By Yujing Fun
Hong Kong's anti-corruption company, ICAC, is hailed as one of the world's most sensible having virtually thoroughly purged systemic corruption inside a decade of its inception. This publication explains how Hong Kong keeps the parable of a fresh urban and examines the superiority of white collar crime within the city's estate sector.
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Extra info for Cloaking White-Collar Crime in Hong Kong’s Property Sector
The government should stop regulating the market therefore and encourage the market’s self-regulation by making it beneficial for corporations to catch their own errors. Furthermore, the government could work to educate market actors to help them make more prudent Against White-Collar Crime 43 decisions to push the market’s efficiency closer to perfection. While this does not seem like much, it is the best that any government could hope to do because any attempt to restrict market actions will only run the risk of its malfunction; and as it happens, given the complexity of the market, by holding its governing impulses back and not doing anything, the government effectively presents the silver bullet to the market’s ills by encouraging the market to take care of itself.
120 In repurposing the concept to suit the law, the legal understanding of what whitecollar crime stands for has forgotten a fundamental part of the concept’s sociological nature: that white-collar crime is primarily tied to an individual’s social class, status and power. Podgor contends that stripping away this core aspect of white-collar crime puts it in so much difficulty in the context of law because the legal version of the concept adopts a neutral sentencing methodology and bases itself on the mathematics of punishment and due process rather than accounting for the social 44 Cloaking White-Collar Crime in Hong Kong’s Property Sector context in which such wrongdoing occurs.
The second concern for the ICAC’s powers is that a robust definition of ‘corruption’86 does not exist. Skidmore notes that the discussions on corruption are so loose that it appears to provide the ICAC with tremendous leeway in interpreting what that means and what to go after. Third is the ICAC’s secret internal monitoring system, which is so secretive that close to no one understands how it works. ’88 In an unfortunate irony, the ICAC’s show of strength actually demonstrates its powers as not only excessive but, if read in a legal context, abusive.