Challenges in the Enforcement of Financial Fraud and White-Collar Crime Laws: A Comparative Perspective on India and Sri Lanka

Financial fraud and white collars are major aspects that pose possible economic security and credibility of any country. In such developing economies like India and Sri Lanka, there are numerous structural and procedural as well as political losses in the implementation of laws against such crimes. This study examines the commonalities and difference in legal and institutional infrastructures of India and Sri Lanka as they address the issue of white-collar crimes and in this study special attention has been paid towards enforcement bottlenecks. It examines major setbacks like political interference, archaic legal systems, institutional corruption, Transnational financial crimes as well as insufficient forensic capacity. The paper ends on a note of suggesting legal and policy change that can enhance institutional capability, promote the relative independence of the prosecutor, and assist regional solution. Key-words: white-collar crime, financial fraud, legal prosecution, India, Sri-Lanka, economic offences, anti-corruption legislative measures, cross-style comparative law.