Overview
Economic crime encompasses a range of illegal activities that exploit financial systems for personal gain, including fraud, money laundering, and corruption. These crimes can have severe consequences for individuals, businesses, and economies, leading to loss of trust and financial instability. Unde...
Key Terms
Example: Credit card fraud involves unauthorized use of someone's credit card information.
Example: A criminal deposits cash from illegal activities into a bank to disguise its origin.
Example: A government official accepting bribes to award contracts.
Example: Anti-money laundering laws require banks to report suspicious transactions.
Example: An accountant siphoning off company funds for personal use.
Example: Underreporting income to avoid higher tax brackets.