The concentration of political power in a narrow group of the elite become more than a governance issue. It has raised concern about financial integrity, accountability and democratic resilience. The issue today is how unchecked political domination erodes transparency, weakens institutions and facilitates widespread corruption, effectively transforming political control into a vehicle for financial exploitation.
Over a few decades, Bangladesh has witnessed the entrenchment of power by a ruling class that maintains its control through a combination of patronage networks, media control and the repression of dissent. Elections are often marred by alleged manipulation and the intimidation of voters, reinforcing the dominance of the ruling elite. How financial crimes effected with the hegemony of political dominance has become a means of gaining unchecked access to public resources.
The mechanism is are crony capitalism. The political elite often forms alliances with business figures, granting them advantageous contracts, monopolies and regulatory exemptions. Weakened anti-corruption institutions, designed to fight corruption, such as the Anti-Corruption Commission are often influenced by political considerations, leading to a selective application of the laws. Investigation and prosecution are rare when it comes to allies of the ruling class which only encourages financial malfeasance.
The merger of political power and financial crimes has devastating consequences: the erosion of public confidence in institutions. Political power and financial crimes have, therefore, become silent crises. Political power is no longer a matter of governance today. It has become a gateway to unchecked financial privileges. The concentration of political authority in the hands of a ruling elite has created a system that allows corruption to flourish under the guise of legitimacy. While political hegemony is not in itself a crime, it has fostered a culture where financial crimes are committed with impunity, sheltered by the institutions of the state and the weakening of accountability.
What is needed is not only changes at the top, but reforms across the board: the restoration of independence to oversight agencies such as the Anti-Corruption Commission and the judiciary.
Over the years, a political structure has development in which opposition voices are regularly sidelined, civil society is restricted and independent institutions are systematically eroded. This unchecked power is accompanied by an ability to influence every sector, from the judiciary and law enforcement to finance and business. Allegations of corruption in sectors such as banking, energy and health services are common.
The courts of law and the law enforcement agencies are frequently accused of acting in favour of the politically connected quarters. In such a system, justice becomes selective and the truth falls at risk. The lack of transparency in public finance management, including foreign aid and other expenditures, adds to growing public mistrust. It fuels brain drain, deepens inequality and undermines the foundation of a democratic society. Political hegemony has not only undermined democracy but also institutionalised a culture of impunity in financial matters.
When corruption is exposed, the response is often silence or retaliation. Journalists and whistleblowers who investigate financial misconducts face harassment, legal threats or arrest under laws with vague definitions of crimes.听 At the same time, state institutions often serve the interests of the quarters in power. When public funds are misused, schools go under-funded, hospitals lack equipment and rural infrastructure suffers. When jobs are given based on political considerations rather than merit, young people lose faith in fair opportunity. When justice is denied, people lose hope in the system.
While the international community and civil society have raised concern, sustained internal reform is necessary. Ensuring judicial independence, empowering anti-corruption agencies and protecting press freedom are essential steps towards dismantling the nexus of political power and financial crimes. Until such changes occur, political dominance will continue to serve as a system of sanctioned exploitation.
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Shahidul Alam Swapan is a Geneva-based private banking financial crime compliance expert and columnist.
