White Collar Crime: Your Business Might Suffer From It
You’re probably aware of the fact that criminals do come in all shapes and sizes, and they even come from different class spectrum. Even desk workers wearing a suit can very well be doing some crime. Although they may not be involved in violent crimes, but still, a crime is a crime. And this definitely has some serious effects on both the business and economy sectors. What this article will be talking about is the white collar crime which involves abuse of business as well as finance capabilities.
You could be in a defensive mode right now saying that your business is safe from this because you think that your employees are angels.
Well, it would be best if you can really be sure about that.
It is very important that you know more on the oft-overlooked aspect of the law. Being knowledgeable about these things helps you reduce the risk of you getting your business into trouble with the law.
Below are the types of crimes that are involved.
What do you think is the most common crime that small businesses are involved in? In case you don’t know yet, it’s actually tax evasion because of fraudulent bookkeeping. However, you may also have heard of legal loopholes that may result to tax evasions therefore it’s considered to be technically legal. There are also these retention of assets keeping the embezzlement lawyers busy. There are even payroll frauds wherein an employee is listed incorrectly just the company won’t be able to pay them what is owed. This type of crime is committed by businesses if they’re not really that strict with their employee records.
What to do when investigated or accused
White collar crimes will definitely be treated like any other crimes even if they are nonviolent crimes. As a matter of fact, there are quite a lot of people serving life sentences just because they’re charged with these sorts of crimes. Although jail is uncommon, people who are guilty with such crime will be guaranteed to pay some hefty fines and other business penalties. You have to remember that agencies responsible in investigating crimes like these are not pushovers so be sure that you cooperate fully and that you gather all evidence you could possibly get to help clear you. But most importantly, you have to get a good lawyer.
Monitoring your employees
If you’re an employer of a financial business, it is essential that you conduct background checks on all of your candidates. One thing you would want to do is to hire trustworthy accountants who is capable of keeping an eye out for discrepancies as well as any suspicious data.