In the study guide “introduction to criminal justice” white collar/corporate crime is described as: * Crime committed by organisations using corporate structures * Other forms of non-violent crime
* Some Characteristics include:
* Secrecy- complex cover-ups
* Lack of public fear- people fear violent crime. However white collar/corporate crime is not feared in the same way * Internal controls- in most cases white collar/corporate law is dealt with internally. The corporation detects the criminal and does not alert the proper authorities as they do not want to bring attention to their own security breaches, they will discipline internally * Difficult to prosecute- the accused mount long and expensive defences * Some other characteristics are common also:
* Committed by persons of status or apparent respectability * Use of cunning
* Committed through “legal” occupation i.e. Their legally held jobs Basically white collar/corporate is a crime committed to benefit a company or an individual; these crimes are non-violent and are usually “sneaky” Because of these qualities it is very hard for the criminal justice system to keep up with criminals from this category. There is however a large number of laws and legislation to cover the topic of white collar/corporate law.
As most corporate crime is done in secrete it is very hard to trace. Money laundering is very common and can take numerous forms. A journal article “Money laundering. (Twenty-Fifth Edition of the Annual Survey of White Collar Crime)” defines and describes money laundering; “Money laundering is "the process by which one conceals the existence, illegal source, or illegal application of income, and disguises that income to make it appear legitimate." Laundering criminally derived proceeds can be a lucrative and sophisticated business and is an indispensable element of organized criminal activities.” Basically it is a criminal hiding where there illegally made money so that there illegal activities cannot be traced. The same article also describes the process that criminals go through to money launder. “money launderers typically resort to a three-step process when converting illicit proceeds into apparently legal monies or goods: (i) placement: the criminally derived money is placed into a legitimate enterprise; (ii) layering: the funds are layered through various transactions to obscure the original source; and (iii) integration: the newly laundered funds are integrated into the legitimate financial world "in the form of bank notes, loans, letters of credit, or other recognizable financial instruments." (Money laundering (twenty-fifth edition of the annual survey of white collar crime) A “traditional” way to cover any “extra money” may be to claim it as betting wins; by doing this they were actually paying tax on their criminally obtained money and everything seemed legal and little or nothing could be proved. The criminal justice system has responded relatively well to the issue of money laundering. Tax records are kept, and any excessive “winnings” are looked into by the authorities. In the modern day it is very hard to cover up transactions as anything done electronically has a record of it kept. If someone wants to investigate a person they can have access to their electronic records, any payments or transactions can be view and if any suspicious activities are seen (such as numerous large cash deposits) the person can be questioned and further investigations can be followed.
Computer crime also plays a large role in white collar/corporate crime. The study guide titled “introduction to criminal justice” defines computer crime as; a criminal act that has...