SAARC Currency and Corruption Legalization

8/8/2019 SAARC Currency and Corruption Legalization

1/54

SAARC Currency&

Corruption Legalization

International Business&

BankingB-303


2/54

Submitted To . . .Mr. Shahidul Islam ZahidLecturerDepartment of BankingFaculty of Business StudiesUniversity of Dhaka

Submitted Respectfully By . . .Group- 06

NameId no.

Farhana Farha14-001Md. Ziad Haidar14-005

A. S. M. Sharif Uddin14-040Md. Mashud Hasan14-046Moung Ba Sen14-089Department of BankingFaculty of Business StudiesUniversity of Dhaka

SubmittedOn . . .The 13 th April, 2010


3/54

Letter of Transmittal

The

13th

April, 2010

Mr. Shahidul Islam Zahid

Lecturer

Department of Banking

Faculty of Business Studies

University of Dhaka

Dear Sir,

With due esteem and humble submission we would like to inform you that we have

submitted this term paper on SAARC Currency and Corruption Legalization under

the course International Business and Banking on due date. We have prepared this

term paper according to your proper instructions and dedicated guidelines along with

having been concerned enough about its perfection.

We, therefore, pray and hope that your honor would be kind enough to accept our

term paper and evaluate it according to standard judgment.

Submitted respectfully by-

Name Id no.

Farhana Farha 001Md. Ziad Haidar 005

A. S. M. Sharif Uddin 040

Md. Mashud Hasan 046Moung Ba Sen 089

14th Batch BBA,Department of BankingUniversity of Dhaka


4/54

Acknowledgement

We think ourselves lucky enough as the Almighty blessed us to accomplish this term

paper on SAARC Currency and Corruption Legalization under the course

International Business and Banking successfully within due time. We would like to

pay homage to our honorable course teacher, Mr. Shahidul Islam Zahid, for his

didactic instructions informative guidelines through which we went long in aneffective way when preparing this term paper. His hearty cooperation is indeed

worthy of appreciation and it worked as a stimulus behind our finding of appropriate

methodology about the term paper. We are grateful to our parents as well for their

blessings and support which gave us a shadow of confidence, a belief that we can go

to the extent that we want, they expect and ability deserves.


5/54

ContentsExecutive SummaryPart- i: Introduction

1.1Background1.2Objectives1.3Methodology

Part-ii: SAARC Currency2.1 One Currency for SAARC Members

2.2 Issues Arising from SAARC Currency

2.3 Probable Outcomes

2.4 Problems, Disagreements and Impossibility

2.5 Overall Situation & Recommendation

Part- iii: Corruption Legalization3.1 Checking instead of Eradicating

3.2 Why Corruption is legalized

3.3 Corruption Legalized in Prosaic

Ways

3.4 Corruption Legalization in

Bangladesh

3.5 Corruption Legalization & Global

Aspect

Part-iv: Findings & Recommendations4.1 Momentous Findings

4.2 Recommendations


6/54

Executive Summary

SAARC Currency and Corruption Legalization is thus not only a report but also

an efficacious effort with the incentive of finding out what the factors and

rationales really work beside global and other existing facts in international arena.Here, we are going to show multifarious arenas from where explanations would be

proved efficacious enough to illustrate necessity, problems and other relevant

issues related to complexities in global decisions like establishing one currency and

how an extreme unethical activity can be brought under positive checking through

legalizing it. The executive summary of this report is given below-

A beginning about the term paper deducing its background, methodology and

well-defined objectives.

The analysis on SAARC Currency where there will be reflection of concepts of

this currency for member countries, issues arising from the fact, probable

outcomes, problems, disagreements and impossibilities in such decision along with

analysis of overall situation and recommendation on the fact from a positive

perspective.

The analysis on Corruption Legalization covers what the term refers indeed,

what rationales work as stimuli behind legalizing a corruption, which corruptions

are being legalized in prosaic ways without formal corruption legalization

procedure, position of Bangladesh in corruption legalization and to what extent the

world evaluate and accept corruption legalization along with illustrating several

instances.

Momentous findings are for noteworthy issues found through the overall

analysis of these two issues and the last thing is recommendation.


7/54

Part- iIntroduction


8/54

1.1 Background

Currency is a fact of huge significance in every aspect of a countrys economy and thusas a very elementary part of both micro and aggregate economy definitely currency

deserves an inextricably interrelated relationship with global economic views and

consequently changes arising from multifarious perspectives. It is a matter of great

pleasure that with the passage of global advancement more or less every country has

been dramatically stepping forward to the way of advancement and has been being

affected by other different challenges incessantly. One currency for the member

countries of a collaboration can arise from many perspectives and a huge challenge that

any leading representative state is supposed to possess the authority and it has to

maintain such sophisticated issue with scrupulous cautious along with bearing a fact in

mind that the relevant decisions concerning Such one currency issue must go with

perfect ethical views and reflect unity. These decisions are most of the time basically for

the member countries to be facilitated and the collaborations like SAARC members are

supposed to cope up with such decisions to a noteworthy extent. So, here an issue that

easily brings a clear view in front of us about the dire necessity of the presence of one

currency possess logics- strong enough- to deduce how it can facilitate the member

countries like that of Euro. Again, an enacted law is for the state and nation and they are

supposed to be abiding by some rules and regulations of that definite state. But this does

not purely refers to a generalized fact that people cannot expect anything from state

when situation is really worsening and where prosaic rules or law can merely do anything

and thus the another issue of the term paper works on is Corruption Legalization. It is

thus not only a report but also an efficacious effort with the incentive of finding out why

SAARC countries go for one currency and how corruptions- not worthy of being

removed at all- can be brought under least checking.


9/54

1.2 Objectives

This term paper on SAARC Currency and Corruption Legalization has been

accomplished with a few constructive objectives which are going to present the

essence of the report altogether. Why this term paper really is this will going to be

highlighted by objectives -

To know why one currency for SAARC members is underconsideration and to what extent it is able to influence relevant

issues.

To highlight the momentous facts on which he establishment ofSAARC currency depends to a considerably better extent.

To know about the response and awareness of member countries asper the requirement of the term paper.

To identify some no-ending problems and suggest probable remediesfrom a neutral perspective.

To analyze the overall situation of the whole scenario. To focus on the dire significance of unity and mutual understanding

among member countries in such decisions.


10/54

1.3 Methodology

While establishing such a term paper on SAARC Currency and Corruption

Legalization, definitely here a fact raises the dire necessity of stepping forward

following a constructive methodology. As we here designated to continue our

working on two global issues, with the incentive of acquiring possibly most reliable

information we did go through the following procedure:

Facts and relevant features were collected and here our best attempts wereprevalent to get the better realistic issues as more as possible.

Pointing out relevant information for working purpose and going for furthercollection.

Identifying problems and discussing about recommendations which can besuggested from a positive perspective as per the requirement of term paper.

Presenting comparison where needed- with a view to having scrupulouslook to trend of multifarious issues turning over time.

Explaining overall analysis to get a clear view of current and past situationsof both issues.

Using all possible data and procedure that were required for betteraccomplishment of term paper.


11/54

Part- iiSAARC Currency


12/54

One Currency for SAARC M embers

Every year huge amount of international trade takes place among SAARC countries.

Each member of SAARC has its unique specialties in a particular product or sector.

Being sharing almost same patter of culture, religion, values etc and also

geographically sharing almost same environment, they can be able to increase their

production capabilities by cooperating each other. They can fulfill all their needs by

themselves. To ease and simplify their transactions and cooperation, the first step to

establish a single currency namely SAARC currency and a single market in South Asia

region.

The success of Euro, for example, is not only because of its circulation in the

European market rather it created a deep relationship such as political, economic etc.

which helped to gain Euro such achievement. Now in the world currency market

Euro is the only currency that can compete with the US dollar. So, taking the lesson

from the Euros success SAARC nations need to build up SAARC currency and to

monitor the currency it must needed to establish Economic and Monetary Union of

SAARC (EMUS) as well. A central bank also must to be introduced.

On the other hand, single currency brings the theme of single market. If SAARC

nations are agreed, they can take so many advantages from each other. Exchange rate

risk can be abolished, transaction cost would be minimized, and political conflict can

be resolve by the implementation of SAARC currency.

South Asian Nations need to be united and SAARC currency is the best way to start.

Around two hundred years, European rulers ruled the South Asian countries and they

took away what ever treasure they got from these countries but now they as well as

western countries are conquering the world economy. So, it is high time for the

SAARC nations to snatch the reign of world economy from the western grip. To do

this they must be tied hand to hand with each other. They should economically

strong and politically as well. Therefore, they can start their journey by establishing

SAARC currency.


13/54

Issues Arising From SAARC Currency

Eight countries holding different economical condition of those countries but

considered in same grouped developing countries. Mother of the issue of the SAARC

currency issue generated from euro currency whether we find the common

phenomena of European countries. Whether, we SAARC included countries are

totally different. Although distant dispersion, living standard, culture, religious and

other aspects, we find some positive and conflict issues generate.


14/54

Positive issues

Positive issues that will generate from the SAARC currency have been described

below:

1.

Easier negotiation:SAARC countries can easily negotiate among them. SAARC countries may

export-import products among them. Then they dont need to transact or

convert currency in another. Whether the acceptability of currency will be

welcome by the people of those countries or not.

2. Employment opportunity: As an impact of SAARC currencies, the employment will be created. Like-

Bangladesh has 100000 of unemployment whether at that situation India needs

those people to employ in their home country industry.

3. Financially establishment: This is a great opportunity for the SAARC countries to reform them

economically via utilizing the opportunity. Because when the currency will be

similar, the countries export-import among them and also can make a great

influence in the international market with the combined power of SAARC

power. Because at this point, the capital amount will obviously be greater than

that of the previous time. So combined they can compete with any strong

countries of Europe or America.


15/54

4. Business expansion:Any little business can be enlarged with the opportunity. Any branch business

in those countries will be more emphasized. The probability of gaining will be

higher in case of payment of international business like-export import.

5. Educational knowledge increase: The concept same currency will make a great impact on educational

knowledge exchanged or increasing. The currency and economical and

business background students will suffer ultimately.

6. Opportunity for lag behind countries:Bhutan, Nepal these countries who are in lag behind compared to other

countries should equalize themselves through the proper utilization of

opportunity.

7. Political relationship increase:Political relationship increases among the members of the country. India-

Pakistan relationship may be better.

8. Exchange rate problem abolish:When we export-import any goods then we need to pay in form of exporters

country currency. In this case, we dont need to think about the exchange rate

problem, inflation or other problems.

9. Expertise competition:Increase of competition among specialists in the SAARC countries to stabilize

the economic situation of those countries. Because if any problem rises will be

considered the eight countries problems.


16/54

10.Understanding and cooperation:Understanding and co-operation among the SAARC countries people will

enhanced through utilization of same currency. They will consider rest of thecountries as them and ultimately cooperation among the members countries

will also increase.

So from the above discussion we find varieties of beneficiary among the SAARC

countries.

Conflicting issues

There are also some drawbacks of SAARC currencies in the SAARC countries which

have been described below:

1. Commodity price determination:SAARC countries have to set up the price of commodity against the new

currency. Whether each has its own control on the currency price based their

own economic situation and the purchasing price of that country.


17/54

2. Reformation of banking law:Reformation of new banking law abolishing the old one have to set the eight

countries. New capital requirement, new interest rate, bank rate should consider

through of their own country and of the SAARC countries perspective.

3. Collection of old currency and issue of new:SAARC countries have to collect the currency they used and issue the new one

on the perspective of their own. The negotiation problem may arise at that

situation may arise. Not only that problem arises but also the accepting of those

also against may be notified as confliction.

4. Understanding problem arise:Pakistan and India are such country whether they are always in war and total

opposite country. They may not accept this one. In here India is the more

developing countries so their own control power they may show which will not

be accepted by the Pakistan.

5. Political problem arise:India, Pakistan, srilanka or Afghanistan their political condition are different

on the base of own geographical boundary. On the other hand India Pakistan

political problem are now totally impossible to live in the same place like going

in the form of currency.

6. Religious factor:Religious factor is one of the principal factors to running and controlling the

situation. Bangladesh, Pakistan and Afghanistan are Muslim based countries.

India Hindu and Srilanka Buddhist. So the religious problem also arise in this

perspective.


18/54

7. Increase problems:As the issue will increase the benefits as well as it carry more problems to

handle the SAARC currency maintaining problem. Border problem or

corruption will increase.

The draw backs that we find from the above discussion are very clear that SAARC

currency may create some problem. But compared of both the beneficiary sides are

more.

8. Hundi business:

SAARC currency issue will increase the hundi

business, money laundering business, and other

criminal activities. Import illegally goods from

India without paying tax to the Govt. willincrease. Cigarettes, opium, marijuana etc. will

also increase.


19/54

Probable outcomes of SAARC Currency There will be some certain outcomes and benefits if the SAARC currency is

introduced. The main outcome however is that, it will lead all the SAARC countries

to a favorable trade opportunity. The most obvious benefit of adopting a single

currency is to remove the cost of exchanging currency. Introducing SAARC currency

among the SAARC countries will facilitate all sorts of International trades among the

countries involved. Some of the probable outcomes are:

1. Transaction costs will be eliminatedFirms located in the SAARC region currently spend about 1 billion dollar a year

buying and selling foreign currencies to do business in the SAARC region.

With the SAARC currency, this is eliminated, so increasing profitability of SAARC

firms.

Than, people can go on holiday and not have to worry about getting their money

changed, therefore avoiding high conversion charges. . For consumers, banks in the

SAARC region must charge the same for intra-member cross-border transactions as

purely domestic transactions for electronic payments (e.g., credit cards, debit cards

and cash machinewithdrawals).

2. Price transparencySAARC firms and households often find it difficult to accurately compare the prices

of goods, services and resources across the SAARC region because of the distorting

effects of exchange rate differences. This discourages trade. According to economic

theory, prices should act as a mechanism to allocate resources in an optimal way, soas to improve economic efficiency. There is a far greater chance of this happening

across an area. We can buy things without wrecking our brains trying to calculate

what price it is in our currency.
http://en.wikipedia.org/wiki/Credit_cardhttp://en.wikipedia.org/wiki/Debit_cardhttp://en.wikipedia.org/wiki/Cash_machinehttp://en.wikipedia.org/wiki/Cash_machinehttp://en.wikipedia.org/wiki/Debit_cardhttp://en.wikipedia.org/wiki/Credit_card


20/54

3. Uncertainty caused by Exchange rate fluctuations eliminatedMany firms become wary when investing in other countries because of the

uncertainty caused by the fluctuating currencies in the SAARC region. Investment

would rise in the SAARC area as the currency is universal within the area; therefore

the anxiety that was previously apparent is there no more. The absence of distinct

currencies also removes exchange rate risks. The risk of unanticipated exchange rate

movement has always added an additional risk or uncertainty for companies or

individuals that invest or trade outside their own currency zones. Companies that

hedge against this risk will no longer need to shoulder this additional cost. This is

particularly important for countries whose currencies had traditionally fluctuated a

great deal, particularly the Mediterranean nations.

4. Increased Trade and reduced costs to firmsProponents of the move argue that it brings considerable economic trade through the

wiping out of exchange rate fluctuations, but as well as this it helps to lower costs to

industry because companies will not have to buy foreign exchange for use within the

SAARC. For them, SAARC represents the completion of the Single SAARC Market.It is vital if South Asia is to compete with the other large trading blocs of the Far

East and North America.

5. Prevent warThe SAARC currency is, and will be a political project. It's founding is a step towards

South Asian integration, to prevent war in the union. It's a well known fact that

countries that trade effectively together don't wage war on each other and if SAARC

currency means more happy trade, then this means, peace throughout South Asia and

beyond (we hope).
http://en.wikipedia.org/wiki/Exchange_ratehttp://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Exchange_rate


21/54

6. Efficiency in the allocation of capitalSAARC currency will facilitate its member countries to have increased trade

opportunities and will also help to grow a single market in the South Asian region.

This will facilitate to higher efficiency in the allocation of capital in SAARC region by

integrating the national financial markets.

7.The Political agenda There is also a political agenda to South Asian bank, the complete removal of

national control over monetary policy and the partial removal of control over fiscal

policy. Individual nation states will lose sovereignty (i.e. the ability to control theirown affairs). It will be a considerable step down the road towards political union.

There are many in the SAARC who favor economical than political union and they

are very much in favor of SAARC. There are also many who wish to keep national

sovereignty and are struggling to prevent SAARC currency, whatever its merits might

be, from going ahead.

8. It will make SAARC more powerful player in the global economyIntroducing SAARC currency among the SAARC member countries will enable the

SAARC countries to enter into more trades easily more than ever before. Also, it will

make the SAARC currency much stronger than it was in the past as a separate

currency against the strong dollar and euro currency. Thus, it will facilitate the firms

within the SAARC regions to involve more with the other international trades with

the European and American countries. As it will enable the SAARC member

countries to arrange much more two way trade among themselves, a stronger trade

community and a strong syndicate can be created through this arrangement. Thus,

SAARC member countries can become strong in the world economy.

9. May Keep Inflation Lower.


22/54

Problems, Disagreements, impossibility1. Loss of Sovereignty

On the political side, it is argued that an independent central bank is undemocratic.

Governments must be able to control the actions of the central banks because

Governments have been democratically elected by the people, whereas an

independent central bank would be controlled by a non elected body. Moreover,

there would be a considerable loss of sovereignty. Power would be transferred from

Dhaka to Delhi. This would be highly undesirable because national governments

would lose the ability to control policy. Central bank of every state among the

SAARC region will be than controlled centrally. Thus, no country will be able to

control its own central bank.

2. Deflationary tendenciesWhen any particular country face some problem regarding the deflationary situation,

then the central bank usually takes some necessary steps like, increasing money

supply in the economy, minimizing bank rate, purchasing government instrumentback from the people etc. But, whenever SAARC currency will be introduced, any of

the central banks of a particular country cant take such steps to improve the

deflationary situation as because, all the central banks then will be controlled centrally

and particular state government will not have the power to control its central bank.

Thus, if SAARC currency is introduced, countries which are facing deflationary

situation will face problems to overcome the situation.

3. Over estimation of Trade benefitsSome economists argue that the trade and cost advantages of SAARC CURRENCY

have been grossly overestimated. There is little to be gained from moving from the

present system which has some stability built into it, to the rigidities which SAARC


23/54

currency would bring. This overestimation can be very harmful for the business

groups in the future. Overestimation can also lead to price level increase in the

SAARC region. If such overestimation doesnt happen in the future, then it will affect

the trade in the SAARC region.

4. Individual country will face problem to control deflationIntroduction of SAARC currency will enable each central bank of the countries to be

controlled under a central union. Since a Central Bank is in control of the

management of a currency union, no government is able to control the central bank

of that country. So, in case if the country faces any deflationary situation, then the

government cant take steps like, reducing bank rate, reducing reserve requirement or

purchasing government securities back from the people. No monetary policy can be

taken by the central bank to control such situation as it will go under control of a

currency union.

5. Central bank will fail to control inflationIf SAARC currency is introduced, all the central banks of the member countries will

go under the control of a currency union. So, all these central banks will not be able

to perform monetary functions for the state. So, if inflationary situation arises, central

bank will not be able control the situation by implementing monetary policies like,

reducing bank rate, reducing reserve requirement or purchasing government

securities back from the people as because it will go under control of a currency

union.

6. Structural economic inequality among the countriesIn the SAARC region, there exists much structural inequality among the countries. If

SAARC currency is introduced, than it will create inequality among the countries.

Country like India will be mostly benefitted, other countries like Myanmar, Nepal etc


24/54

countries will face much difficulty like inflation, price level rise, not being able to

capitalize the opportunities etc due to the structural inequality that exists among these

countries.


25/54

Situation Analysis and Overall Recomm endationThough there is huge possibility to strengthen the South Asian economic condition

by introducing SAARC single currency, there also some problems that will arise and

hamper the implementation of SAARC currency.

The main obstacles that likely to arise are given below:

01.Political Conflict02.Conflict of Economic Interest03.Terrorism

Political Conflict:

After the independence of Pakistan and India in 1947 from the British ruler, the two

countries still have political conflict between them. They already fought four battles

regarding some political and broader issues. They are also the reigning power in

SAARC region and posses nuclear weapon. There is highly possibility to increase

political problems instead of lessening. They can also think, it may hamper their

political interest and lose control over economic activities that hold in their own

country.

So, if the political unrest takes place between Pakistan and India, it will also affect the

other SAARC nations. Even the economic conditions of other member countries can

become worse instead of good.

Conflict of Economic Interest:

There are also same problems that can badly effect the relationship among the

SAARC nations after implementing the single currency decision.

In which place Central Bank of SAARC will be placed, what will be rules and

regulations, how it will be audited etc. can go in favor of one country and another will

deprived of favor. That is the main reason of arising the conflict of economic

interest. The country which holds politically more power, that country may press


26/54

highly to gain more economic interest. This kind of activities will not help to gain the

goal of single currency rather it will lead the situation to worse.

Terrorism:If the SAARC currency is implemented, a single market in SAARC region also be

established. Then every SAARC nations will decrease the restriction of entry policy in

the national boundary of each other. In this case, terrorists can able to enter other

country easily. So, it will cause more problems. In current situation, Pakistan and

Afganistan is the most risky countries in the world. Every day general people are

killed by suicide bomb attack by the militant. The people of those countries have no

security of life. So, it is also a threat to other SAARC members. If the terrorists arediversified in the SAARC countries it will bring unbearable situation.

Therefore, SAARC countries need to solve their internal problems before taking the

single currency. Otherwise, SAARC currency will fail to achieve the goals. If the

barriers are removed, we can hope for a better economic condition in South Asia

region.


27/54

Part-iiiCorruptionLegalization


28/54

Checking instead of EradicatingThe unethical activity- goes against law and enacted legal rules and regulations- which

has already got a field to spread its blameworthy effects in more or less all spheres

with the incentive of affecting definite person or people or bodies in such a

devastating way that the whole situation is supposed not to be checked anyway, is the

corruption which exists with an urge to be legalized. Basically the term corruption

legalization refers to the process of checking such activity bringing it under a shadow

of legal rules and regulations where the salient incentive- that lies behind the legal

procedure- is that as such activity cannot be controlled anymore, the best alternative

requirement would be to disclose it to mass people along with giving it a legal

acknowledgement. Thus through corruption legalization not only people get to know

about such a fact, but also those several culprit groups- which were benefited earlier-

would not exist as the only to be facilitated.

Many unethical activities, more or less in all developing, developed and undeveloped

countries, corruptions which were or have been spreading with the help of immense

power or with strong technological support are supposed to be legalized as state can

have a control on such activity and make other know about the fact and from the

perspective of getting benefit, there would be nothing to get as most of the people

are concerned enough about its scope, timing and effect. So, none can be facilitated

kike earlier as they used to be before legalizing that definite corruption.

Corruption legalization is basically acute in the developed world and the rationale

why developed states emphasize on it than that of other worlds is that developed

world is more concerned about urgency of solution and timing maintenance whereas

most of the developing and undeveloped countries emphasize on attempts forchecking corruption to a noteworthy extent. From the developed world several

countries are now in a stream to adopt this process with a view to avoiding

complexities of enforcing acts to check corruption and getting simple ways to control

corruption through corruption legalization.


29/54

Why corruption is legalizedCorruption is a term which is so familiar to us and we face it almost everywhere in

everyday. Corruption hinders our performance, objective, or efficiency that we want

to do or we have. So, corruption is negative thing which has negative impact.

Therefore corruption is treated as illegal activities. But there may have some situation

where legalization of corruption is necessary. has been a wide discussions about such

issues as right to die, gays and abortions.. These are issues of varying importance.

Some have great importance for few people, and some concerns pretty much none.

Also, the people have wide variety of opinions about these, which IMO mean, that all

the cases have some credible reasoning. Therefore the real benefit of all thesesolutions are a little questionable, whichever solution is selected.

To conclude, these issues concern few and there is not so much to do. How about

discussing some real issues, which concerns everyone, and which everyone can

condemn with a straight hand? IMO this means, that the solution (what-ever it is) is

simply beneficial.. While the phenomenon itself is easy to condemn and its

justification has nothing to debate, the practical ways, how to get rid of the

phenomenon is much more interesting one. And here's the topic Legalizedcorruption. And with this I mean the way, how private corporations and individuals

buy out politicians.. It is all perfectly legal or if it is not, the legal branch of the

government is either unable or unwilling to stop it. Some issues why corruption is

legalized are described in below:

1. Political influences:One of the most considerable reasons for corruption legalization is political

influences. Generally political corruption is legalized by political influences.

Political corruption is the use of legislated powers by government officials for

illegitimate private gain. Misuse of government power for other purposes,


30/54

such as repression of political opponents and general police brutality, is not

considered political corruption. Neither are illegal acts by private persons or

corporations not directly involved with the government. An illegal act by an

officeholder constitutes political corruption only if the act is directly related to

their official duties. The activities that constitute illegal corruption differ

depending on the country or jurisdiction. For instance, certain political

funding practices that are legal in one place may be illegal in another. In some

cases, government officials have broad or poorly defined powers, which make

it difficult to distinguish between legal and illegal actions.

2. Reduced monitoring activities:Its a great responsibility for government to intervene the activities which is

illegal. But there are lots of activities are illegal activities which are happened in

country. So it will be difficult to monitor all the illegal activities because

government has to implement lots of other responsibilities. Therefore some of

silly corruptions are legalized so that monitoring activities can be reduced and

monitor other activities properly.

3. Protectionfrom another corruption:There are some instances that corruption is legalized to protects from another

corruption. For example, In China some student are provided training for

increasing efficiency in hacking so that unexpected hackers become unable to

hack their different web site.

4.To increase revenue:One of financial intention to legalize corruption is increase revenue. For

instances, we can think the legalization of black money. If black money is

legalized by imposing higher rate of tax than people will legalize their black

money by paying required tax. Whenever people will pay required tax than
http://en.wikipedia.org/wiki/Political_repressionhttp://en.wikipedia.org/wiki/Political_repression


31/54

government revenue will be increase. On the other hand, we can give another

example. In many countries, goods and services are transferred illegally to and

from other countries that are restricted by government of that country. In

such cases, government of that country does not get any tariff on such import

and export. So if government legalizes this trade, importers and exporters are

obligated to pay tariff on such trade which will ultimately increase government

revenue.

5. Inability to stop corruptions: There are some kinds of corruptions which are not possible to stop. These

kinds of corruption are sometimes legalized so that financial or other benefitcome the country.

6. Corruption legalization would free up police resources to fightcrimes against people and property:

The considerable police efforts now expended against drug activity and other

corruption related activities could be redirected toward protecting innocent

people from those who would still commit crime in the absence of difference

corruption laws. The police could protect us more effectively, as it could focus

resources on catching rapists, murderers and the remaining perpetrators of

crimes against people and property.

7. It would unclog the court system.If you are accused of a crime, it takes months to bring you to trial. Guilty or

innocent, you must live with the anxiety of impending trial until the trial finally

begins. The process is even more sluggish for civil proceedings.


32/54

There simply aren't enough judges to handle the skyrocketing caseload.

Because it would cut crime and eliminate silly corruption, legislation would

wipe tens of thousands of cases off the court dockets across the continent,

permitting the rest to move sooner and faster. Prosecutors would have more

time to handle each case; judges could make more considered opinions.

Improved efficiency at the lower levels would have a ripple effect on higher

courts. Better decisions in the lower courts would yield fewer grounds for

appeals, reducing the caseloads of appeals courts; and in any event there

would be fewer cases to review in the first place.

8. Corruption legalization would put an end to prison overcrowding:Legalization of some specific corruption (For example, legalization of drug,

smoking) will help to put an end to prison overcrowding. Prison

overcrowding is a serious and persistent problem. It makes the prison

environment, violent and faceless to begin with, even more dangerous and

dehumanizing. According to the 1988 Statistical Abstract of the United States,

between 1979 and 1985 the number of people in federal and state prisons and

local jails grew by 57.8 percent, nine times faster than the general population.

Governments at all levels keep building more prisons, but the number of

prisoners keeps outpacing the capacity to hold them. According to the Federal

Bureau of Prisons' 1985 Statistical Report, as of September 30 of that year

federal institutions held 35,959 prisoners-41 percent over the rated prison

capacity of 25,638. State prisons were 114 percent of capacity in 1986. Of

31,346 sentenced prisoners in federal institutions, those in for drug law

violations were the largest single category, 9487. (A total of 4613 were in

prison but not yet sentenced under various charges.) Legalizing drugs would

immediately relieve the pressure on the prison system, since there would no

longer be "drug offenders" to incarcerate. And, since many drug users would

no longer need to commit violent or property crime to pay for their habits,


33/54

there would be fewer "real" criminals to house in the first place. Instead of

building more prisons, we could pocket the money and still be safer.

Removing the 9487 drug inmates would leave 26,472. Of those, 7200 were in

for assault, burglary, larceny-theft, or robbery. If the proportion of such

crimes that is related to drugs is 40 percent, without drug laws another 2900

persons would never have made it to federal prison. The inmates who

remained would be left in a less cruel, degrading environment. If we repealed

the drug laws, we could eventually bring the prison population down

comfortably below the prison's rated capacity.

9. Legal corruption will safer than illegal corruption:Its true that an illegal corruption is more harmful than the legal corruption.

For example, legalizing drugs would promote consumer health and safety.

Because it is illegal, the drug trade today lacks many of the consumer safety

features common to other markets: instruction sheets, warning labels, product

quality control, and manufacturer accountability. Driving it underground

makes any product, including drugs, more dangerous than it needs to be.

Nobody denies that currently illegal drugs can be dangerous. But so can

aspirin, countless other over-the-counter drugs and common household items;

yet the proven hazards of matches, modeling glue and lawn mowers are not

used as reasons to make them all illegal.

Practically anything can kill if used in certain ways. Like heroin, salt can make

you sick or dead if you take enough of it. The point is to learn what the

threshold is, and to keep below it. That many things can kill is not a reason to

prohibit them all--it is a reason to find out how to handle products to provide

the desired action safely. The same goes for drugs.


34/54

Today's drug consumer literally doesn't know what he's buying. The stuff is so

valuable that sellers have an incentive to "cut" (dilute) the product with

foreign substances that look like the real thing. Most street heroin is only 3 to

6 percent pure; street cocaine, 10 to 15 percent.

Since purity varies greatly, consumers can never be really sure how much to

take to produce the desired effects. If you're used to 3 percent heroin and take

a 5 percent dose, suddenly you've nearly doubled your intake.

Manufacturers offering drugs on the open market would face different

incentives than pushers. They rely on name-brand recognition to build market

share, and on customer loyalty to maintain it. There would be a powerful

incentive to provide a product of uniform quality: killing customers or losing

them to competitors is not a proven way to success. Today, dealers can make

so much off a single sale that the incentive to cultivate a clientele is weak. In

fact, police persecution makes it imperative to move on, damn the customers.

Pushers don't provide labels or instructions, let alone mailing addresses. The

illegal nature of the business makes such things unnecessary or dangerous to

the enterprise. After legalization, pharmaceutical companies could safely try to

win each other's customers--or guard against liability suits--with better

information and more reliable products.

Even pure heroin on the open market would be safer than today's impure

drugs. As long as customers know what they're getting and what it does, they

can adjust their dosages to obtain the intended effect safely.


35/54

Corruption Legalized in Prosaic Ways

Corruption is not only the means of illegal activities. Corruption is also meaning not

doing his or her duties in proper way. Corruption also involves the unethical

practices. There are so many corruption, that are unethical but we accepted it as a

legal manner. It somehow become a tradition us to accept such practices. We see the

corruption but we overlook, we know these are unethical but we remain feeling less.

There is no one to protest, though anyone protest no one comes to his or her side.

Now lets examine those corruption that we have accepted in prosaic way:

Nepotism:

It is a very common phenomenon in our country. Nepotism is the practices that

favor family members, relatives, friends of any close person. Nepotism not only

practiced in public sector but also in private sector as well. High officials of both

sector appoint there close person in the official post. So, highly eligible candidate are

neglected. But there is no legal way to solve the problem. It is also unethical but we

accepted it as our fortune.

Bribery:

No money, no file. It is the theme of most government official in this country.

Bribery is become open secret to us all. From employees of low class to high officials

are involved in such practices.

Lack of Discipline:

Most of employees of government sector have lack of discipline. They do not arrive

in the work place in time. They always try to avoid their duty. They do not even care

about the property of the government. As a result, many valuable documents got

missing.


36/54

Teachers Corruption:

Now a day teachers especially government school, college and universities become

businessmen. They invest their time not to deliver knowledge but to earn money.

Lets see how they do it

01.Teachers of School and College: Teachers of government school and college do not take care about their

scheduled classes. They setup private program for the students where they

can earn more. So, poor students suffer more because they can not able to pay

private tuition fees. It is too costly for them. Teachers even biased in giving

marks. They give low mark to those students who do not participate in private

program.

02.Teachers of Public Universities:Most of the public university teachers are similar to the school and college

teachers. The difference is that they do not establish private program rather

they deliver their knowledge to the private university students. They neglect

their own students for sake of earning money. As a result, the students of

public universities can not get proper universal knowledge from their teachers.

Above described corruptions are not legally bounded but these are unethical. We

must stand against such practices. We need to raise our voice. Otherwise, the future

of this country will become dark.


37/54

Corruption Legalization in BangladeshBangladesh is a country with full of corruptions in each and every sector. Some these

corruption are so harmful for all of us and some are not so. It would be beneficial for

Bangladesh, if some of its corruption can be legalized. There are many instances of

legalization of corruption in Bangladesh. One of them, we may think about the

legalization of black money.

Legalization of black money refers to legalize the illegal money by paying required

percentage of tax to the government. In legalizing black money, there are some

benefits to government as well as citizen of Bangladesh. Some these benefits are

described in below:

1. Increase taxable income: Whenever government of Bangladesh gives chance to legalize black money

and then taxable income of some people will increase. Because their hidden

money will be exposed as illegal money can be converted to legal money by

paying required tax.

2.

Increase industrialization:As people will be able to expose black money by legalizing it, they may want

to invest their money in different industrial sector. So the industrialization will

be increase.

3. Increase employment:We know that the more the industry, the more the creation of employment.

So legalizing black money will also crease more employment.

4. Increase tax revenue: Whenever government of Bangladesh legalizes black money, it required a

specific amount of tax on that illegal money. So tax revenue increase. On the


38/54

other hand, we have seen that the legalization of black money increase

industrialization and crease employment. In this case government also gets an

additional amount of tax from that industrys and employers income. So

ultimately tax revenue of government of Bangladesh increases than that of

before.

5. Increase GDP:Legalizing of black money will also play role in increasing GDP of country.

For example, legalizing illegal money increase employment and we know that

the more the employment of a country, the more the more the productivity of

country. So as the productivity increase the gross domestic product (GDP) ofBangladesh will increase.

6. Reduced monitoring activities:Its a great responsibility of government to intervene all the activities which

are illegal. But there are lots of activities are illegal activities which are

happened in country. So it will be difficult for all the illegal activities because

government have to implement lots of other responsibilities. Therefore if

black money are legalized, authorities monitoring activities can be reduced and

they can monitor other activities properly.

So, it can be said that sometimes legalization of corruption brings greater

advantages than its disadvantages.


39/54

Corruption Legalization and Global AspectCorruption is both a major cause and a result of poverty

around the world. It occurs at all levels of society, from local

and national governments, civil society, judiciary functions,

large and small businesses, military and other services and so

on. Corruption affects the poorest the most, whether in rich

or poor nations.

The issue of corruption is very much inter-related with other issues. At a global level,

the international (Washington Consensus-influenced) economic system that has

shaped the current form of globalization in the past decades requires further scrutiny

for it has also created conditions whereby corruption can flourish and exacerbate the

conditions of people around the world who already have little say about their own

destiny.

A difficult thing to measure or compare, however, is the impact of corruption on

poverty versus the effects of inequalities that are structured into law

, such as unequal

trade agreements, structural adjustment policies, so-called free trade agreements

and so on. It is easier to see corruption. It is harder to see these other more formal,

even legal forms of corruption. It is easy to assume that these are not even issues

because they are part of the laws and institutions that govern national and

international communities and many of us will be accustomed to itit is how it

works, so to speak.

Now from the world perspective, we are now going to find some countries who are

accepting corruption legalization or in the form of silently:

China


40/54

China is the first country who has legalized corruption formally. China government

found that corruption of them was going in such a manner that the govt. could not

control or it was not possible for the govt. to control. Now the government legalized

the corruption. So the Chinese are now able to formally take bribery or any other for

any types of working. Now the legalization is beneficiary foe china. It has accelerated

the Chinese activities like corruption in their own territory. Now their necessary files

are no more stored in the cabin or table for the lacking or shortage of bribery. Now

the Chinese have taken this one as a bless as well as they think it is the of them to

take bribe.

India

India our neighboring country is also doing corruption. But their rank is lower than

us. Then the question arise are hey doing less corruption compared to us? the

answer is absolutely not. Their no. of corruption or rate of corruption is less than us.

But in terms of amount of money -they are many times compared to us. Thats why

their rank is behind than us

Indias corruption in different sector is very high. Whenever in any sector do

corruption then the amount of corruption is very high then Bangladeshi no. of

corruption. But their corruption is not caught as ours. Thats why they are in a better

situation. Indian Supreme Court allows sex before marriage! From the Muslim culture

point of view we can say that this should not be done. This may accelerate the

corruption to any country as a form of social family burden.

America

Americas corruption as an informally acceptance ranges have been cited below:
http://www.chowrangi.com/indian-supreme-court-allows-sex-before-marriage.htmlhttp://www.chowrangi.com/indian-supreme-court-allows-sex-before-marriage.html


41/54

1. Easily and carelessly America arrests people, and tosses innocent people intoprison. It is estimated that America has at least 100,000 completely innocent

people in jail, but the statistics of innocence may well run far higher. The

number of people known to be innocent, and yet who were actually sentenced

to death in recent years in America, is already running into the hundreds.

2. Of America's more than 2 million prisoners, about 50,000 are known to beforeign citizens. This proportion might seem small, but remember that 50,000

prisoners is more than the entire prison population of many other countries.

3. Extremely casual about the jailing of foreigners, and not honoring their rightsunder international law or treaties and agreements. Often, foreign citizens

have been sentenced to death, while the USA didn't even bother to notify theforeign government that their citizens were arrested.

4. People murdering judges, or attacking the families of judges, or people settingfire to courthouses in the USA - and see the pattern that is emerging, even

though the news media are afraid to connect the dots and suggest what might

be behind all these events. America is trying to maintain its myths about its

legal system.

5. America's lawyers are controlled by the judges, and don't really work for you -that's why they sell you out to the government, or to the big companies that

pay bribes.

6. Innocent and being arrested - they don't like to admit a mistake in America.7. There is a huge amount of bribery in America, perhaps even more than in the

courts of any other country in the world. Even some American ex-judges have

admitted the near-universality of bribery there. Nearly all bribes are given to

the judges by lawyers; this is considered the safe way to bribe a judge. Bribery

is rarely spoken about, just understood. Rich people pay huge amounts of

money to law firms with connections, the lawyers walk around with a certain


42/54

amount of cash in their jacket, and they pass it to the judges in their quiet

moments together.

8. Every now and then, there is worldwide news of how some average person inAmerica has won a lawsuit for $25 million or some other huge sum of money,

from some company or other. What's going on here - if the American legal

system is so crooked, how can people be winning such big money?

Such cases are indeed real, but they are actually somewhat rare, numerically -

rather like winning the lottery - and it's important to see why they take place,

and how they fit into the big pattern. Such cases are typically after someone

has been seriously injured or died due to some defective product orprescription drug or hospital treatment or accident. America is a culture built

on sales and advertising.

9. America was so casual about inventing and selling the lies about "weapons ofmass destruction" to help start the Iraq invasion. It was just a question of

whatever lies needed to be told, in order to sell the product; there was no

concern about afterwards, when the lies were exposed. America just figures itcan later send out more salespeople with more lies, in an endless cycle.

Tomorrow is just another day, when America will try to sell another product,

the "war on terror", the "spread of freedom", or whatever.

10.In reality, there is almost nothing you can do against misconduct, and evenopen felony crime, committed against one by American judges and lawyers.

All of the official complaint procedures one find on the internet, or at thecourthouse or in the law books, turn out to be a joke, a farce and a fraud.


43/54

11.Complaints about lawyers in America usually go to the "Bar", which is itselfrun by the judges who are involved in bribery with the lawyers. And

complaints about judges go to other judges, their friends.

12.Perhaps the statistical chance of getting arrested in America as an innocentperson, and then being sent to prison or put to death, is relatively small. But

think of how you will feel if you end up as one of those 2 million American

prisoners, including 50,000 foreign citizens. Or perhaps even one of those

several thousand people on Death Row, waiting for the lethal poison to be

injected into ones arm.

Why not legalize corruption in Pakistan?

Almost all men are greedy by nature. Except for a few honest individuals, everyone

wants easy money. A little bit of corruption is of course tolerable (considering the

low salaries paid to government employees). But then, there is no limit to corruption

if it becomes a habit.

The current standoff between the judiciary and the ruling party is a result of the

corruption of one man who has been convicted once in Switzerland and doesnt want

to lose his seat. The Prime Minister is reported to have gone to the Raiwind residence

of Nawaz Sharif (the main opposition leader) and offered him a bargain: You dont

stress the Swiss cases against the President, and we wont ask NAB to proceed in

cases against the Sharif family (reported in DAWN, 23rd February 2010).

The Prime Minister didnt go further and offer lifetime immunity to Nawaz Sharif

and his family in exchange for his support to Zardari. In fact, both of them can get

together and legalize corruption. In future, whoever is in power should not file
http://www.chowrangi.com/why-not-legalize-corruption-in-pakistan.htmlhttp://www.chowrangi.com/why-not-legalize-corruption-in-pakistan.html


44/54

corruption cases against whoever is in opposition. Just think how many problems this

will solve. It will free the ruling party from ever worrying that any of its members will

have to go to jail, while the opposition politicians can look forward to the day when

they come into power and loot the nation again.

Singapore

Tan who is currently Director of Corporate Finance and Enforcement (Capital

Markets Department) at the Monetary Authority of Singapore was a specialist in

corruption and white collar crime when he was a Deputy Public Prosecutor (DPP)

at the Attorney-Generals Chambers.

In his book, The Law on Corruption in Singapore: Cases and Materials, Tan uses his vast

experience in corruption cases both as DPP and District Judge to lay out the basic

principles of the law on corruption and supplements his exposition with excerpts

from 26 major court decisions involving cases that were heard in the Subordinate and

Supreme Courts from 1970 to 2007. The Singapore Academy of Law (The

Academy) is the umbrella body of the legal community in Singapore and has more

than 7,000 members. Through innovative classifications, Tan has condensed the law

on corruption into manageable pieces and provided order to the numerous cases,

thus giving much needed clarity on the law.

Now the Singapore govt. has taken an innovative idea to provide course on hacking

for the increased of hackers in that country under the govt. contributory monitoring.

As a result, the hackers will not be able to be able to create much more benefits then

they are already made. Because the govt. will have the information on that on which

way hackers will perform their activities


45/54

UK FOREIGN BRIBERY STRATEGY

Notwithstanding the substantial progress the UK has made in tackling foreign

bribery, there are still areas that should be developed further. International corruption

remains a world wide problem that comes at both a human and business cost, and the

fight against bribery cannot be an optional extra or a luxury to be dispensed with in

testing economic times. Globalization and advances in technology have made

corruption easier to commit and harder to detect, with payments often channeled

through multiple entities and jurisdictions. In addition, the requirement for legal

cooperation and collective action has been complicated by the emergence of new

trading patterns and the rise of emerging market economies such as India and China.

As the challenges evolve, we need to develop new tools to tackle them effectively.

The following strategy has been developed through soundings with a spectrum of

UK stakeholders and through Ministerial meetings of enforcers, business

associations, leading UK companies and civil society representatives. Officials have

also drawn upon the experience of our international partners, including the OECD

Working Group on Bribery and the UN Global Compact.


46/54

The strategy sets out how we will address and manage the evolving challenges and

establish a clear legal, regulatory and policy framework for action against foreign

bribery. Law reform through the new Bribery Bill will be the keystone of this

approach but the strategy also reinforces links to the wider international anti-

corruption agenda reflecting our commitment to focus on the causal drivers of

foreign bribery and deepen our collaboration with international partners.

The Foreign Bribery Strategy complements other UK efforts to combat international

corruption. The UK has an agreed plan to tackle money laundering by politically

exposed persons (PEPs) and to recover stolen assets. Delivery of the objectives of

the plan is overseen by the cross departmental Politically Exposed Persons StrategicGroup and supported by dedicated capacity within the Serious Organized Crime

Agency, Metropolitan Police Service and Crown Prosecution Service. The PEPs

Strategic Group reports to the Anti- Corruption Champion through his Secretariat,

ensuring coordination with the activities of the Foreign Bribery Strategy Board.

The Anti-Terrorism, Crime and Security Act 2001 extended jurisdiction for courts

in England, Wales and Northern Ireland to bribery by UK nationals and companiestaking place wholly outside the UK, while putting beyond doubt that domestic

bribery law applies to the bribery of foreign public officials. In Scotland equivalent

changes were introduced by the Criminal Justice (Scotland) Act 2003.

The Fraud Act 2006 strengthens the response to fraud which often goes hand in

hand with corruption. Courts in England, Wales and Northern Ireland have

jurisdiction to prosecute frauds committed abroad by anyone provided that some ofgain (or loss) created by the fraud occurs here.

In 2007 we commissioned the independent Law Commission to review bribery

law, resulting in the publication of their report Reforming Bribery in November


47/54

2008. The Government built on this report to produce a draft Bill for pre-legislative

scrutiny in March of this year, followed by introduction of the Bribery Bill to

Parliament on 19 November 2009. In Scotland, following public consultation, it has

been decided that the Bill should apply throughout the UK.

Investigative powers were extended in July 2008 to all prosecutors in England and

Wales to compel the production of documents and explanations of them (under

Section 2 of the Criminal Justice Act 1987) to the vetting stage of investigations,

including foreign bribery cases. These powers are important because bribery cases by

their nature are often referred without any evidence. These powers allow prosecutors

to require relevant documents in advance of the decision to commence a formalinvestigation, facilitating prompt assessment and resolution of foreign bribery

allegations.

In July 2008 the Government extended to prosecutors non- conviction based civil

asset recovery powers previously only exercised by the Assets Recovery Agency (now

SOCA). These were first used by the SFO to settle a case which began on the basis of

foreign bribery allegations against an English company in October 2008, resulting inthe recovery of 2.25m for inaccurate accounting of irregular payments by an

overseas subsidiary of the company.

Since the Serious Crime Act 2007 came into force in October 2008 UK nationals

and registered companies encouraging or assisting bribery committed wholly overseas

by foreign nationals or companies will also be liable to prosecution for committing

bribery.


48/54

France restricts international corruption investigations

France has severely restricted its jurisdiction and its ability to prosecute cases with an

international dimension, which, given the country's importance in the international

economy and the scale of many of its companies, is very regrettable.

Paris must loosen up restrictions on prosecutors investigating cross-

border crimes

The report, approved by the French government, was published on Thursday (12

March). According to the report, French prosecutors have no jurisdiction in

prosecuting foreign companies that have bribed French public officials abroad.

Complicity in any offence committed by a French person abroad is only investigated

if a final decision in foreign courts has been reached.

"This provision makes it very difficult to prosecute acts of complicity that also

include, for example, the instigation by the parent company in France of a corruption

offence committed by a local branch abroad," GRECO comments.

Although in broad terms, France's legal system is fairly effective combating

corruption, GRECO "wondered why, despite the economic weight of France and its


49/54

close historical links with certain regions of the world considered to be rife with

corruption, it has not yet imposed any penalties for bribing foreign public officials,"

the report states, alluding to France's former African colonies.

Barclays in Paris held a private account for Teodorin Obiang, a scion of the ruling

family in Equatorial Guinea, who in the past 10 years spent 4.5 million on sports

cars even as 20 percent of children die before their fifth birthday due to poverty in

the oil-rich country. Until March 2007, BNP Paribas was involved in billions of

Euros of syndicated loans to the Angola ruling elite-linked oil firm Sonangol, Global

Witness writes.

CORRUPTION IN JAPAN

Corruption in Japan generally takes the form of bribery of high officials in the various

ministries or prefectural governors, or those of lesser rank. This bribery can take the

form of direct payments of cash for favorable consideration, of entertainment

(wining and dining) of officials by those currying their favor, of gift memberships

in expensive golf clubs, or it may take the form of unlisted stocks whose value will

rise once they are offered to the

public as a whole. In recent years there have been cases of corruption involving the

Ministries of Labor, Education, Finance, International Trade and Industry, and

Health and Social Welfare, as well as politicians in a number of prefectures in Japan.

Corruption in the US tends to take place at lower levels than in Japan. There are very

few recent corruption cases involving high officials, although several cabinet officials

during the Clinton administration

were investigated but not charged. Corruption among law enforcement officers, at

both the local/state and federal


50/54

levels, occurs with some regularity, just as it does in Japan. In neither nation is such

corruption extensive. From time to time a state public official is convicted of

committing a corrupt act, but it is rare for anybody at the secretarial level (equivalent

to ministerial level in Japan) to be 436

Malaysia may legalize sports betting

Money generated from legalized sports betting could potentially be channeled into

promoting local sports. According to Prime Minister Najib Razak, the government is

currently reviewing proposals to legalize sports betting, and the process may well be

complete by the start of the World Cup, which runs from June 11 to July 11. What

effect, if any, the legalization of sports betting would have on online sportsbooks in

Malaysia is difficult to predict. There are currently no legal internet betting websites

operating out of the country, and the government has no immediate plans to legalize

online gambling. The legalization of sports betting, however, may well be the impetus

needed to spark the internet gambling industry in Malaysia. So from the overall

discussion of global aspect about corruption legalization, we find that all the

countries in the world are engaged with corruption in a little or high amount. Some

countries corruptions are easily traceable like ours but some are not like America. But

as the corruption legalization issue has been accepted by some countries. So it will be

accepted within a standard measurement around the world.


51/54

Part- ivFindings & Recommendation


52/54

Momentous FindingsSAARC Currency and Corruption Legalization is not only a report but also an

efficacious effort with the incentive of finding out what the factors and rationales

really work beside global and other existing facts in international arena. Here,

multifarious arenas from where explanations would be proved efficacious enough

to illustrate necessity, problems and other relevant issues related to complexities in

global decisions like establishing one currency and how an extreme unethical

activity can be brought under positive checking through legalizing it. Several

momentous findings from these issues are deduced to a brief extent below-

Multifarious problems, disagreements and where all member countries were

supposed to possess united outlook to ensure aggregate effort with the incentive of

getting developed along with making the community more stronger, SAARC

currency is going to face the impossibility to be established finally.

Establishment of one currency for the SAARC members would get the field to

facilitate the member countries to a noteworthy extent where some problemsincluding religious issues, commodity price determination and mutual

understanding problem etc. might be minimized.

Corruption legalization does not reflect anything much better for any country

rather it deduces the helpless situation of overall control authority as having strong

constitution along with refined legal enforcement many countries are much likely

to legalize such corruptions only because these are not even merely capable ofstopping such activities rather than eradicating.

Corruption legalization is basically acute in the developed world and the rationale

why developed states emphasize on it than that of other worlds is that developed

world is more concerned about urgency of solution and timing maintenance where-


53/54

-as most of the developing and undeveloped countries emphasize on attempts for

checking corruption to a noteworthy extent.

SAARC members do not possess mentality where the reflection of considering one

another to get benefited through collective fair attempt prevails but more or less all

members of SAARC are supposed to prioritize such facts.

As the corruption legalization issue has been accepted by some leading countries of

the developed world, it ought to be accepted within a standard measurement around

the world.

Sometimes legalization of corruption brings greater advantages than it might have

caused disadvantages if it would have been only corruption.

SAARC countries need to solve their internal problems before taking the single

currency. Otherwise, SAARC currency will fail to achieve the goals. If the barriers are

removed, we can hope for a better economic condition in South Asia region.


54/54

Recommendation

Establishing such a term paper on SAARC Currency and Corruption Legalization,definitely here several facts raise the question if SAARC currency would certainly

be possible having too many disagreements or problems or whether corruption

legalization would be proved efficacious enough to check definite corruptions to the

extent indeed what it really means to. As we here designated to continue our

working on such global issues along with the perspective of Bangladesh, through the

incentive of acquiring possibly most reliable information we analyzed both issues to

a considerably better extent and some suggestions which we can recommend from apositive outlook is that the urge of possessing unity and better mutual

understanding among member countries with a view to attaining something for their

own amelioration seems to be most salient. Again there must be the reflection of

considering one another to get benefited through collective fair attempt where more

or less all members of SAARC are supposed to prioritize such facts. In aspect o

corruption legalization it would be much better if we would recommend for

checking any corruption from is very beginning via strong legal enforcement andbehind recommending this we think it mention-worthy enough that the legalization

of corruption is not a procedure to get rid of corruption rather it deduces the

helpless situation of overall control authority as having strong constitution along

with refined legal enforcement many countries are much likely to legalize such

corruptions only because these are not even merely capable of stopping such

activities rather than eradicating. So, it would be better if these are checked

effectively earlier.

Documents

SAARC Currency and Corruption Legalization