CORRUPTION AND ITS LAWS

CORRUPTION AND ITS LAWS

Author:- - Mallela Sridivya, a StudentBengaluru SVKM’s Narsee Monjee Institute of Management Studies, Bengaluru(School of Law)

INTRODUCTION

In order to get illegal benefits or misuse power for personal gain, a person or organisation in a position of authority may engage in corruption, which is a kind of dishonesty or a criminal offence. Bribery, double-dealing, and fraud by people, companies, and governments are just a few examples of the numerous ways corruption manifests. It may alter as a result of modifications to laws, regulations, and even technology. Corruption destroys confidence, undermines democracy, stifles economic growth, and makes inequality, poverty, social division, and the environmental problem worse. On a global scale, corruption and crime are sociological endemics that occur often in almost every country to varied degrees and quantities. By skewing voting procedures, subverting the rule of law, and establishing bureaucratic muddles whose sole purpose is to seek bribes, corruption weakens democratic institutions. While corrupt nations may have official laws to preserve the environment, they cannot be enforced if corruption is widespread. Corruption may also enable environmental harm.

HOW CAN WE CONTROL CORRUPTION?

1. Strengthening legal systems: Nations must establish and maintain legal systems that deter, catch, and punish corruption. Without the ability to put them into practise or enforce them, such as the capacity to efficiently investigate, prosecute, and adjudicate crimes, legal changes alone are insufficient.

2. promoting openness and accountability: Preventing corruption requires transparency and accountability. Governments should encourage openness by allowing the public access to information about their operations, finances, and decision-making procedures. Additionally, they ought to be subject to independent checks and balances, including the judiciary, civil society, and the media.

3. Encouraging citizen involvement: By denouncing corrupt practises and keeping public authorities responsible, citizens may play a crucial role in avoiding corruption. Governments should promote public engagement by offering avenues for corruption reporting, safeguarding informants, and cooperating with civil society organisations.

4. Increasing international cooperation: Since corruption is becoming more transnational in nature, it is necessary to supplement national efforts and policies to prevent and combat it with regional and international initiatives and policies that support efficient international cooperation and partnerships.

5. fostering ethical leadership: It takes ethical leadership to stop corruption. Leadership should be demonstrated by upholding strict moral principles and encouraging an ethical workplace environment.

LAWS ON CORRUPTION IN INDIA

1. The Prevention of Corruption Act, passed in 1988, was primarily intended to codify all of the country's legislation punishing public workers who bribe their way out of legal obligations.

2. The Indian Penal Code of 1860 makes it illegal for public officials to bribe, deceive, and engage in other corrupt behaviours.

3. The Benami Transactions (Prohibition) Act, passed in 1988, outlaws benami transactions, in which one party holds property while another pays for it.

4. Public employees who engage in money laundering are subject to punishment under the Prevention of Money Laundering Act of 2002.

5. Act of 2015 Concerning the Imposition of Tax on Unreported Foreign Income and Assets (Black Money): This law mandates the disclosure of undeclared foreign income and assets, and it levies a tax and penalty on them.

CONCLUSION

The issue of corruption is widespread and affects nations all around the world. It is a complicated social, political, and economic phenomenon with possible roots in all three of these spheres. Growth, reducing poverty, and promoting efficient, equitable markets are all undermined by corruption, which results in inefficiency and inequality. A multimodal strategy is needed to effectively combat corruption, including bolstering legislative frameworks, developing institutional capacity, fostering accountability and transparency, increasing public engagement, enhancing international collaboration, and fostering moral leadership. Fighting corruption requires strict adherence to anti-corruption regulations. States are required to not only prosecute such crimes but also to take steps to address the negative impact of corruption, criminal prosecution is not an effective tool for redressing the negative consequences of corruption for the individual, for specific groups, or for society at large.