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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.
Economic abuse is a common feature of mate crime, which is the act of befriending a vulnerable person with the intent of exploiting them. Examples of economic abuse in mate crime include: [8] Stealing the victim's money; Borrowing money or items from the victim with no intention of repayment or return
By the type of offense, e.g., property crime, economic crime, and other corporate crimes like environmental and health and safety law violations. Some crimes are only possible because of the offender's identity, e.g., transnational money laundering requires the participation of senior officers employed in banks.
As financial crime has become more complex and financial intelligence is more important in combating international crime and terrorism, money laundering has become a prominent political, economic, and legal debate. Most countries implement some anti-money-laundering measures.
The exact definition of crime is a philosophical issue without an agreed upon answer. Fields such as law, politics, sociology, and psychology define crime in different ways. [6] Crimes may be variously considered as wrongs against individuals, against the community, or against the state. [7]
However, corporate crime was not officially recognized as an independent area of study until Edwin Sutherland provided a definition of white-collar crime in 1949. Sutherland in 1949, argued to the American Sociological Society the need to expand the boundaries of the study of crime to include the criminal act of respectable individuals in the ...
Tax evasion is a crime in almost all developed countries, and the guilty party is liable to fines and/or imprisonment. In Switzerland, many acts that would amount to criminal tax evasion in other countries are treated as civil matters. Dishonestly misreporting income in a tax return is not necessarily considered a crime.
The Economic as Financial Crimes Commission launched an application on the 14th of July, 2021 called the "Eagle Eye App". The app was specifically crafted to simplify the process of reporting financial and economic crimes in Nigeria. The application is a clear demonstration of the EFCC's technology-driven efforts to facilitate public interaction.