THE EGYPTIAN DYNASTY

The Egyptian Dynasty is known for its pharaoh rulers, majestic pyramids, rich culture and mystical Gods. At the same time, Egyptian Dynasty was also plagued with corruption, the unlawful diversion of assets taken from ordinary people by corrupt officials, the misappropriation of wealth by priests or tax collectors, and the bribery of judges to wrongfully convict the innocent. In ancient Egypt, there was an absence of currency and banking systems. The wealth of the pharaohs was primarily stored in reserves of gold, grain, and various other commodities. Regrettably, these stores proved to be vulnerable and alluring targets, leading to instances where some of the advisors succumbed to temptation and embezzled from their rulers. In response to this pressing issue, the pharaohs devised a solution by enlisting specially trained scribes to combat corruption. King Horemheb during his reign displayed a keen interest in fostering connections with both the common people and the ruling elite. He instituted laws and regulations aimed at eradicating the internal abuse of authority and privileges that officials had enjoyed during Akhenaten's rule. Horemheb also worked to reestablish the government's administrative structure, appointed judges, and established local religious authorities.

OUR PRACTICE

While "blue collar crimes" affect an individual and peace & harmony in the society, it does not materially affect the economy. However, "white collar crimes" directly and adversely affect the economy.

In modern society, Criminal Laws (Indian Penal Code 1860 soon to be replaced with Bharatiya Nyaya Sanhita, 2023, Code of Criminal Procedure, 1973 soon to be replaced with Bharatiya Nagarik Suraksha Sanhita, 2023), Police Act, Gaming Act, Narcotic Drugs and Psychotropic Substances Act and such other statutes, regulate "blue collar" crimes.

A good governance necessarily requires separate set of statutes to tackle "white collar" crime. India has, amongst other statutes, various laws that directly deal with (or chapters that deal with) abuse of power, bribery, corruption, fraud, money laundering. Prevention of Corruption Act, 1988, Prevention Of Money Laundering Act, 2002 were introduced to safeguard economic growth and stability in the country. Likewise, dedicated chapters of Companies Act (SFIO), Insolvency & Bankruptcy Code (fraudulent transactions, etc.), SEBI FUTP Regulations,

SEBI PIT Regulations and various chapters of other statutes (including, certain chapters of Income Tax Act, GST Act – dealing with evasion of tax) have been formulated and undergone constant updation.

Besides assisting and advising clients in relation to the Indian laws, our Firm works in association with trusted international consultants to provide a single point solution to clients looking at ensuring compliances of relevant anti-money laundering laws in the USA, the United Kingdom, Hong Kong, and such other jurisdictions.