WHITE-COLLAR CRIMES AND ECONOMIC HARM IN PAKISTAN: A CRITICAL LEGAL AND INSTITUTIONAL ANALYSIS

Abstract

White-collar crimes have a wide range having multiple types to commit these crimes and dishonest business practices, including commercial or business fraud, slander, embezzlement, money laundering, bribery, insider trading, computer fraud etc. These crimes are continuously evolving and deceiving individuals and the government resulting significant financial loss. Scholars argue that white-collar crimes have far higher economic costs compared to other street crimes. This study employs doctrinal and analytical methodologies to analyze existing legal frameworks and international agreements relevant to white-collar crimes in Pakistan and identifies the gaps and challenges in the existing legal framework in addressing the crimes related to white-collar crimes. This research paper also examines the prevalence and handling of white-collar crimes by law enforcement agencies in Pakistan, including the Federal Investigation Agency (FIA), Anti-Narcotics Force (ANF), Police, Federal Board of Revenue (FBR), and the National Accountability Bureau (NAB). The research examines the recent literature on white-collar crimes, presents characteristics, and concludes that in this specific group of economic criminals, the ties between the perpetrator and the society in which they live are very weak. Finally, the study touches on an alternative way to combat white-collar crimes.