Financial crimes is becoming an important aspect of blogging. There is a lot of content around the financial crimes which needs to be channeled through the blockchain. I am just trying to pen down all the different aspects of financial crimes in one place. So that it is easier to understand what does it exactly constitute.
Financial crimes is a broader term which covers
Fraud
- There are variety of frauds taking place around us which includes but are not limited to cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud, Insider trading scams, bank fraud, insurance fraud, market manipulation, payment fraud, health care fraud etc; Writing about these frauds help us to create the society aware about the facts and different aspects and methods used.
Theft
- Theft is not necessarily cash theft. There are inventory thefts, commodity thefts, resource thefts, time thefts and intellectual property thefts. These all are covered under the financial crimes definition.
Scams or confidence tricks
- Scams include the large value financial frauds, where many parties are involved.
Tax evasion
- From the birth of the mankind taxes have been the aspect which is considered as burden. There are two types of taxes Direct and Indirect. There are different methods of evading the taxes from the treasury.
Bribery;
- Offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal, unethical or a breach of trust is defined as bribery.
Embezzlement;
- Theft or misappropriation of funds placed in trust and belonging to one's employer is embezzlement.
- Theft or misappropriation of funds placed in trust and belonging to one's employer is embezzlement.
Identity theft;
- Stealing the identity of other person without his knowledge and using the credentials such as birthdate, credit card numbers for the financial benefits.
Money laundering;
- Depositing the cash earned from the illegal means into the legitimate channel is laundering. In the process of laundering the colour of money changes. There is so much of content around the leaked financial files that a lot of content can be generated here.
Forgery and counterfeiting,
- This includes the production of counterfeit money and consumer goods.
Financial crimes may involve additional criminal acts, such as computer crime and elder abuse and even violent crimes such as robbery, armed robbery or murder.
Financial crimes may be carried out by individuals, corporations, or by organized crime groups. Victims may include individuals, corporations, governments, and entire economies.
This is just an introduction of the subject of financial crimes and any additional inputs on the subject are welcome and can be written here in the comments.