When it comes to different types of crime, most individuals get confused between ‘’corporate crime’’ and ‘’white-collar crime.’’ Money laundering, business fraud, embezzlement, and bribery are almost the same kind of crime. You’ll be surprised to know that ‘’corporate crime’’ and ‘’white-collar crime’’ don’t have legal definitions.
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| Corporate crime |
The term ‘’white-collar crime’’ is gaining popularity from the past couple of years. In the world of criminal law and different crimes, how will you know white-collar crimes are different from corporate crimes?
What Is White-Collar Crime?
Every crime doesn’t involve smoking guns. There are some crimes which are committed under the victim’s presence without a single bullet fired. White-collar crimes are non-violent acts that are mostly confined in business for financial gains. You’ll be shocked to know that such crimes can cost billions of dollars.
Corporate crime cases are difficult to solve because they consist of many sophisticated systems and a couple of individuals. Crimes which come under the white-collar category are Cybercrime, extortion, fraud, embezzlement, and bribery. According to criminal law, Government and Court can charge both the individuals and corporations committing the fraud.
Business fraud also falls under this category. Sometimes individuals fool their clients through false actions and words for financial gains. This deceit is intentional, and the action is taken immediately. It was a simple and straightforward definition of white-collar crime. To understand more about this type of crime, understand the basics of corporate crime which is quite similar.
What Is Corporate crime?
Corporate crime is a bit different than white-collar crime. It is a crime committed by the whole corporation, business officials or the individuals indulging in the fraud on behalf of the corporation. However, the crime can also be committed by the individual who is employed by the corporation to earn financial gains. In simpler words, if you are concluding false actions for the benefit of your company, it is termed as corporate crime.
The whole corporation cannot be put in jail, but the business can be easily fined. Depending on the type of crime and situations, the punishment for the business can be quite large. Apart from that, the employees can be charged with a similar ‘’white-collar crime.’’
For instance, if you steal money from your company and use it for your benefits, it is termed as ‘’white-collar crime.’’ On the other hand, if the company and individual both are benefited, it is known as ‘’corporate crime.’’
What Is the Difference Between ‘’White-Collar Crime’’ And ‘’Corporate crime’’?
If you analyze both these types of crime, they are quite similar with a few differences. White-collar crimes are financial crimes or non-violent crimes. The simplest examples of white-collar crime are money laundering, fraud, etc. Any fraud concluded for personal benefits is known as white-collar crime. In this type of crime, mostly a group of employees are included. This type of crime is primarily popular in American countries.
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| Corporate crime |
When it comes to corporate crime, again, a group of employees is included. But, the senior officials of the corporation also become part of corporate crime. Apart from senior officials and fraudsters, the board of directors is mostly not aware of it. If you genuinely want to study this type of crime, then you can search for the recent Volkswagen emissions scandal. This scandal is the best example of corporate crime.
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