The Rising Issues of White-Collar Crime in Bangladesh’s Corporate Sector: Findings and Recommendations for Legal Gaps and Execution Barriers

The Rising Issues of White-Collar Crime in Bangladesh’s Corporate Sector: Findings and Recommendations for Legal Gaps and Execution Barriers

Professor Deng Lie¹, Doctor Manjurul Alam²

¹Huazhong University of Science and Technology China, Hu Bei Sheng, Wu Han Shi,Hong Shan Qu, 珞喻路1037号 邮政编码:

²Hongnan University of Economics and Law 182# Nanhu Avenue, East Lake High-tech Development Zone, Wuhan, P.R. China

DOI: https://dx.doi.org/10.47772/IJRISS.2025.90600041

Received: 14 May 2025; Accepted: 21 May 2025; Published: 28 June 2025

ABSTRACT

This article analyses the increasing issues of white-collar crime in Bangladesh’s corporate sector, focusing on the weaknesses in the legislative framework and enforcement barriers that obstruct effective prevention and prosecution. The study indicates a 45% increase in reported financial crimes from 2018 to 2023, with the banking sector suffering losses above TK 25,000 crore over the last decade. The report rigorously examines key legislative frameworks, including the Prevention of Money Laundering Act 2012, the Securities and Exchange Commission Act 1993, the Companies Act 1994, and the Digital Security Act 2018, highlighting significant challenges in addressing contemporary corporate offenses. The study highlights several significant enforcement obstacles, including limited resources, inadequate training of law enforcement officials, corruption within regulatory agencies, and challenges in investigating complex financial offenses. The data indicate that approximately 12-15% of white-collar crime cases result in successful convictions, highlighting significant institutional inefficiencies. The document highlights substantial deficiencies in existing legislation, particularly in relation to developing technology, cross-border transactions, and corporate criminal liability. The analysis underscores the necessity for comprehensive reform, encompassing strengthened whistleblower protections, enhanced international cooperation mechanisms, and enhanced technical capabilities within enforcement agencies. The results indicate that Bangladesh’s goal of attaining upper-middle-income status by 2031 could only be protected by substantially enhancing its corporate crime prevention and enforcement mechanisms. This study presents crucial findings for policymakers and regulatory authorities aiming to improve corporate governance and prevent financial crime in Bangladesh.

Keywords: White-collar crime, Corporate fraud, Financial regulations, Money laundering, Regulatory Enforcement, Corporate governance, Bangladesh.

INTRODUCTION

White-collar crime, introduced by sociologist Edwin Sutherland in 1939, refers to financially motivated, nonviolent offenses committed by individuals in the business and government sectors. [1]These complex offenses typically involve fraud, deception, corruption, or breach of trust and are characterized by their occurrence within authorized organizational frameworks.[2] In Bangladesh, white-collar crime has substantially evolved, especially during the economic liberalization process of the 1990s, creating complicated problems for law enforcement and regulatory agencies.[3]

The corporate sector in Bangladesh has undergone significant transformation over the last thirty years, becoming a vital asset to the national economy. The business sector comprises various entities, including state-owned firms, multinational corporations, and local companies, which collectively account for approximately 20% of the national GDP[4]. The ready-made garments (RMG) industry, banking sector, telecommunications, and pharmaceutical industries provide the foundation of the corporate landscape, with the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) acting as primary capital market platforms[5]. Although favorable for economic prosperity, this swift corporate expansion has unintentionally facilitated opportunities for sophisticated financial crimes.

The need to address white-collar crime in Bangladesh stems from its significant impact on economic stability, social justice, and national progress. Recent data from the Bangladesh Financial Intelligence Unit (BFIU) reveal a concerning trend, as reported financial crimes surged by 45% from 2018 to 2023[6]. The banking sector has suffered losses beyond TK 25,000 crore due to fraudulent operations during the past decade[7]. These breaches not only weaken investor confidence and market integrity but also jeopardize Bangladesh’s aspirations to achieve upper-middle-income status by 2031[8].

In Bangladesh’s corporate sector, the variety of white-collar crimes is vast and constantly changing. The main categories include money laundering, tax evasion, cybercrime, corporate corruption, securities fraud (such as insider trading and market manipulation), and banking fraud (including loan fraud, manipulation of letters of credit, and cyber heists). [9]High-profile cases, such as the Basic Bank scam, the Hallmark Group fraud, and the Bangladesh Bank cyber theft, have revealed the complexity of these illegal actions and the difficulties in prosecuting them. The digital transformation of business processes has introduced new vulnerabilities, and cybercrime has become a significant threat to corporate security.[10]

Although comprehensive in theory, Bangladesh’s white-collar crime regulatory system is complex and nuanced. The Money Laundering Prevention Act of 2012, the Anti-Corruption Commission Act of 2004, and other securities legislation established the legal framework for fighting corporate crime.[11]. Nevertheless, technological limitations, resource constraints, and jurisdictional complexities hinder enforcement. [12]The growing international character of white-collar crime, facilitated by digital technologies and global monetary integration, makes identification and prosecution processes more challenging.[13]

Current Scenario of White-Collar Crime

The context of white-collar crime in Bangladesh’s corporate sector has grown increasingly sophisticated and advanced over the past decade, presenting unprecedented difficulties to regulatory authorities and law enforcement organizations. The Bangladesh Financial Intelligence Unit (BFIU) reports a 47% increase in reported financial crimes from 2019 to 2023, with corporate fraud accounting for nearly 35% of all incidents.[14]

Recent Statistics of Crimes and Case Studies

The banking industry is notably vulnerable, with non-performing loans (NPLs) growing to a concerning BDT 1.31 trillion as of December 2023[15]. A comprehensive study by the Bangladesh Institute of Bank Management indicates that 72% of these non-performing loans (NPLs) are associated with intentional default and financial manipulation[16]. Between 2020 and 2023, the securities market witnessed 156 significant instances of fraud, encompassing market manipulation, insider trading, and financial statement fraud[17]. Significant cases include the 2022 Dhaka Stock Exchange manipulation affair, in which fabricated trading patterns resulted in losses exceeding BDT 500 crore[18].

Major Incidents and Their Impact on the Economy

Recent high-profile cases have significantly impacted Bangladesh’s economic stability. The 2023 banking sector crisis, which involved multiple private commercial banks, resulted in projected losses of BDT 22,000 crore due to systematic loan fraud.[19] The telecommunications sector encountered a significant setback due to the revelation of a corporate tax avoidance plan amounting to BDT 3,000 crore in 2022[20]. These occurrences have contributed to:

A 2.3% decline in foreign direct investment (2022-2023)[21]

Credit rating downgrades for several financial institutions.[22]

Increased cost of international borrowing[23]

Deteriorating investor confidence in the capital market[24]

Public Perception of Corporate Crime

Recent surveys indicate that public trust in corporate institutions has significantly declined. A 2023 survey by the Bangladesh Institute of Development Studies reveals that 78% of participants regard corporate corruption as a “serious issue,” and 65% demonstrate limited trust in financial institutions.[25]. The erosion of public trust has been evident in:

Decreased retail investor participation in the stock market[26]

Reduced public deposits in private commercial banks[27]

Growing preference for informal financial channels[28]

Increased demand for regulatory reform[29]

Analyzing Existing Legal Framework Gaps

The Penal Code of 1860: Key provisions. Problem related to fraud and embezzlement.

The Penal Code of 1860, Bangladesh’s primary criminal law legislation, is limited in addressing modern white-collar crimes due to its colonial-era origins and outdated provisions. [30]Although the Criminal Code includes essential provisions for fraud (Section 420), criminal breach of trust (Section 406), and deception (Section 415), these sections were primarily intended to address traditional crimes rather than complex corporate scams.[31]

The Code’s provisions concerning fraud and embezzlement exhibit significant deficiencies in the contemporary corporate environment. Section 420 addresses cheating and the dishonest inducement of property transfer, which is deficient in specifics for delicate financial instruments and digital transactions, and presents corporate fraud methods. [32]The maximum penalty of seven years in jail is often insufficient for extensive corporate offenses that can affect thousands of stakeholders and the national economy.[33]

Furthermore, the Code’s definition of criminal breach of trust under Section 406 fails to address contemporary corporate governance issues adequately:

Fiduciary responsibilities of corporate directors[34].

Complex financial derivatives and securities fraud[35].

Cybercrime and digital financial transactions[36].

Corporate accounting manipulation[37].

The Code’s handling of misappropriation cases is significantly discrepant since it fails to distinguish between minor individual fraud and chronic corporate misconduct. 9. The evidence standards, intended for simple theft cases, sometimes fail to prove guilt in complex corporate fraud cases, which involve numerous jurisdictions and complicated financial instruments.

The absence of specific provisions for modern corporate crimes creates significant challenges:

Difficulty in prosecuting sophisticated financial schemes[38].

Inadequate penalties for large-scale corporate fraud[39].

Limited scope for addressing transnational corporate crimes[40].

Challenges in Establishing Criminal Intent in Complex Corporate Structures[41].

The Prevention of Money Laundering Act, 2012: Framework for combating money laundering.

Bangladesh’s primary legislative response to financial crimes and illicit fund transfers is the Prevention of Money Laundering Act 2012. [42]Even with its extensive structure, the Act is tricky to implement when dealing with complex corporate money laundering methods.[43].The law has significant weaknesses in handling new technologies and digital payment systems used to launder the proceeds of corporate crimes, despite complying with several international standards, including the FATF guidelines[44].

The Act’s efficiency is significantly limited by limits in cross-border collaboration channels and the technical capabilities of enforcement authorities to monitor complex financial activities. [45]Moreover, the legislative measures concerning beneficial ownership transparency and the exploitation of corporate structures are insufficient, resulting in loopholes that white-collar criminals frequently exploit.[46]

Recent notable cases, such as the banking sector crimes from 2018 to 2020, have underscored these systemic deficiencies, where significant evidence of money laundering has resulted in low prosecution rates due to procedural complexities and jurisdictional obstacles. [47]Although theoretically durable, the Act’s preventive provisions face real implementation challenges, particularly in terms of collaboration among diverse regulatory agencies and financial organizations[48].

The Securities and Exchange Commission Act, 1993: Regulations on insider trading and market manipulation.

The Securities and Exchange Commission Act of 1993 establishes the principal regulatory framework for addressing financial market crimes in Bangladesh.[49]. The Act defines provisions that address insider trading and market manipulation; nonetheless, substantial deficiencies are evident in its implementation and enforcement procedures. [50]The legislation’s definition of insider trading is more restrictive than international standards. It focuses solely on direct trading operations and needs to address contemporary information dissemination and technology manipulation methods.[51].

Moreover, the sanctions established by the Act have not kept pace with the evolving environment of white-collar crimes, rendering them inadequate as deterrents for sophisticated corporate offenders. [52]The enforcement system is constrained by procedural limitations, particularly regarding the investigative powers and evidence-gathering capabilities of regulatory authorities. [53]Significant cases, such as the 2010-2011 stock market breakdown, highlighted systemic vulnerabilities. Evidence of market manipulation resulted in few successful convictions due to legal and procedural limitations.

The Companies Act, 1994: Governance and compliance requirements for corporations.

The Companies Act of 1994 serves as the fundamental legislative framework for corporate entities in Bangladesh; however, its provisions have become progressively insufficient to address modern corporate governance issues and white-collar crimes. [54]The Act defines fundamental standards for corporate governance, transparency, and accountability; nonetheless, it lacks practical tools to prevent and identify complex financial fraud and corporate misconduct.[55]. The legislation’s outdated provisions regarding digital record-keeping, electronic transactions, and contemporary business practices create substantial regulatory gaps that opportunistic corporate executives frequently exploit.[56]

The Act’s limited scope in addressing directors’ duties and liabilities, particularly in relation to corporate fraud and intentional defaults, is especially concerning. [57]The absence of comprehensive laws regarding corporate criminal culpability and group company structures has resulted in numerous cases in which parent corporations escape accountability for their subsidiaries’ fraudulent activities.[58]. Recent business scandals, encompassing significant accounting frauds and cases of director misconduct from 2019 to 2023, have highlighted the Act’s deficiencies in ensuring robust corporate accountability and transparency. The enforcement mechanism established by the Act is hindered by procedural delays and jurisdictional difficulties, frequently resulting in extended judicial proceedings that reduce the deterrent impact of its punitive measures.[59]

The Digital Security Act, 2018: Legal implications for cybercrimes in corporate settings.

The Digital Security Act 2018 is Bangladesh’s legislative response to cybercrime, particularly in business contexts. However, its application to white-collar crimes remains challenging and sometimes inadequate[60]. The Act establishes a framework for addressing digital fraud and cybersecurity breaches, although it reveals considerable shortcomings in combating advanced corporate cyber-fraud schemes and technology-facilitated financial crimes[61]. The legislation’s expansive and sometimes vague definitions of digital offenses pose challenges in prosecuting complex corporate cybercrime cases, particularly those involving transnational transactions and digital financial fraud[62]. Significant deficiencies exist in the regulations concerning corporate identity theft, digital forgery, and cyber-enabled financial manipulation, which have become increasingly prevalent in Bangladesh’s corporate sector[63].

The Act’s enforcement mechanism faces significant obstacles due to the limited technological proficiency of law enforcement agencies and the judiciary in managing digital evidence and complex cyberforensics[64]. Recent corporate data breaches and digital financial crimes from 2020 to 2023 have underscored these deficiencies, as evidentiary obstacles and jurisdictional difficulties have obstructed prosecutions. [65]Moreover, the Act’s stipulations for international collaboration and cross-border cybercrime investigations must be revised, as they pose considerable challenges to prosecuting transnational corporate cyber offenses.[66].

Challenges in the Enforcement of Law

Analysis of enforcement agencies and their effectiveness and Identification of legal gaps in current regulations

The enforcement framework for addressing white-collar crime in Bangladesh demonstrates considerable institutional deficiencies and operational obstacles among various regulatory authorities.[67]. Despite its extensive scope, the Anti-Corruption Commission (ACC) faces significant constraints in terms of expertise, resources, and institutional independence, particularly when investigating major corporate crimes.[68] The Bangladesh Securities and Exchange Commission (BSEC) exhibits comparable limitations in efficiently overseeing and implementing regulations in the capital markets, with significant deficiencies in market surveillance capacity and investigative procedures.[69] The Bangladesh Financial Intelligence Unit (BFIU) has demonstrated progress in monitoring suspicious transactions. Still, it faces challenges related to technology constraints and difficulties in inter-agency cooperation when tracking complex money laundering operations.

Overlapping jurisdictions further undermine the efficiency of these enforcement authorities, as well as inadequate information exchange channels and a lack of specialized expertise in addressing sophisticated financial crimes. Recent evaluations have revealed that prosecution success rates for white-collar crime cases are very low, with approximately 12-15% resulting in successful convictions from 2019 to 2023[70]. The agencies also confront significant hurdles in obtaining and retaining digital evidence, conducting forensic audits, and maintaining a chain of custody in corporate crime investigations. Moreover, the lack of a dedicated judicial system for corporate offenses leads to extended trial durations and reduced enforcement effectiveness[71].

The review of Bangladesh’s legal system reveals significant shortcomings in combating contemporary white-collar crime, particularly in the corporate sector. [72]A primary deficiency is the disconnected character of regulatory legislation, with various regulations functioning independently rather than as an integrated framework. [73]The current legislation exhibits considerable deficiencies in handling emerging technologies and financial innovations, such as cryptocurrency transactions, AI-driven fraud, and complex digital financial crimes. [74]The corporate criminal culpability regulations contain significant deficiencies, particularly in regard to parent-subsidiary relationships and the attribution of criminal responsibility to corporate entities.[75]

The existing legislative system lacks comprehensive whistleblower protection procedures, consequently constraining internal reporting of corporate misbehavior. Moreover, significant deficiencies exist in the legislation overseeing cross-border financial transactions, hindering efforts to combat international financial crimes and reclaim assets from foreign jurisdictions. [76]The lack of explicit regulations addressing contemporary corporate fraud methods, including algorithmic trade manipulation and cyber-enabled financial offenses, presents considerable enforcement difficulties. The regulatory framework must be improved to ensure beneficial ownership transparency, prevent the exploitation of corporate vehicles, and tackle sophisticated financial structures that obscure illicit activity.[77] The existing legislation should be revised to enhance its provisions for plea bargaining and settlement methods in corporate crime cases, thereby improving enforcement efficiency.[78]

Lack of resources and training for law enforcement

Implementing white-collar crime rules in Bangladesh faces considerable obstacles, primarily due to budget constraints and the insufficient training of law enforcement officials[79]. The Anti-Corruption Commission (ACC), the principal agency responsible for investigating corporate crimes, operates with constrained human resources, employing only 1,264 personnel out of an authorized complement of 2,097 positions as of 2023[80]. This considerable staffing gap directly impairs the agency’s ability to efficiently investigate sophisticated financial crimes. Moreover, the Criminal Investigation Department (CID) of the Bangladesh Police, responsible for specialized investigations into white-collar crimes, encounters similar resource limitations, with only a single forensic laboratory capable of analyzing digital evidence.

The complex structure of modern white-collar crimes necessitates specialized expertise and advanced investigative instruments; nevertheless, law enforcement agencies frequently lack access to innovative forensic software and data analysis methods. [81]A Bangladesh Institute of Bank Management survey indicated that merely 28% of law enforcement officers managing financial crime cases had undergone specialized training in forensic accounting or digital forensics.[82]. The deficiency in technological understanding is especially concerning when examining cyber-enabled financial crimes, which have surged by 175% from 2018 to 2023. The Bangladesh Financial Intelligence Unit (BFIU) indicates that inadequate technical knowledge and resources hinder or undermine around 65% of intricate financial crime investigations.[83]

Training programs for law enforcement professionals often lag behind the evolution of criminal techniques and technical innovations. The existing program for financial crime investigation training, last revised in 2018, insufficiently addresses growing domains such as cryptocurrency fraud, algorithmic trading manipulation, and transnational cyber schemes[84]. Additionally, the absence of regular engagement with international law enforcement organizations limits exposure to global best practices and investigation methodologies.[85] The problem is further exacerbated by elevated turnover rates among specialized investigators, with the ACC experiencing a 23% attrition of its qualified financial crime investigators to the commercial sector between 2020 and 2023[86].

Challenges of Law to Corruption within Regulatory Bodies

A significant concern about white-collar crime enforcement in Bangladesh is the widespread corruption inside the regulatory agencies, resulting in a convoluted network of impaired oversight and enforcement[87]. The 2023 Transparency International Bangladesh (TIB) study revealed that nearly 32% of examined cases involving significant financial crimes showed signs of collaboration between regulatory officials and offenders[88]. This systematic corruption manifests in multiple forms, including intentional supervision errors, protracted investigations, evidence tampering, and the premature conclusion of cases[89]. Although designated as the principal regulatory authority, the Bangladesh Securities and Exchange Commission (BSEC) has faced significant accusations of internal corruption, with numerous senior officials under investigation for allegedly accepting bribes to impede market manipulation inquiries between 2020 and 2023[90].

The regulatory architecture of the banking sector has been significantly impacted, with the Bangladesh Bank receiving criticism for allegedly selectively implementing norms. [91]Detailed research by the Centre for Policy Dialogue (CPD) in 2023 revealed cases where regulatory officials reportedly received substantial financial incentives to overlook lending processes and infractions of money laundering legislation. [92]The analysis identified 127 instances where inquiries into significant financial violations were either considerably postponed or discontinued without sufficient justification.[93]. The Anti-Corruption Commission’s internal affairs branch reported that 15% of its officers were under investigation for various forms of misconduct and corruption in 2023, highlighting the severity of the problem within anti-corruption authorities themselves.[94]

The effects of this regulatory corruption transcend individual instances, fostering a culture of impunity that reduces the entire enforcement equipment.[95]. The World Bank’s Governance Indicators for 2023 ranked Bangladesh in the worst quartile for regulatory quality and control of corruption, notably expressing concerns about the integrity of financial sector monitoring.[96].The issue is exacerbated by political intervention, evidenced by a documented trend of regulatory decisions being swayed by political factors rather than merit[97]. The governance assessment by the Asian Development Bank revealed that over 45% of significant white-collar crime investigations involving politically linked individuals showed indications of procedural irregularities or unjustified delays.[98]

Difficulty in investigating complex financial crimes

The investigation of complex financial crimes within Bangladesh’s corporate sector poses significant challenges due to the complexity of modern financial transactions and sophisticated criminal techniques. Law enforcement agencies encounter substantial difficulties in monitoring and scrutinizing intricate financial trails, especially when transactions span multiple jurisdictions and involve shell corporations.[99]. The Bangladesh Financial Intelligence Unit (BFIU) indicated in 2023 that around 67% of significant financial crime investigations surpass their projected timelines due to the intricacy of transaction patterns and the difficulty in establishing conclusive proof trails.[100]. This issue is particularly pronounced in cases involving digital financial services and cryptocurrency transactions, where more than conventional investigative techniques are required.[101].

The advanced technology of modern white-collar crimes presents a significant obstacle to investigative endeavors.[102]. According to the Bangladesh Bank’s Fraud Detection and Management Department, fraudsters are increasingly deploying innovative tools, such as artificial intelligence, blockchain technology, and sophisticated encryption, to mask their operations. A comprehensive research project conducted by the Bangladesh Institute of Bank Management found that 73% of investigative officers experience difficulties with digital forensics and data analysis in complex financial fraud cases[103]. The difficulty is exacerbated by the transnational characteristics of numerous financial crimes, with the CID indicating that 45% of significant financial fraud cases in 2023 had cross-border components, necessitating international collaboration[104].

Corporate frameworks and commercial practices in Bangladesh frequently exhibit opacity, complicating the tracing of ownership, identifying beneficial owners, and establishing criminal culpability.[105].The Anti-Corruption Commission’s 2023 report indicates that investigative officers typically dedicate 8 to 12 months to decipher intricate business structures and ownership patterns in significant fraud cases[106]. The situation is exacerbated by the widespread use of informal business practices and inadequate documentation in numerous company entities[107]. A recent Financial Sector Reform Project study revealed that nearly 55% of examined financial crimes involved manipulating business records and creative accounting procedures, complicating the establishment of concrete evidence of misconduct.[108].The absence of standardized forensic accounting protocols and restricted access to global financial intelligence networks significantly impede the investigative agencies’ ability to examine intricate financial crimes thoroughly[109].

Societal attitudes towards corporate malfeasance of the Law

Societal perceptions of business misconduct in Bangladesh present substantial obstacles to the effective implementation of white-collar crime legislation[110]. A widespread cultural inclination exists to regard corporate crimes as less severe than traditional crimes, notwithstanding their potentially catastrophic societal consequences.[111]. The intricate and frequently abstract characteristics of corporate fraud make the awareness gap more profound, hindering the general public’s comprehension and appreciation of the gravity of these offenses.

The social standing of corporate criminals often influences public perception and enforcement outcomes. Senior management and commercial leaders usually possess social benefits and networks that may obstruct impartial law enforcement. The concept of “elite immunity” is exacerbated by a cultural aversion to contesting authoritative figures, especially those who play a substantial economic role[112]. Research demonstrates that public compassion tends to favor corporate violators regarded as “respected business leaders,” resulting in diminished societal pressure for prosecution and punishment[113].

A prevalent fallacy exists that corporate crimes are “victimless,” resulting in less public anger and a lack of demand for enforcement. [114]This perspective is bolstered by media reporting that frequently emphasizes technical details over social implications, inadequately conveying the real-world consequences of corporate fraud.[115].The complex nature of financial crimes, combined with the general public’s limited financial literacy, constitutes a substantial obstacle to public comprehension and engagement. Moreover, the prolonged and indirect effects of corporate crime frequently hinder society’s ability to associate corporate misconduct with its eventual societal repercussions.[116]

Cultural elements, such as social networks, familial ties, and economic partnerships, often exert implicit pressure not to report or prosecute corporate crimes.[117] The need to disclose misconduct is usually subordinated to the desire to “save face” and maintain connections with the company. A general lack of confidence in the efficacy of enforcement systems also causes a self-fulfilling loop of decreased reporting and enforcement attempts.[118]

RECOMMENDATIONS FOR LEGAL GAPS

Proposed changes to existing laws (e.g., stricter penalties for white-collar crimes)

Enhanced Penalties and Enforcement Mechanisms[119].

The current legislative framework mandates more severe punishments corresponding with the scale of white-collar offenses. Contemporary fines often fail to serve as effective deterrents. Recommendations include increasing maximum penalties from 1 million BDT to 10 million BDT for severe corporate fraud, instituting obligatory minimum terms of 5-10 years for extensive embezzlement, and establishing measures for the seizure of assets.[120]

Modernization of Investigation Procedures[121]

Legislative reforms must prioritize modernizing investigative procedures to combat complicated white-collar crimes. This entails forming specialist forensic accounting units within law enforcement, implementing digital evidence processing methods, and establishing a consolidated database for corporate crime patterns. The Evidence Act of 1872 requires revision to address electronic evidence and contemporary banking activities more effectively.[122]

Corporate Liability Reform

Existing legislation primarily emphasizes individual accountability, hence generating loopholes for corporate entities. Proposed modifications entail establishing explicit corporate criminal culpability provisions, introducing obligatory compliance programs for public firms, and implementing a comprehensive whistleblower protection system. Companies should incur mandatory expulsion from government contracts upon conviction of significant financial offenses.[123]

Cross-Border Enforcement Coordination.[124]

Considering the global characteristics of several white-collar offenses, Bangladesh should enhance its mutual legal assistance treaties (MLATs) with significant trading partners. This encompasses accelerated protocols for information exchange, collaborative inquiries, and asset recovery. The Money Laundering Prevention Act requires an amendment to align with international standards for cross-border financial investigations.[125]

Introduction to new legislation (e.g., a comprehensive corporate fraud statute)

The corporate sector of Bangladesh necessitates urgent and comprehensive new legislation to tackle the evolving nature of white-collar crimes.[126].A proposed Corporate Fraud and Financial Crimes Act (CFFA) should be passed to unify and update existing disparate legislation. This new legislation should notably target emerging types of corporate fraud, such as cybercrime, securities fraud, and digital financial crimes, which currently fall into jurisdictional gaps.[127]

The proposed legislation aims to establish a specialized Corporate Crime Division (CCD) within the judiciary, comprising judges with expertise in financial and corporate law. The new statute should incorporate provisions for advanced investigative techniques, such as digital forensics and cross-border investigations, while adhering to international standards for corporate governance and transparency.[128] Furthermore, the legislation must include strong whistleblower protection mechanisms that provide anonymity and financial incentives for reporting corporate misconduct.[129]

The new legislation should include the establishment of a Corporate Crime Intelligence Unit (CCIU), which would be responsible for proactive monitoring of market trends and potential fraud patterns. The statute should mandate regular corporate compliance audits, implement a points-based system for corporate responsibility, and establish clear guidelines for corporate criminal liability[130]. Additionally, the legislation should encompass the technological dimensions of contemporary corporate crimes by incorporating provisions for blockchain analysis, cryptocurrency regulation, and the management of digital evidence.[131]

To ensure efficient execution, the new legislation must establish coordination mechanisms among various regulatory entities, including the Securities and Exchange Commission, the Bangladesh Bank, and the Anti-Corruption Commission. The statute must provide measures for international collaboration, enabling the exchange of information and coordinated investigations with foreign law enforcement organizations.[132]

Strengthening regulatory bodies and enforcement mechanisms

Importance of corporate ethics and compliance programs

Corporate ethics and compliance programs serve as an essential preventive measure against white-collar crime in Bangladesh’s corporate sector[133]. These initiatives must progress beyond simple legislation to become complete frameworks that actively influence business culture and behavior.[134].Effective compliance programs must incorporate risk assessment, personnel training, internal controls, and continuous monitoring systems, establishing a multi-faceted defense against corporate misbehavior.[135]

Organizations should establish specialized ethics committees at the board level, ensuring direct reporting to independent directors. These committees must oversee the implementation of compulsory ethics training programs for all employees, including specialized modules for executives and board members. The training must include real-world case studies, regulatory mandates, and applicable ethical decision-making frameworks relevant to the Bangladeshi business environment. [136]Impartial third parties must conduct regular ethics audits and compliance evaluations to assess program efficacy and identify any potential risks.

A key element of these initiatives must be the implementation of strong internal reporting systems encompassing anonymous hotlines and secure contact channels.[137].Companies must establish explicit protocols for evaluating alleged infractions and executing corrective measures while safeguarding against retaliation[138]. Organizations should adopt technology-driven monitoring systems to identify anomalous trends or potential infractions, especially in financial transactions and decision-making processes.[139]

The efficacy of these programs primarily relies on developing a culture of integrity and transparency, which is initiated by top management and disseminated throughout all organizational levels. Companies must incorporate ethical considerations into performance assessments and compensation frameworks, making compliance a crucial factor in career progression and incentive structures[140]. Annual corporate disclosures must include mandated reporting on compliance measures and the effectiveness of these programs.

Role of internal audits and whistleblower protections

Internal audit systems and whistleblower protections function as essential safeguards against white-collar crime in Bangladesh’s corporate sector[141]. An extensive internal audit architecture, including risk-based methodologies, ongoing monitoring systems, and sophisticated data analytics tools, must be developed. [142]Internal audit departments must preserve independence from management while ensuring direct access to the board of directors, especially the audit committee. [143]To sustain audit quality and efficacy, the regular rotation of internal auditors, mandatory professional certifications, and ongoing professional development must be implemented.[144]

Whistleblower protection methods require substantial enhancement through comprehensive legislative frameworks and organizational practices. Organizations should establish secure, anonymous reporting mechanisms, such as digital platforms and third-party managed hotlines, to encourage the reporting of corporate misconduct[145]. Protection measures must encompass not only secrecy but also legal safeguards against retaliation, career protection procedures, and financial incentives for credible whistleblowers[146]. Forming an autonomous Whistleblower Protection Office (WPO) within regulatory agencies could enhance surveillance and support.[147]

Technology integration in internal audit procedures must be prioritized, mainly by adopting artificial intelligence and machine learning techniques to identify fraudulent behaviors.[148]. Real-time monitoring solutions must be implemented to oversee high-risk transactions and abnormal company operations.[149] Additionally, internal audit departments must cultivate particular proficiency in digital forensics and cybersecurity to combat growing types of corporate crime.[150] Regular coordination between internal audit teams and external regulatory entities should be mandated to ensure thorough oversight.[151].

Organizations should establish a three-tier reporting framework for audit findings to enhance efficacy, including the prompt notification of significant issues to the board and relevant regulatory bodies. Furthermore, whistleblower protection programs should encompass psychological support services, legal aid, and career counseling for persons with valid concerns.

Encouraging transparency and accountability in corporate practices

Improving transparency and accountability in Bangladesh’s corporate sector requires a comprehensive strategy that integrates regulatory reforms, technological innovations, and cultural change. Organizations must establish comprehensive disclosure frameworks that extend beyond conventional financial reporting to encompass environmental, social, and governance (ESG) measures.[152] The consistent and compulsory disclosure of beneficial ownership, related-party transactions, and potential conflicts of interest should be implemented through automated reporting systems.[153]Companies should implement integrated reporting frameworks that provide stakeholders with a comprehensive perspective on corporate performance and risk management procedures.

Corporate governance frameworks require substantial reinforcement by establishing independent board oversight mechanisms and adding shareholder rights.[154].The implementation of obligatory stakeholder engagement platforms, such as frequent town halls and investor forums, can promote direct communication between management and stakeholders[155]. Organizations need to establish digital platforms for the immediate disclosure of essential information and significant corporate events, guaranteeing equitable access to information for all stakeholders[156]. The implementation of digital currencies for corporate record-keeping and transaction monitoring will improve transparency and diminish the potential for manipulation[157].

Organizations should implement precise performance measures for board members and executives to enhance accountability, correlating compensation with financial and non-financial factors. [158]Regular, independent evaluations of board effectiveness and corporate governance policies should be mandatory, and the results should be publicly disclosed. [159]Establishing advanced internal control systems that encompass automated compliance monitoring and risk assessment instruments can help prevent and detect corporate misconduct.[160] Additionally, firms must develop thorough sustainability reporting systems that include the environmental and social impacts of corporate activities.[161].

The legislative structure must require the formation of independent oversight committees inside company boards, concentrating on ethics, sustainability, and stakeholder interests. All listed businesses should be required to undergo regular external audits of their corporate governance practices, performed by competent third-party evaluators. [162]Companies must be mandated to preserve comprehensive documentation of their decision-making processes and ensure this material is accessible for regulatory scrutiny.[163]

CONCLUSION

The increasing issues of white-collar crime in Bangladesh’s corporate sector pose a substantial threat to economic stability and investor confidence. This research has demonstrated that the existing legal framework, although fundamental, requires significant modernization to address contemporary financial crimes. Effectively[164]. The findings suggest a complex interplay among inadequate legal frameworks, technological limitations, and institutional capacity constraints that collectively impede effective crime prevention and prosecution.[165]

The study highlights that successfully mitigating white-collar crime requires a synchronized approach involving legislative reforms, technological advancements, and institutional strengthening.[166] The analysis shows that approximately 70% of corporate fraud cases in Bangladesh face prolonged delays or remain unresolved due to systemic inefficiencies and procedural complexities. [167]The research also underscores the critical importance of robust corporate governance structures and transparent reporting mechanisms in preventing financial misconduct.[168]

Bangladesh’s corporate sector’s future development relies on the effective execution of proposed reforms and the unified dedication of all stakeholders. [169]The construction of specialized courts, the deployment of modern monitoring techniques, and the development of professional knowledge will be essential for fostering a more robust corporate environment.[170] In addition, incorporating international best practices and collaboration with global financial crime prevention agencies will enhance Bangladesh’s ability to address complex white-collar crimes. [171]The efficacy of these actions will ultimately determine the nation’s ability to maintain market integrity and foster sustainable economic growth.[172]

REFERENCES

1. Sutherland, E. H. (1949). White Collar Crime. New York: Dryden Press
2. Simpson, S. S. (2022). Understanding White-Collar Crime: Contemporary Issues. Cambridge University Press
3. Bangladesh Bank. (2023). Financial Stability Report 2022
4. Bangladesh Bureau of Statistics. (2023). Statistical Yearbook of Bangladesh 2022
5. World Bank. (2023). Bangladesh Development Update: Building on Resilience
6. Bangladesh Financial Intelligence Unit. (2023). Annual Report 2022-23
7. Bangladesh Institute of Bank Management. (2022). Study on Financial Crimes in Banking Sector.
8. Government of Bangladesh. (2020). Perspective Plan 2021-2041
9. Anti-Corruption Commission Bangladesh. (2023). White-Collar Crime Report2022
10. Bangladesh Computer Council. (2023). Cybersecurity Incident Report 2022
11. Ministry of Law, Justice and Parliamentary Affairs. (2023). Compilation of Banking Laws
12. Asian Development Bank. (2023). Bangladesh: Economy and Governance Assessment
13. UNDP Bangladesh. (2023). Corporate Governance and Anti-Corruption Report
14. Bangladesh Financial Intelligence Unit. (2024). “Annual Financial Crime Statistics Report 2023
15. Bangladesh Bank. (2024). “Banking Sector Performance Indicators, Q4 2023
16. Bangladesh Institute of Bank Management. (2023). “Analysis of Non-Performing Loans in Bangladesh
17. Securities and Exchange Commission Bangladesh. (2024). “Market Surveillance Report 2020-2023
18. Dhaka Stock Exchange. (2023). “Investigation Report: Market Manipulation Cases 2022
19. Ministry of Finance. (2024). “Special Report on Banking Sector Crisis 2023
20. National Board of Revenue. (2023). “Corporate Tax Compliance Report 2022-23
21. Bangladesh Investment Development Authority. (2024). “FDI Report 2023
22. Moody’s Investors Service. (2023). “Bangladesh Banking Sector Outlook
23. World Bank. (2024). “Bangladesh Economic Update
24. Asian Development Bank. (2023). “Bangladesh Financial Markets Assessment
25. Bangladesh Institute of Development Studies. (2023). “Public Trust in Financial Institutions Survey
26. Dhaka Stock Exchange. (2024). “Retail Investor Participation Analysis
27. Bangladesh Bank. (2024). “Deposit Mobilization Report
28. Institute of Microfinance. (2023). “Alternative Financial Channels Study
29. Transparency International Bangladesh. (2024). “Financial Sector Governance Report
30. Rahman, M. (2023). “Critical Analysis of Bangladesh Penal Code in Modern Corporate Crime Context.” Dhaka University Law Journal, 34(2), 45-60
31. Ministry of Law, Justice and Parliamentary Affairs. (2023). “Review of Criminal Law Framework for Corporate Crimes
32. Islam, K. (2024). “Modernizing Bangladesh’s Criminal Laws for Corporate Accountability.” Bangladesh Law Review, 15(1), 78-92
33. Supreme Court of Bangladesh. (2023). “Judicial Analysis of Corporate Crime Sentences 2020-2023
34. Bangladesh Law Commission. (2023). “Report on Reform of Corporate Criminal Law
35. Bangladesh Institute of Law and International Affairs. (2024). “White-Collar Crime Prosecution Challenges
36. Bangladesh Bank Legal Division. (2023). “Analysis of Financial Crime Prosecution Framework
37. Institute of Chartered Accountants Bangladesh. (2024). “Corporate Fraud Detection and Legal Framework
38. Anti-Corruption Commission. (2023). “Challenges in Corporate Crime Prosecution Report
39. Bangladesh Bar Council. (2024). “Corporate Crime Sentencing Guidelines Review
40. UNCTAD.(2023). “Review of Commercial Crime Laws in South Asia
41. Financial Crime Investigation Unit, Bangladesh Police. (2024). “Corporate Crime Investigation Challenges Report
42. Bangladesh Financial Intelligence Unit. (2023). “Annual Report on Anti-Money Laundering Activities,” Bangladesh Bank Publication
43. Karim, R., & Hassan, M. K. (2021). “Effectiveness of Anti-Money Laundering Regulations in Bangladesh,” Journal of Money Laundering Control, 24(2), pp. 312-328
44. FATF. (2023). “Mutual Evaluation Report: Bangladesh,” Financial Action Task Force Publication
45. Rahman, A., & Chowdhury, T. (2022). “Digital Financial Crimes and Regulatory Responses in Bangladesh,” Asian Journal of Law and Economics, 13(1), pp. 89-104
46. World Bank. (2024). “Bangladesh Financial Sector Review: Anti-Money Laundering Framework Assessment
47. Islam, S., & Ahmed, N. (2023). “Corporate Crime and Money Laundering: Case Studies from Bangladesh,” International Journal of Law and Management, 65(1), pp. 45-62
48. Hossain, M. B., & Khan, S. R. (2022). “Institutional Framework for Combating Money Laundering in Bangladesh: Challenges and Ways Forward,” Bangladesh Institute of Bank Management Journal, 8(2), pp. 167-185
49. Rahman, M. Z. (2020). “Corporate Crime and Securities Regulation in Bangladesh,” Journal of Financial Crime, 27(4), pp. 1289-1304
50. Ahmed, S. (2019). “Regulatory Challenges in Bangladesh’s Financial Markets,” Bangladesh Law Review, 12(2), pp. 45-62
51. Islam, M. S., & Khan, M. A. (2021). “Evolution of Securities Laws in Bangladesh: A Critical Analysis,” Corporate Law Review, 15(3), pp. 78-93
52. Hossain, M. T. (2022). “White-Collar Crime in South Asia: A Comparative Analysis,” Asian Journal of Criminology, 8(2), pp. 156-171
53. World Bank. (2023). “Bangladesh Financial Sector Assessment Program,” Technical Note on Market Regulation and Infrastructure
54. Rahman, S. M., & Ali, M. A. (2023). “Corporate Governance Framework in Bangladesh: A Critical Review,” Corporate Governance International Journal of Business in Society, 21(3), pp. 278-294
55. Ahmed, K., & Islam, R. (2022). “Evolution of Company Law in Bangladesh: Gaps and Challenges,” Bangladesh Law Review, 15(2), pp. 112-128
56. World Bank. (2023). “Corporate Governance Country Assessment: Bangladesh,” Private Sector Development Series
57. Khan, M. H., & Chowdhury, F. (2021). “Director’s Liability under Bangladesh Companies Act: A Comparative Analysis,” Journal of Corporate Law Studies, 18(4), pp. 156-172
58. Asian Development Bank. (2024). “Corporate Governance Assessment: Bangladesh’s Legal and Regulatory Framework
59. Uddin, S., & Hossain, M. (2022). “Enforcement Challenges in Corporate Regulation: Evidence from Bangladesh,” Asian Journal of Business Ethics, 11(1), pp. 67-83
60. Rahman, M. M., & Islam, S. (2023). “Digital Security Regulation in Bangladesh’s Corporate Sector,” Cybersecurity Law Review, 16(2), pp. 145-162
61. Hossain, A., & Khan, R. (2022). “Corporate Cybercrime in Bangladesh: Legal Challenges and Regulatory Responses,” Journal of Financial Crime, 29(3), pp. 678-694
62. World Bank. (2024). “Digital Security and Cybercrime Prevention: Bangladesh Assessment Report
63. Ahmed, T., & Chowdhury, S. (2023). “Evolution of Cyber Laws in Bangladesh: Corporate Perspective,” Asian Journal of Technology Law, 12(1), pp. 89-105
64. UNDOC. (2023). “Cybercrime and Digital Evidence: Bangladesh Country Report
65. Bangladesh Institute of ICT in Development. (2024). “Corporate Cyber Security Incident Analysis Report 2020-2023
66. Karim, M. S., & Rahman, F. (2023). “Transnational Aspects of Corporate Cybercrime: Bangladesh Perspective,” International Journal of Cyber Criminology, 17(2), pp. 234-251
67. World Bank. (2023). “Bangladesh Governance and Anti-Corruption Assessment Report
68. Rahman, M. Z., & Khan, A. B. (2023). “Institutional Effectiveness in Combating Corporate Crime: Bangladesh Perspective,” Journal of Financial Crime, 30(2), pp. 345-361
69. Asian Development Bank. (2024). “Regulatory Enforcement Assessment: Bangladesh Financial Markets
70. Bangladesh Institute of Governance Studies. (2024). “White-Collar Crime Prosecution Statistics 2019-2023
71. UNDOC. (2023). “Judicial Response to Economic Crimes: Bangladesh Country Assessment
72. Rahman, A., & Islam, M. (2023). “Regulatory Gaps in Bangladesh’s Corporate Crime Framework,” Journal of Financial Regulation, 25(3), pp. 234-251
73. World Bank. (2024). “Assessment of Legal Framework for Financial Crime Prevention: Bangladesh
74. Hassan, K., & Ahmed, R. (2023). “Technology and Financial Crime: Regulatory Challenges in Bangladesh,” Digital Law Review, 18(2), pp. 156-172
75. Khan, M. S., & Chowdhury, N. (2022). “Corporate Criminal Liability in Bangladesh: A Critical Analysis,” Corporate Law Review, 16(4), pp. 289-305
76. Uddin, M., & Ali, S. (2023). “Cross-Border Financial Crimes: Legislative Challenges in Bangladesh,” International Journal of Law and Management, 67(1), pp. 78-94
77. Hossain, T., & Rahman, F. (2023). “Beneficial Ownership Transparency: Regulatory Gaps in Bangladesh,” Journal of Money Laundering Control, 26(2), pp. 167-183
78. Ahmed, S., & Islam, R. (2022). “Alternative Dispute Resolution in Corporate Crime Cases: Bangladesh Perspective,” Asian Journal of Legal Studies, 15(3), pp. 212-228
79. Anti-Corruption Commission Bangladesh. (2023). Annual Report 2022-23
80. Ministry of Public Administration. (2023). Organizational Capacity Assessment Report
81. World Bank. (2023). Bangladesh Governance and Anti-Corruption Assessment
82. Bangladesh Institute of Bank Management. (2023). Survey on Law Enforcement Capabilities in Financial Crime Investigation
83. Bangladesh Financial Intelligence Unit. (2023). Effectiveness Analysis of Financial Crime Investigation
84. National Police Academy. (2023). Training Curriculum Review Report
85. Interpol. (2023). South Asia Regional Crime Prevention Report
86. Asian Development Bank. (2023). Institutional Capacity Assessment of Bangladesh’s Anti-Corruption Agencies
87. Transparency International Bangladesh. (2023). National Integrity System Assessment
88. TIB. (2023). Corruption in Regulatory Bodies: A Comprehensive Analysis
89. Anti-Corruption Commission. (2023). Internal Investigation Report
90. Bangladesh Securities and Exchange Commission. (2023). Institutional Reform Study
91. Bangladesh Bank. (2023). Financial Sector Integrity Report
92. Centre for Policy Dialogue. (2023). Banking Sector Governance Study
93. Financial Sector Reform Project. (2023). Regulatory Enforcement Analysis
94. Anti-Corruption Commission. (2023). Internal Affairs Annual Report
95. World Bank. (2023). Bangladesh Governance Indicators Report
96. International Monetary Fund. (2023). Financial Sector Assessment Program: Bangladesh.
97. Asian Development Bank. (2023). Bangladesh Governance Assessment Study
98. UNDP. (2023). Strengthening Public Institutions in Bangladesh Report
99. Bangladesh Financial Intelligence Unit. (2023). Annual Report on Complex Financial Crimes
100. BFIU. (2023). Investigation Efficiency Analysis Study
101. Bangladesh Institute of Bank Management. (2023). Digital Financial Crime Report
102. Criminal Investigation Department. (2023). Technological Challenges in Financial Crime Invesgation
103. Bangladesh Institute of Bank Management. (2023). Investigator Capability Assessment Study
104. CID. (2023). Transnational Financial Crime Report
105. Securities and Exchange Commission. (2023). Corporate Transparency Assessment
106. Anti-Corruption Commission. (2023). Investigation Timeline Analysis
107. World Bank. (2023). Bangladesh Financial Sector Assessment
108. Financial Sector Reform Project. (2023). Corporate Crime Pattern Analysis
109. Asian Development Bank. (2023). Financial Crime Investigation Capacity Assessment
110. Rahman, M., & Islam, K. (2024). “Public Perception of Corporate Crime in Bangladesh.” Social Justice Review, 18(2), 45-62
111. Bangladesh Institute of Social Research. (2023). “Corporate Crime and Social Attitudes Survey
112. Center for Policy Dialogue. (2023). “Cultural Dimensions of Corporate Accountability
113. Khan, R., & Chowdhury, A. (2024). “Media Coverage of Corporate Crime in Bangladesh.” Media Studies Journal, 11(2), 234-251
114. UNDP. (2023). “Public Understanding of Corporate Crime Impact
115. Bangladesh Media Research Institute. (2024). “Corporate Crime Reporting Analysis
116. Asian Development Bank. (2024). “Societal Impact of Corporate Fraud in South Asia
117. Institute of Business Ethics. (2023). “Cultural Barriers to Corporate Crime Reporting
118. Anti-Corruption Commission. (2023). “Public Confidence in Corporate Crime Enforcement
119. Rahman, M. (2023). “Corporate Crime and Punishment: Bangladesh’s Legal Framework.” Dhaka Law Review, 15(2), 45-67
120. Bangladesh Bank. (2023). “Annual Financial Crime Report 2022-23.” Central Bank Publications
121. Ahmed, S., & Khan, R. (2024). “Modernizing White-Collar Crime Investigation in South Asia.” Journal of Financial Crime, 31(1), 112-128
122. Ministry of Law, Justice and Parliamentary Affairs. (2023). “Report on Legislative Reforms for Financial Crimes
123. Anti-Corruption Commission Bangladesh. (2024). “Annual Report 2023
124. World Bank. (2023). “Financial Sector Assessment: Bangladesh
125. FATF. (2023). “Mutual Evaluation Report: Bangladesh
126. Hassan, M. (2024). “The Need for Comprehensive Corporate Crime Legislation in Bangladesh.” Corporate Law Review, 12(1), 23-45
127. Rahman, S., & Chowdhury, A. (2023). “Digital Financial Crimes in South Asian Markets.” Asian Business Law Review, 18(4), 167-189
128. OECD. (2023). “Corporate Governance Standards in Developing Economies: Bangladesh Case Study
129. World Bank. (2024). “Whistleblower Protection Mechanisms in South Asia
130. Ministry of Finance. (2024). “Corporate Responsibility and Compliance Framework
131. Financial Intelligence Unit. (2024). “Inter-Agency Coordination Framework for Financial Crime Prevention
132. UNODC. (2023). “International Cooperation in Corporate Crime Investigation: South Asia Report
133. Islam, N. (2024). “Corporate Ethics Programs in Bangladesh: Current State and Future Directions.” Journal of Business Ethics, 22(3), 78-95
134. Bangladesh Institute of Corporate Governance. (2023). “Best Practices in Corporate Ethics Programs
135. Khan, M., & Rahman, F. (2024). “Implementing Effective Compliance Programs in Emerging Markets.” Corporate Governance International Journal, 15(2), 156-173
136. Ahmed, S. (2023). “Ethics Training Effectiveness in South Asian Corporations.” Asian Business Ethics Review, 9(4), 234-251
137. Bangladesh Securities and Exchange Commission. (2023). “Whistleblower Protection Guidelines
138. Hossain, R., & Ali, M. (2024). “Internal Reporting Mechanisms in Corporate Bangladesh.” Compliance Quarterly, 11(1), 45-62
139. Deloitte. (2023). “Technology in Corporate Compliance: Bangladesh Market Report
140. KPMG. (2023). “Ethics and Performance Management Integration Study: Bangladesh
141. Rahman, M. (2024). “Internal Audit Effectiveness in Bangladesh’s Corporate Sector.” Internal Auditor Journal, 19(2), 67-84
142. Institute of Internal Auditors Bangladesh. (2023). “Best Practices Guide for Corporate Internal Audits
143. Ahmed, K., & Islam, S. (2024). “Audit Committee Independence and Effectiveness.” Corporate Governance Review, 16(3), 123-140
144. ICAB. (2023). “Professional Standards for Internal Auditors in Bangladesh
145. Bangladesh Securities and Exchange Commission. (2023). “Guidelines for Corporate Whistleblowing Systems
146. Hassan, N., & Chowdhury, R. (2024). “Protecting Corporate Whistleblowers: Legal Framework Analysis.” Asian Law Review, 12(1), 45-62
147. Anti-Corruption Commission Bangladesh. (2023). “Proposal for Whistleblower Protection Office
148. Deloitte Bangladesh. (2024). “Technology in Internal Audit: Current Trends and Future Outlook
149. KPMG. (2023). “Real-time Monitoring Systems in Corporate Governance
150. Bangladesh Bank. (2024). “Digital Forensics Guidelines for Financial Institutions
151. Financial Intelligence Unit. (2023). “Cooperation Framework for Internal and External Audit Bodies
152. Bangladesh Securities and Exchange Commission. (2023). “ESG Reporting Guidelines for Listed Companies
153. World Bank. (2024). “Beneficial Ownership Transparency in South Asian Markets
154. Rahman, S., & Islam, M. (2024). “Board Independence and Corporate Performance.” Asian Business Review, 17(2), 78-95
155. Bangladesh Institute of Corporate Governance. (2023). “Stakeholder Engagement Best Practices
156. Deloitte. (2024). “Digital Transformation in Corporate Reporting: Bangladesh Perspective
157. KPMG. (2023). “Blockchain Applications in Corporate Governance
158. Ahmed, H. (2024). “Executive Compensation and Corporate Performance Metrics.” Journal of Business Ethics, 15(4), 234-251
159. PwC Bangladesh. (2023). “Board Effectiveness Assessment Framework
160. Bangladesh Bank. (2024). “Internal Control Guidelines for Financial Institutions
161. Ministry of Environment. (2023). “Corporate Sustainability Reporting Requirements
162. Ernst & Young. (2023). “Corporate Governance Audit Methodology
163. Financial Reporting Council. (2024). “Corporate Decision Documentation Guidelines
164. World Bank. (2023). “Financial Sector Assessment: Bangladesh.” World Bank Group Publications
165. Rahman, S., & Islam, M. (2024). “Corporate Crime and Economic Impact in Bangladesh.” Asian Journal of Economics, 42(1), 78-93.
166. Bangladesh Institute of Bank Management. (2023). “Annual Financial Crime Report
167. Ministry of Law, Justice and Parliamentary Affairs. (2024). “Judicial System Performance Review
168. Asian Development Bank. (2023). “Corporate Governance Assessment: Bangladesh
169. Hassan, N., & Ahmed, K. (2023). “Future of Financial Crime Prevention in South Asia.” International Journal of Law and Management, 65(3), 289-304
170. Bangladesh Bank. (2024). “Financial Stability Report 2023-24
171. International Monetary Fund. (2023). “Bangladesh: Financial System Stability Assessment
172. Chowdhury, M., & Khan, R. (2024). “Economic Implications of Corporate Fraud in Emerging Markets.” Journal of Financial Crime Prevention, 18(2), 145-162