Question

how can corporate crime and white collar crime detected?

Answer 1

White Collar crime

Definitions

• White-collar crime refers to financially motivated, nonviolent crime committed by business and government professionals.
• a crime committed by a person of respectability and high social status in the course of his occupation.

Includes

• Fraud
• Bribery
• Insider trading
• Copyright infringement
• Money laundering etc.

Corporate Crime

Corporate crime deals with the company as a whole. The crime benefits the investors or the individuals who are in high positions in the company or corporation. The relationship white-collar crime has with corporate crime is that they are similar because they both are involved within the business world. Their difference is that white-collar crime benefits the individual involved, and corporate crime benefits the company or the corporation.

Components of White collar crime

• It is deceitful
• It is Intentional
• It breaches Trust
• It involves losses
• It can be concealed

White collar crime can be deducted via :

Falsification of financial informatin

• False accounting entries and/or misrepresentations of financial condition;
• Fraudulent trades designed to inflate profits or hide losses; and
• Illicit transactions designed to evade regulatory oversight.

Self-dealing by corporate insiders

• Insider trading (trading based on material, non-public information);
  Kickbacks;
• Misuse of corporate property for personal gain; and
• Individual tax violations related to self-dealing.

Fraud in connection with an otherwise legitimately operated mutual hedge fund

• Late trading;
• Certain market timing schemes; and
• Falsification of net asset values.

Money laundering is a massive and evolving challenge that requires collaboration on every level. Cordination with the below mentioned department helps detection of White collar crime:

• Other federal, state, and local law enforcement agencies to detect and deter the money laundering threat in the U.S.;
• Our international partners to help address the increasingly complex global financial system, the cross-border nature of many financial transactions, and the increased sophistication of many money laundering operations; and
• All aspects of industry touched by the money laundering efforts of criminals.