White Collar Crime Might Be Happening in Your Business
You might have already known for a fact that criminals come in all shapes and sizes, and they do even come from different class spectrum. People with suits on and are working behind desks could be very well engaged in various crimes. They may not be doing violent crimes, but it’s crime nonetheless. If this should happen in your business, then it will surely cause some serious effects that might tear you apart sooner or later. The kind of crime this article is talking about is known as the white collar crime, which involves finance capabilities and abuse of business.
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, you can’t really be too sure, can you?
It is essential that you spend some time getting to know more on this aspect of law that is often overlooked. Getting yourself informed regarding these things is the best way for you to make sure that your business doesn’t get into trouble with the law.
So what kind of crimes are involved here?
Think about the most common crime that small businesses are usually involved with. It’s actually fraudulent bookkeeping that leads to tax evasion. However, there are some forms of tax evasions that may be classified technically as legal because of some legal loopholes. There’s also this asset retention made for the purpose of criminal conversion, making it the reason for embezzlement lawyers to be busy. There is also what is known as payroll fraud, wherein a business incorrectly lists an employee just so they can avoid paying them what they actually deserve. This type of crime is committed by businesses if they’re not really that strict with their employee records.
Here’s what you should do when investigated or accused
It doesn’t really matter if it’s a nonviolent crime, but white collar crimes are treated justly by looking at it the same as justice looks at other crimes. Keep in mind that there are quite a lot of people who is actually serving a life sentence just because they are charged with these sorts of crimes. Although there aren’t really that many people getting jailed because of this, they’re still guaranteed to pay hefty fines on top of many other business penalties. Agencies investigating such crimes are surely not pushovers which is why you have to make sure that you cooperate fully and that you be able to gather every evidence you got just so they can clear you. On top of these, it would be best if you get yourself a reputable 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.