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Corporate Governance and Ethics Name of the Student Name of the University Author Note

   

Added on  2020-05-28

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Running head: CORPORATE GOVERNANCE AND ETHICSCorporate Governance and EthicsName of the StudentName of the UniversityAuthor note

1CORPORATE GOVERNANCE AND ETHICSIntroductionWhite-collar crime has been defined by Sutherland as a crime that is being committed bya person of high status and respectability during the course of his occupation. The concept of thewhite-collar theory has nothing to do with poverty, social pathology and physical pathology.Corporate crimes are the offences against the employees, consumers, investors, state and thepublic. Occupational crime on the other hand is related to fraud with customers, employee theft,fiddling expenses. White-collar crimes are committed for financial gain. However, there areways to detect and prevent white-collar and financial crimes. Ethics play a major role to helpprevent and detect financial crimes. An analysis of the current academic literature in this areaThe term Financial Crime is also known as white-collar crime, which refers to a crimethat is being committed by a person who belongs from a respectable high social status during hisoccupation. Another alternate term of financial crime is corporate crime. This term refers to asituation where individuals or a corporation who are associated with a corporation commits acrime (Zaring, 2014). Occupational crime is defined as a crime that is committed by anopportunity that comes up during the course of employment. Financial crime is also related toeconomic crime which refers to a crime related to the cases of financial fraud and corruption.Therefore, financial crime is a complex term that is used widely. It consists of a range ofcriminal offences that has originated from the various portions of legislation. Financial crimesmajorly deal with and comprises of corruption, fraud, terrorist financing, market abuse andmoney laundering. The various types of fraud that can take place and is included in the definitionof financial crime are banking fraud, insurance, securities, investment fraud, and intellectualproperty fraud. Therefore, financial crimes are referred to the crimes against the property, whichinvolves unlawful conversion of the ownership of property to someone for one’s own personalbenefit. It also consists of further additional crimes like armed robbery, murder, elder abuse andcomputer crimes (Brickey & Taub, 2017). Victims of financial crimes are governments,individuals, economies and corporations. The exploitation of the confidential information oracquiring another person’s property by deception would consistently be done with the purposeprotecting a benefit. However, there are such financial crimes that does not comprise of theunfaithful taking of a benefit. Instead protecting that benefit has already been achieved or to help

2CORPORATE GOVERNANCE AND ETHICSin taking the benefit. Such conduct occurs when someone attempts to go for the criminalproceeds of another offence with the intention of placing the proceeds beyond the reach of law.White-collar crime is referred to a non-violent crime that is being committed for financialgain. According to Sutherland, a certain type of people who belong to the high social statuscommits a crime is known as a white-collar crime. It also states that during the crime, the actshould occur during the course of the occupation. Sutherland also stated that civil andadministrative violations were a part of white-collar crime (Pontell, 2016). It aggravated thecriticism from the legal scholars. White-collar crime takes time to form. It consists of planning,shady deals and misrepresentation to innocent stakeholders. White-collar crimes include thattype of individuals who commit financial fraud, which includes business managers, executivesand fund managers. Individuals who have committed such crimes faces prison time and fines ifthey are convicted of white-collar crimes. White-collar is considered to be special in the criminaljustice system since it has a history dealing with criminals. Generally, white-collar crimes aremotivated by social, economic and organizational factors. These factors include fear of failure ina competitive industrialist. White-collar crime is the outcome of bad luck, unfavorable financialsituations that faces ethical agents and is the result of risky business instead of a criminalobjective. White-collar crimes face challenges and issues than facing dangerous crimes (Eassey &Krohn, 2018). It consist a few common characteristics. Firstly, it includes activities or actionsthat acquires money, property or to cover up criminal activities dishonestly. Secondly, the role ofcriminal intent is crucial in white-collar crimes (Gottschalk, 2018). For instance, in healthcarefraud cases, one must prove that the invoices were purposely falsified and not just the result of anaccounting error. Thirdly, white-collar crime is different from the other types of crime that arenon-violent in nature. Fourthly, maximum number of white-collar crimes consists of variousactors who plot together and commit fraud. Fifthly, in case of white-collar crimes, theprosecutor’s main investigative head is the grand jury. The grand jury looks after the issues andobtains documents from the companies if needed.

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