examine the modus operandi and impacts of such crimes. Secondary data have been collected from relevant literature, annual reports of Bangladesh Bank, and reviews of pertinent laws and legal cases. Additionally, this study explores various legal measures that can be implemented to curb financial crime in the banking sector. It also highlights the most critical actions that could be taken to prevent these crimes. The aim is for readers to gain a deeper understanding of financial crime and the mechanisms by which law enforcement addresses such offenses. The researcher has analyzed the nature, causes, effects, and potential preventive measures regarding financial crime in Bangladesh's banking sector.

Downloads

Download data is not yet available.

Author Biographies

Musnun Kabir

Law Discipline, Khulna University. Khulna, Bangladesh.

Md. Mosharaf Hosen

Law Discipline, Khulna University. Khulna, Bangladesh.

This is an open access article, licensed under CC-BY-SA

Creative Commons License
Published
        Views : 63
2024-09-20
    Downloads : 49
How to Cite
[1]
M. Kabir and M. M. Hosen, “A Study of Financial Crimes in the Banking Sector of Bangladesh”, International Journal of Law and Public Policy, vol. 6, no. 2, pp. 49-57, Sep. 2024.
Issue
Vol 6 No 2: September 2024
Section
Articles

References

A. I. Khan, Fundamentals of Company Law with Law of Partnership. University Publications, 2020.

Dr. M. Zahir, Company and Securities Laws, 3rd ed. The University Press Limited (UPL), 2000.

F. Obermaier, The Panama Papers: Breaking the Story of How the Rich and Powerful Hide Their Money. Oneworld Publications, Jun. 30, 2016.

M. Sharma, Studies in Money, Finance and Banking. Atlantic Publishing, India, Jan. 1, 2005.

T. (J.) Claravall, Financial Crime Fighter - Book of Mentors: Practical Career Advice from Leaders In Our Profession. Amazon Online Publications, 2020.

A. MKB, A. MZB, and M. Islam, "Phenomenon of Bank Scams in Bangladesh: Analysis on Behavioral Issues," Int. J. Res. Bus. Soc. Sci., vol. 11, no. 4, pp. 189–202, 2022.

Artha Rin Adalat Ain, 2003 |6. Trial Procedure. [Online]. Available: http://bdlaws.minlaw.gov.bd/act-901/section28557.html. [Accessed: Dec. 5, 2022].

Bangladesh. [Online]. Available: https: //www.cybercrimelaw.net/Bangladesh.html. [Accessed: Apr. 2024].

Bangladesh Bank. [Online]. Available: https: //www.bb.org.bd/en/index.php/about/lawsnacts. [Accessed: Nov. 29, 2022].

[Online]. Available: https: //www.bb.org.bd/en/index.php/financialactivity/bankfi. [Accessed: Apr. 2024].

Bangladesh Financial Intelligence Unit. [Online]. Available: https: //www.bfiu.org.bd/. [Accessed: Apr. 2024].

Bangladesh Anti-Corruption Act, 2004. [Online]. Available: https: //www.imolin.org/ doc/amlid/Bangladesh/Bangladesh_Anti_Corruption_Act_2004. [Accessed: Apr. 2024].

Banking Sector Scam in Bangladesh - Introduction: Recent Financial. [Online]. Available: https: //www.studocu.com/row/document/university-of-dhaka/internationalfinance/banking-sector-scam-in-bangladesh/31596020. [Accessed: Apr. 2024].

Code. [Online]. Available: https: //ecgi.global/sites/default/files/codes/documents/code.pdf. [Accessed: Apr. 2024].

Does Internal Control Influence Financial Performance of Commercial Banks? Evidence from Bangladesh. [Online]. Available: https: //www.proquest.com/openview/d613e1fdcd5e78cbb 204d3043a3b8a07/1?pqorigsite=gscholar&cbl=46967. [Accessed: Apr. 2024].

Embezzlement. [Online]. Available: https: //www.law.cornell.edu/wex/embezzlement. [Accessed: Apr. 2024].

G. B. Iwasokun et al., "Factor Analysis of Financial Crime-Related Issues," J. Financ. Crime, vol. 26, no. 1, pp. 113–126, 2019.

R. Mahmood and M. Islam, "Practices of Corporate Governance in the Banking Sector of Bangladesh," Int. J. Managing Value Supply Chains, vol. 6, no. 1, pp. 17–28, 2015.

M. Maruf, Banking Sector Corruption in Bangladesh. [Online]. Available: https: //www.academia.edu/34131457/Banking_sector_corruption_in_Bangladesh. [Accessed: Apr. 2024].

Mfg-En-Paper-the-Bank-Company-Act-Bangladesh-1991. [Online]. Available: https: //www. findevgateway.org/sites/default/files/publications/files/mfg-en-paper-the-bank-company-act-bangladesh-1991-1991.pdf. [Accessed: Apr. 2024].

Money Laundering: What It Is and How to Prevent It. [Online]. Investopedia. Available: https: //www.investopedia.com/terms/m/moneylaundering.asp. [Accessed: Apr. 2024].

[Online]. Available: https: //www.bb.org.bd/aboutus/regulationguideline/rmg_feb2012. [Accessed: Apr. 2024].

I. Sultana, "Hallmark Scandal: How Sonali Bank Lost 3550 Crore Taka?" Business Inspection BD, Jul. 7, 2022.

G. Debnath, Understanding the Hallmark-Sonali Bank Loan Scandal. [Online]. Available: https: //prezi.com/smc-aysikj5-/understanding-the-hallmark-sonali-bank-loan-scandal/. [Accessed: Apr. 2024].

What Is Financial Crime? [Online]. Dow Jones Professional. Available: https: //www. dowjones.com/professional/risk/glossary/financial-crime/. [Accessed: Apr. 2024].

Default Loans: Cancer of the Banking System. [Online]. Available: https: //thefinancial express.com.bd/Views/Default-Loans-Cancer-Of-The-Banking-System-1584288344. [Accessed: Apr. 2024].

The Current State of the Banking Industry in Bangladesh. The Financial Express, May 1, 2019. [Online]. Available: https: //thefinancialexpress.com.bd/views/views/the-current-state-of-the-banking-industry-in-bangladesh-1556380055. [Accessed: Apr. 2024].