Beyond Human Rights: Assessing the Economic and Social Consequences of the Special Powers Act 1974 on Hoarding, Black Market, and Smuggling Activities in Bangladesh

Abstract

The Special Powers Act of 1974 (hereinafter, the SPA) (ACT NO. XIV OF 1974) was enacted with several objectives, including implementing special measures to prevent certain harmful activities, facilitating speedy trials, and ensuring effective punishment for serious offenses. This study evaluates the effectiveness of this legal framework as a preventive measure against economic crimes in Bangladesh. While there are many economic crimes globally, such as money laundering, hoarding, black markets, and smuggling. This study specifically focuses on the effectiveness of the SPA, 1974, in curbing smuggling, hoarding, and black-market activities in Bangladesh. Additionally, the study highlights various shortcomings of the legal framework, identified through a critical review of the Act and interviews with various stakeholders. This study implements a legal doctrinal research technique that combines case studies and semi-structured interviews to evaluate the economic and social consequences of the SPA, 1974, in Bangladesh. The findings indicate that the SPA, 1974, fails to deter financial fraud, mainly due to inadequate enforcement, legal ambiguity, and institutional limitations, resulting in a considerable economic and social impact. This study proposes legal amendments that comply with human rights standards and recommends that law enforcement agencies prevent such conduct to foster sustainable economic development in Bangladesh.