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Know About White-collar Crimes

Basic Things You Need to Know About White-collar Crimes

Many people are drawn to crimes for different reasons. Crimes refer to actions that constitute an offense, which is punishable by law. To put it simply, crimes are considered illegal activities. The law has a clear distinction between legal and illegal activities. There are different kinds of crimes but you have to know about white collar crimes for future references.

white collar crimes

What is a white-collar crime?

The law is very clear that no one should be above it even professionals. Most of the crimes are white-collar. White-collar crimes are financially motivated and are usually non-violent. Government officials and business professionals commonly commit white-collar crimes. The perpetrators may victimize a company and bring it down together with the families of employees. White-collar crime can also wipe the life savings of many individuals.

What are the different types of white-collar crimes?

Everyone should be careful and vigilant. As a citizen, you should at least be aware of the different types of white collar crimes. The different types include:

• Fraud: Basically, fraud refers to activities that involve deceiving people for monetary gain. Corporate fraud is one of the priorities of law enforcement. Corporate fraud can lead to substantial financial losses to its investors and can have an immeasurable harm to the economy. Most corporate fraud cases involve manipulation or falsification of financial records or information, individual tax violations, evading oversight, misuse of company property and many more. Other types of fraud include securities fraud, mortgage fraud, and insurance fraud.

• Money laundering: Money laundering is an act where criminals hide their profits to make it look like it is from legitimate sources. Money laundering is another serious white-collar crime. It allows the criminals to conceal their amassed wealth, avoid prosecution at the same time evade taxes. The scary thing about money laundering is that there are people who increase profits to further fund more illegal activities.

• Embezzlement: Embezzlement is the misappropriation of funds. To put it simply, it is an act improperly takes someone else’s money and put into a personal account. There are many forms of embezzlement and it is also considered a type of fraud.

• Bribery: Bribery is another common white-collar job. It is the act of giving something of value in exchange for something. It is commonly seen as political corruption because it is an act of high officials to influence another person.

• Forgery: Forgery refers to falsifying production or creation of document, signature or banknote. Basically, it refers to imitating objects with the intent to deceive others.

How the government fights white-collar crimes?

The government is an important arm that can help protect its citizen from becoming a victim of any fraud cases. It has the power to enforce the law and a punishment. The good thing is that all states have agencies that can investigate white-collar crimes. It is not limited to one state. There are also federal agencies that can help solve the case.

What are the punishments for people who committed white-collar crimes?

The punishment will depend on the country you are in but in general, the punishment will include a combination of fines, imprisonment, community service, restitution, probation, treatment and other forms of punishment the court deems necessary.