Question

In 200 words or more, Identify and define business and white-collar crimes. GIVE AN EXAMPLE

Answer 1

Business and white-collar crime

Business and white collar crime is usually committed by business professionals and is often referred to as a corporate crime. Business and white-collar crime are usually non-violent, financial theft, cheating government with taxes, taking illegal monetary benefits, etc. Mostly this crime is conducted to receive huge financial gains. Many people related to the organization held responsible for the white-collar crime. On violation of the laws, huge financial penalties are imposed on the organization where the crime has been committed. Business and white collar crimes are in different forms. Some of which are theft offenses, fraud offenses, corruption, financial crimes, bribing, non-disclosure of income, organized crimes, money laundering, information leakage, etc.

An example of the white collar crime could be pilferage of money from a bank by an employee who handles the accounts. This act comes under white collar crime because it is committed by the employee without physically harming anyone. On the other hand, consider the bank robbery with armed forces. This will not fall under the white collar or business crime as it is violent and doesn’t involve any professionals.

Sometimes white collar crime is committed by the business professionals without their knowledge and this leads to serious penalties which a business couldn’t afford to pay. White collar crime can be controlled within the organization by gaining awareness of the business laws, hiring legal prosecutors, avoiding felonies, keeping certain information confidential, etc.