THE ECONOMIC FRAUDS

Abstract

The economic frauds have been categorized separately from other crimes and criminal activity due to the use of fraud (and often conspiracy) to commit the crimes. The white collar or financial criminal has the same motive for crime,but through official position, status, sophistication, or professional acumen is able to effect the crime without the use of violence. White-collar crime contains several clear components. Financial or white-collar crime has a depth and breadth that is all consuming. It has a global dimension in all societies and all economies, to a greater or lesser extent. Developed countries, the third world, and emerging democracies are all subject to illegal business practices and fraud undermines the efforts of funding agencies across the world.

Keywords

• white-collar crime
• fraud
• economic consequences
• prevention
• financial crime.