White Collar Crime Watch. Because not all criminals look like monsters.
Many people don’t know much about white collar crime and how to prevent it. In contrast, a lot of people know all about DUIs and the consequences of getting one. You could probably find an attorney with a ready defense for your criminal charges for a DUI with no problem. When it comes to white collar crime, it’s a little more difficult to know who to turn to for help.
Many organizations aren’t sure what white collar crime is or how to spot it. There are many different kinds of white collar crime as well.
For instance, embezzlement, cyber crimes, identity theft, and money laundering are types of white collar crimes. Because there are so many different types, this makes it even more difficult for a company or organization to know what to look for.
If you understand the different types of white collar crime, you may be better able to protect yourself and your business from being hit by it. Today, White Collar Crime Watch will be explaining what money laundering is and how people get away with it.
What Is Money Laundering?
To put this in the simplest of terms, money laundering is when criminals hide illegally obtained money by “laundering it” or filtering it through a legitimate business.
For instance, if a criminal received $50,000 in a drug deal, they may try to put that money into a legitimate business to hide it. If the legal business is a car dealership, they might put the money in the books as a car purchase. Obviously, no car was purchased, but the books will have a transaction for a vehicle.
There will likely be a lot of falsified documents when money laundering is taking place, which means fraud is also a part of money laundering. The money must come from somewhere, so the criminals find a way of “hiding it” in the legitimate business’s records.
Money laundering is something that could happen to your business. For instance, if you aren’t running your business yourself, and you have someone else running it for you, they could be using your business to launder illegal money.
How to Protect Your Business from Money Laundering
The best way to protect your business from money laundering schemes is to be alert and always check the books. If money seems to be coming and going in strange ways, this could be a sign that something untoward is going on. You don’t want to get into trouble for money laundering when you weren’t the one engaging in a scheme like this. It could ruin you and your business.
Don’t Become a Victim of White Collar Crime
White Collar Crime Watch is on the lookout for white collar crime, and we are here to bring you information as to how to combat it. You don’t have to be a victim, but you must be proactive in defending against criminals who would take advantage of you.