Two Main IT Anti-Corruption Monetary Measures.

Please note: The following document is the most important part of "IT To Root-Out Corruption, the principle document.

Before going into this “Two Main IT Anti-Corruption Monetary Measures”, let me start with the abstract of this entire “IT To Root-Out Corruption” main text first. Most of the economic crimes, corruptions occurs mainly due to the surreptitious, illicit or the hidden money transactions that escape from the public, legal scrutiny. Now the good news is that the Information Technology (IT) today with its innovative digital or the “electronic money transaction” if made mandatory with biometric identity, enables the Government to root-out most economic crimes, known as corruption. It all basically stands upon two main “IT Anti-Corruption Monetary Measures”, which I present in the following:

1).Introduce Mandatory Biometric Identity (MBID) in All Bank Accounts: The first and foremost important IT Anti-Corruption Monetary Measure that I call upon is to introduce a compulsory or Mandatory Biometric Identity (MBID) along with the name address and signature in all bank accounts. Thereupon it should be extended into the ownership of valuable properties or assets.

The most important principle of having a MBID for securing or obtaining the bank accounts is first of all to prevent the fake or bogus identity fraud in it. With the MBID one can immediately identify and find out every bank, financial accounts of a (any) person accused of committing an economic crime (be it a tax evasion, bribery, embezzlement and the whole range of it including terrorist financing). Searching it out with a pin-point (BID) accuracy among those banks, properties billions or trillions of records. It is impossible to anyone to fake their Biometric Identity. So the MBID in all bank accounts is the most important perquisite to root-out corruption.

2). Promote Mandatory Electronic Money Transaction (MEMT) Against Cash Currency: Make it mandatory or obligatory on all people to conduct their every money receipt/payment above a given amount in the form of electronic money transaction through their bank accounts, replacing the old traditional cash paper currency. Most importantly in case people make the cash currency deposits or withdrawals above the given amount then it should undergo enquiry about its detailed accounts and bills. Also the payments for things, services, materials pertaining to important security matters (cell phones, credit cards, recharge, rentals, travels, weapons, explosives etc.) should be only conducted through the e-money or the credit card even its amount remains below the given mandatory money transaction sum. In this MEMT setup, the money payment in bank cheques (Check) to others accounts by all means remains perfectly legitimate.

To make the MEMT more effective as an extension, the Governments needs to phase-out or gradually withdraw the higher denomination currencies from the public. The higher denominations currencies have been conveniently used or grossly misused or end up in committing most and major economic crimes. Besides the absent of it would greatly promote the MEMT due to its various contributing factors including the enquiry placed on the cash currency deposit and withdrawals and the MEMT in the security matters. Most importantly however the banks should continue to have those higher denomination currencies even of very high values; a hundred thousand, million even a billion (Dollar, Euro etc) denomination currency bills. However they should be restricted mainly to exchange only between the banks, financial or the monetary institutions.

Make Biometric Identity Compulsory In All Bank Accounts:

Among the above two “IT Anti-Corruption Monetary Measures” first of all at present, my most important pressing appeal to all, specially to the national Governments, is to come forward in support of a policy to brining in a Compulsory or Mandatory Biometric Identity (MBID) in all bank accounts along with the name address and signature. Most importantly it should be extended to the ownership registration records of valuable property, assets by mandating all the important high amount of money transactions transfers, payments, receipts should be made only through the MBID enabled bank to the bank accounts for the income-tax-return-file and other legal purposes. (In fact, I am told such bank to bank payment guideline regulations, laws exist even today except the MBID in it so the laws remains mostly ineffective in its anti-corruption purpose.) Already, the Government for security reasons makes people to register themselves with their biometric identity for obtaining, passports, voter’s identity, driver’s licenses etc, mainly to prevent the identity fraud, and other crimes. --The MBID has already entered into the financial system in the online money transaction through the cell phone market in quite a big way for secure payment by a technology called Near Field Communication (NFC). In fact now a days a fully developed biometric identity (finger print, face iris recognition including the photo) considered to be a very important requirement to get this credit card account to prevent the identity theft and the bank account money fraud. Now extending it in all the bank accounts won't be that difficult, actually it seems to be a long overdue in view of the security needs involved.

Of course it won't be as effective without the Mandatory Electronic Money Transaction (MEMT) i.e. making all money transactions (payments receipts) above a given amount only through bank to bank, which is the second IT Anti-Corruption Monetary Measure. Nevertheless this MBID is its perquisite and above all is far more practical, PRAGMATIC, easier to implement compared to the other anti-corruption monetary measures. It can significantly deter the economic crimes so reduce the corruption and necessarily lead into the future fully pledged MBID/MEMT system in which most of the crimes including the terrorism that as we see it today can be eliminated. Some of it explained in the following section.

Anti-Terrorism: MBID/MEMT To Track Down Terrorist:
Besides combating corruption, a fully pledged MBID/MEMT can also work as powerful Anti-terrorism machinery, which can tremendously help the government security agencies to track down the criminals specially the terrorist. When a terrorism investigation ordered, this system can concretely (electronically) trace back every day PHYSICAL movement, location, phone call, contact of the suspect based on his/her every day buying and the money payment for things, services, material that he /she had made, which includes any such things that the suspects left behind the crime scene. This MBID/MENT network leaves behind an unmistakable physical evidence electronic trail on whatever things it touches, which is impossible to get rid off. However This MBID/MEMT system is simply not possible without first establishing a MBID in all bank accounts.

PS. Its first anti-corruption monetary measure explained in more details in another document titled: IT Anti-corruption : Make Biometric Identity Compulsory In All Bank Accounts” . See it in the next blog post.