White-collar criminals are not only found in the political sphere, they also work in private family businesses or associations. Their actions are considered financial crimes that threaten the integrity of the company where they work. By reading and knowing about the white collar profile, we will be prepared for possible encounters. Therefore, in order to help prevent these crimes in the business environment, we will talk a little about white collar workers.
What is the profile of a white collar criminal?
The term white-collar workers was first coined in 1930 by Edwin Sutherland to end the stigma of poverty-related crime. Thus, the impunity enjoyed by important people compared to the common citizen became apparent. Thus, this concept refers to people who have a certain respectability in their environment, although this is not decisive. These are smart people with great emotional control who carefully measure their actions so as not to be caught in the act.
Their practice is usually related to corruption scandals, money laundering, bribery, fraud, etc. Thus, they are usually government officials, people with important positions, or employees with access to important information.
White-collar crime is not limited to the political sphere; it extends to various industries, affecting both businesses and individuals. If international elements are involved, a Red Notice lawyer can be instrumental in resolving potential Interpol warnings. These specialist lawyers help navigate complex legal processes, providing vital support to those facing charges that cross borders.
What do white collar workers do?
These types of crimes are characterized by the fact that they are committed in companies with many financial transactions. When buying bonds, currency and other assets for commercial exchange, the price is adjusted in favor of a few. This means that invoice prices are increased, fictitious vacancies are declared or contracts are outsourced to generate additional income.
These criminals commit crimes in the course of their professional activities, so it is sometimes difficult to detect their movements. They often alter documents, forge signatures, steal personal information, forge checks, and use other fraudulent methods to get money and keep it in circulation. In this sense, it is advisable to monitor the management positions in the company simultaneously with the development of the compliance plan in the organization.
Tax havens and cryptoassets hidden on the Internet
Currently, the Internet has become an important tool for the circulation of assets around the world. While tax havens help avoid tax liabilities, the Internet is displacing traditional banking services when it comes to capital protection. And not only can anonymity be maintained in transactions, but digital assets perform better compared to other types of assets such as real estate.
These are mechanisms in which "white-collar workers" hide their capital. Tax havens are territories with favorable economic policies for foreigners to join the banking sector. And crypto-assets are emerging as a digital alternative to traditional financial assets and capital. Both guarantee their users the privacy they need to avoid scandals and lawsuits for embezzlement or tax evasion. Check also: How to choose a lawyer: tips on how to make the best decision
Tax havens have been one of the favorite mechanisms for keeping large sums of money because they enjoy tax advantages in areas where commercial activity does not take place. For their part, cryptoassets are digital assets that can be stored in digital wallets that guarantee the safety of the capital invested there. Cryptocurrencies are gradually being regulated in different countries, so people who hold them will have to declare them for tax purposes in the future.
Important cases of white-collar crime in the world
The Worldcom accounting fraud case is an important example of how a criminal can affect a company's reputation. This scandal gained notoriety as one of the largest bankruptcies in the United States. There, nearly $4 billion in irregular spending was recorded and the US Securities and Exchange Commission filed a lawsuit against the company. Its shareholders lost nearly $180 billion, and thousands of people lost their jobs in the telecommunications industry.
Another important crime was that committed by Jerome Kerviel in France. This person worked as a financial operator in the trading group of the Delta One bank in Paris. He managed to collect 4.9 billion euros by defrauding various French banks, for which he was demonized in public opinion, at the same time that he was revered by Parisian anarchists. Kerviel had full knowledge of the bank's computer system and was able to carry out transactions and hide them under false transactions.