Author : Husain Ahsan 1
Date of Publication :21st June 2017
Abstract: The term ‘Economic Offence’ determines the crimes which are of economic and financial character. With the advent of industrialization and corporate matrix, the paramount standard of ethics and morality faced dearth in favor of power, money and materials in almost every sphere of economic activities which gave thriving rise to a disease called ‘Corruption’. The economic offenses such as counterfeiting of currency, money laundering, financial scams evoke serious concern and impact on nation’s security and governance resulting in moral turpitude of the state. These offenses not only shamble the economic growth but also create social disparity in the society hindering the comprehensive growth and stratum. In order to reinstate the faith of en masse, stringent actions have become a necessity. Due to financial backing and political bolstering from dominant & affluent class the actions become null and void. Merely discourse will not reconcile the egregious economic state rather it will create an economic utopia. The Economic offenses are noxious for the growth of developing economies as it will cease the inflow of foreign investments from the developed nations. In Toto, this will create a rift between the countries across the globe. A strategy needs to be excogitated. Industrial lobbying inter alia is a cause of great concern as it is primarily affecting the economic framework of the state giving birth to the economic offense. Vide traditional doctrinal research method; this paper seeks to present multifaceted aspects that are infused in the economy which gave birth to a destructive creation. An attempt will be made to scan up the domestic logjam covering international legal, social and economic aspects. This paper also attempts to examine the role of international agencies in curbing the economic crimes globally.