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Business Crimes

Business Crimes You Should Be Vigilant Against

Crime happens everywhere all the time, even right under our noses. That is already problematic as is but can spell a total disaster for business owners if they have employees that end up doing some illegal shenanigans that they will then be implicated for. As much as the law protects, it can also be a bane for anyone who ends up getting a bad conviction because they were complicit without knowing it. Though there are solicitor firms that specialize in these cases and protect businesses from such accusations or liabilities, it’s best to have a working idea of what risks you’re up against. Here are some of the most common business crimes you should be aware of:

Corporate Fraud

Around half of the companies experience at least one instance of fraud in a year. Among the average of various fraud occurrences, approximately 40% of those were committed by people on the inside. Internal and external factors are both unfortunately high risks, with the latest economic crime survey revealing that the most common forms of corporate fraud have been customer fraud, cybercrime, and asset misappropriation. All of these can bring a company down not just in their reputation but also through legal action that can be taken against the entire business. The trouble with this is being able to identify the perpetrator efficiently, though many security measures and practices can be put into place to make things less vulnerable. Background checks can help prevent getting any bad seeds in the first place, though it’s essential to have emergency plans in check if your company does suffer from major fraud that can drag the whole thing down. corporate fraud

Money Laundering

One of the most worrying things to think about is that money laundering is expected to grow continuously as the years go on, with a 2.7 annual rate of increase. Even if you have nothing to do with it, your company can come under fire if it is being used to turn over dirty money.  That not only renders jail time and a hefty fine but also essentially engulfs your business like a flame and potentially end things in a bad place.


The trust you put into your employees is not always well-meant, especially since a lot of these major financial crimes come from those in higher management positions. Ill-gotten wealth takes form here and usually already puts your business in a tight bind as assets are misappropriated. That is done for personal gain, and while you can always take action against the employees in question if you have the right proof, this can, unfortunately, be flipped against your business if they get the snap on you and try to twist things further in their favor. It also affects the economic standing of any company. Though one does not want to imagine the worst, it’s better to take the right preventative measures. In case they happen, having systems in place set to respond to these situations can lessen the brunt that your business will feel.
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