Deterrent Measures For White Collar Crimes  

White collar crimes include a variety of non-violent crimes committed in commercial institutions and situations for financial gains. The term white collar crime was originally stated by Edwin Sutherland in a speech to the American Sociological Society. He defined this term as crime committed by a respectable individual in a non-violent way for financial gains.

White collar crimes include credit card fraud, bankruptcy fraud, all types of insurance frauds, internet fraud, and government frauds related to false claims act, forgery and theft or embezzlement. It also includes espionage in business in the form of bribery, counterfeiting, money laundering, hacking internet, perjury and bribery.

White collar criminals can easily get away with their crimes by availing themselves to high-priced lawyers, experts and mitigation specialists. History has witnessed difficulty in prosecution as the criminal is sophisticated in concealing his crimes.

According to FBI, white collar crimes are prosecuted by federal and state prosecutors. Each year, white collar crimes constitute an estimated billion dollar business as in the United States. Some white collar crimes are exclusively for federal prosecution.

There have been increased efforts by the government to deter white collar crimes. In the past few years, newer and tougher regulations and statutes enacted by the government by seizing assets of suspected criminals. The federal government has already announced a new strategy to deter large-scale money laundering. Money laundering shares the same legal punishment as of drug trafficking, bribery, intellectual property theft.

A respectable individual guilty of embezzlement or any other white collar crimes may fear more about the conditions of imprisonment or seizure of assets and hence this will serve as a deterrent measure for such crimes.

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Embezzlement-Trends      According to the latest Columbia Encyclopedia, embezzlement is the wrongful use of an individual’s property for one’s own selfish needs. In other words, the property of one individual which is legally entrusted to another individual who uses it for his or her own selfish needs dishonestly or illegally is embezzlement. More..

 


 

 

 
   
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