What is white-collar crime?

What is white-collar crime?

What is white-collar crime?

White-collar crime was first defined in the 1940s as crime committed by a person of respectability and high social status in the course of his occupation. Another definition describes it as fraud and embezzlement links to the characteristics of the offenders, namely older, educated persons of previous good character and above-average wealth, whose crimes are non-violent and involve manipulations within the financial and corporate sectors. The sums of money involved in white-collar crime may be very large.

A large number of offences that are classified as white-collar and business crime involve complex business situations with many interconnecting transactions. Law enforcement agencies often face problems which need skill and knowledge of experienced forensic accountants, analysts, investigators and lawyersfor detection, investigation and prosecution. There are further factors limiting prosecution anddetection by law reform enforcement agencies first, there is a difficulty inobtainingand presenting the evidence necessary to secure a conviction. Australia is one of the countries where one is innocent of events until proven guilty and although it may be obvious thata director'scompany has failed and that $10 million is missing, to prove that X took it is quite another matter. War, while it may be obvious that the creditors and shareholders of lost money, it may be difficult to prevent or the loss resulted from a criminal act. Indeed there may be no criminal liability; the loss may have resulted from a bad business judgement.

Secondly, if nobody knows the crime has taken place, how can it be report and investigate? Often this type of crime can only be revealed by informers, whistleblowers or tipoff is because no one else will have access to the information necessary. Often the most basic information that is needed is a profit and loss statement balance sheet that this still may not reveal missing funds beyond, perhaps a decrease in fixed assets. An audit may detect irregularities, but a successful operator will leave no traces of financial movements, and if a crime has been successful building no complaints to report it. Taxation is one of the best examples of these difficulties, by definition the taxes evaded, and therefore it is not detected. Perhaps loss of revenue may indicate an Asian network, but they will be no evidence of where, when and how. The police officer on the beat patrolling the streets may operate as a deterrent, but what is the effectiveness of the deterrents to white-collar crime when an ordinary police officer would not even understand that a crime has occurred. Effective national and international enforcement of laws against white-collar crimes requires cooperation and reciprocal arrangements between Australian, Commonwealth, state and territory-based law enforcement agencies such as the Australia crime commission and the Australian Federal Police as well assist in securities and investments commission, AUSTRAC, customs and taxation authorities and overseas agencies.

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