IT To Root-Out CORRUPTION: February 2008

By: Valerian Texeira

Please Note : - See the latest revised version of this "IT To Root-Out Corruption" document in my most recent blog post. Except this, all the rest document of this blog title that comes in between removed (to avoid confusion ) and redirected to the most recent revised updated blog post of this title.

Introduction:

Thanks to the era of Information Technology (IT) that our world galloping in today. With its wide-spread broadband internet connections it is ushering a new economic age of E-commerce, E-business. Most important in this regard is its innovative technology of revolutionary electronic credit card money transactions. In which the financial (bank) institutions provide the most important “financial service” of money transaction between any two parties, in the process its “information” gets instantly recorded and stored in this legally registered public institution under which it is impossible for any one to hide or manipulates the true accounts of their money and all its transactions from the public or legal scrutiny when authorized.

Traditional Reason For Hiding Money In CASH

Traditionally the genuine reason for people to keep their money hidden and not to display its true amounts to the public, is to PROTECT it from getting stolen or looted by the thief’s or the buglers! Most importantly the fear of getting robbed, or lost while carrying it around for the transaction. Nevertheless the cash money remained indispensable because it comes handy that very much in need to conduct efficient value transaction or the exchange. However now this innovative electronic money transaction technology can far more efficiently fulfill all the traditional CASH money transaction need. Together with, it would entirely remove all such potential threats or the genuine fears of the people in this matter.

Emerging Electronic Money Transaction Technology:

This emerging electronic money transaction echnology of buying,/selling, payment /receipt, deposits etc., if pursued deeply and made mandatory in all money transaction (except in very small trade dealing in very small amounts in smallest denominations, in coins) could provide the most effective TECHNIQUE and the great historical opportunity to eradicate almost all of the illicit money transaction so the economic crimes popularly known as “corruptions”.

Money Basically A Public TRUST:

Money is basically a public TRUST. (It is not any individuals personal trust or the property.) It puts a social responsibility and the legal obligation on all those who owns it that they should maintain and submit its truthful accounts before the designated public authorities for its legal scrutiny and not to use it for unlawful, illicit purposes. However the conventional cash money transaction between any two parties got no such effective tool or technology to monitor and record its movements and watch its location all the times to prevent it from getting misused. Thus it becomes possible for the unscrupulous individuals to totally hide it or submit its false accounting before the public trust, legal authorities and engage into many kinds of its “misuse”, corrupt business practices, criminal use or the illicit money dealings.

Tax Fraud Bribe Corruption Breeds Corruption:

Of course, most of the cash money transaction, business in our world conducted lawfully. However a significant number of this cash money amounting to enormous sums kept hidden away from the legal scrutiny or collected and employed unlawfully. The number one among is the ubiquitous economic crime of tax fraud or the evasion. Along with its cheating and depriving the public revenue it also puts the other people around in the money market competition into a very disadvantageous, vulnerable position thus pressurizes, encourages or tempts many among them also to commit that crime. Same is true with other economic crimes mainly the BRIBE. It spoils the entire economic system. Corruption breeds corruption crime begets crime.

Establishing MANDATORY Electronic Money Transaction:

By removing all the cash money transaction and brining in or establishing a system of mandatory electronic credit card in its place could revolutionize the entire economic system. Perhaps a credit card feature can be added into the cell phone so one can access or check their bank account, make money payments and deposits, any time with passwords in biometrics perhaps! Most important of all is (as I mentioned it before) this electronic technology makes sure that every money transactions between any parties gets duly recorded before the legally authorized money transaction service providing financial office that in turn could be made available to its democratic public, legal or the judicial scrutiny whenever authorized.

Social SURETY Number (SSN):

Under this system most importantly, all people in a nation should have a single Social SURETY Number (SSN) or call it ”Social Security Number” (SSN, already in place in some countries) registered in the nations central office that should keep all their bank money accounts. First of all it should have the basic responsibility of social security of providing some basic employment or the income guaranty for the poor (that also prevents stifling away money in the name of poor). Importantly as well, people above a given income bracket should submit annually their “property” accounts (like filing income tax return forms) under it. Be it the nations top leaders, presidents, prime ministers, corporate tycoons, CEO’s, down to the common man. All should come under this centralized electronic SSN network system.

SSN Network System Applied To All Fields:

This electronic or digital “exchange value” (money) account recording SSN network system also needs to be applied to all fields where valuable commodity transaction or handover takes place including exchange of gift, financial helps property ownership transfer etc. No barter trade of property, precious metals, valuable artifact should be allowed. All valuable items a person, organizations, institutions owning registered as property in the annual account and its records maintained under the SSN system mentioned before.

Electronic Money Trail Evidence impossible To Get Rid Off:

Business firms, super markets, shops, traders (except the very small one) buying and selling any products should conduct it only through the medium of the electronic credit card money service facilitating financial institutions, which comes under this SSN system. Similarly all wages, salaries, services, incomes, profit, earnings, bills, receipts/payments, deposits made in the electronic money form. Such a mandatory electronic credit card money transaction system open and transparent to the legal scrutiny basically deter people from engaging in any of the economic crimes because its essentially leaves the electronic money trail as a clear evidence that could be impossible for any one to get rid off.

Tax Fraud BRIBE Traced Back To its Electronic Money Trail

First of all, the tax fraud in this mandatory electronic money transaction economic system would become mostly impossible! Just imagine its great benefits to the society when almost all tax revenues gets collected. It could provide enough money for poverty eradication, public health care, education, infrastructure etc. Another major advantage of this mandatory electronic money transaction is unlike the cash money it would totally deter or prevent people from giving and taking BRIBES as it could be evidently traced back always to those individuals accounts so they get prosecuted with the concrete evidence of its electronic money transaction trail.

No Basic Ground for Any Economic Crimes Corruption:

The black money, money laundering, counterfeit money, ransom money demand, money robbery will have no basic grounds in the first place to commit those crimes as there are no such CASH money available to carry it out! All kinds of smuggling, trafficking, illegal drugs, weapons etc., mafia will have no hiding place to safely collect, hide or exchange their money. Credit card theft or the fear of getting it lost in a way become meaningless when the other cannot withdraw it in cash and stash it out. Credit card fraud, fake credit card accounts use not feasible as the other accounts that transacted with it would revel its all round connections. In the electronic money sphere all proceeding money transactions can be immediately traced back to its preceding accounts! Corporate business scams misappropriation of public funds, illegal money transfer, developmental project money embezzlement, poverty scheme corruption, buying of the bureaucracy, police, judiciary, politician for money can not escape from this constantly vigilant electronic money transaction scanning technology. It is not possible for me in this document to mention of all economic crime that it can prevent, but let me mention a unique thing that people think almost impossible to achieve, IT CAN MOSTLY PREVENT THE FALSE ACCUSATIONS OR ALLEGATIONS OF ECONOMIC CRIME, CORRUPTIONS. Finally, most property crimes, murders even the sex crimes would get discouraged or restrained in this system as they one way or the other, basically have their main motivations to commit it, rooted in the hidden cash money transaction.

Legal Businesses Nothing To Fear:

People who conduct all their business legally have nothing to fear from this mandatory electronic money transaction economic system. In fact, they would rather benefit from it greatly, because it would create a very good environment to conduct legal businesses, in the absent of the corrupt business practices (tax fraud, bribe, etc.) as they are the worst enemy of the legitimate businesses. Most important of all is that there will be no restrictions or limits on people in their legitimate money earnings, profit making or owning money or property of any huge amounts. One can be a bilinear or a trillionear, provided all their businesses money transaction, conducted through the electronic money that remains open to the democratic public, legal scrutiny. In fact the Government should encourage them by providing more opportunities, perhaps by lowering the taxes.

Only Unscrupulous People Will Get Terrified:

It is only the unscrupulous people who engage in the economic crimes, corruptions, illicit business, will get terrified of it because this mandatory electronic money transaction system leaves behind the electronic money trail as clear as day the light so they can no longer cover-up its tracks and conceal their crimes, so will be caught with its clear evident get duly prosecuted and sent to prison.

Political Will To Get It Done:

Hereby I appeal to all concerned individuals, groups organizations, political parties, law makers those who are very much concerned about prevention of the economic crimes to look into this matter. It would not interfere with peoples private or personal life. There are already legislations in place that rules that the citizens legally obliged to submit all their property, money true accounts before the public or the legal authorities. Today there exist this innovative electronic credit card money transaction technology that makes it very much possible so it can root-out almost all the economic crimes of the conventional cash money transaction system. What is really needed is the political will to get it done.

Both Are Interdependent For Each Others Success:

Of course this mandatory electronic money transaction economic system would be very difficult to introduce in its infant or initial stages. It also depends up on place to place and countries to countries. Nevertheless it is far more simpler and easier to effectively implement instead of those tens of thousands and legally cumbersome anti-corruption laws! The fundamental different between the two is that the former is a single technological solution based on almost fail-safe advanced technology while the latter are hundreds of years old legal solution so much fraught with numerous human error and complications. Surprisingly enough they both now seems “interdependent” for each other’s success in the future!

Socialist Revolution Without Abolition of PRIVATE PROPERTY:

Abolition of cash (paper) money and making all money transaction in electronic would bring in a more “just” economic system a somewhat a Socialist Revolution without the abolition of Private Property - that in the light of changing socialist ideologies that many of the countries may come to agree with.

© Copyright 2008, by the author Valerian Texeira. All rights of this publication reserved by the author. Original First published on February 1st 2008. One is free to use this material in media for educational , social awareness and other such puposes in the medial except for the commercial use one must obtain permission from the copywrite owner. Last updated on February 21, 2008

Valerian Texeira. St. Joseph Nagar, Jeppu Mangalore –575002 INDIA.

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