Each group will be assigned to one/two corporate crime (from the lecture note). In 20 minutes, Use searching engines, and the above website and find out the following information about the given crime. Be prepared to share your information with the plenary on Padlet. Definition Current statistics in the UK/US/ any other chosen country Damages Solutions by Usic https://padlet.com/usictech/ndcu75pokyign9q0 Each group will be assigned to one/two corporate crime (from the lecture note). In 20 minutes, Use searching engines, and the above website and find out the following information about the given crime. Be prepared to share your information with the plenary on Padlet. Definition Current statistics in the UK/US/ any other chosen country Damages Solutions en-us 2022-03-16 09:41:41 UTC 2022-03-16 10:24:55 UTC hello@padlet.com g2 https://padlet.com/usictech/ndcu75pokyign9q0/wish/2097705103 definition
 It refers to the legal person in the name of the organization, through the behavior of the legal person, the implementation of social harm behavior, become the subject of the crime. Such crimes mainly include corporate monopoly, stock trading manipulation, tax evasion, selling counterfeit goods, environmental pollution and so on. As a legal person may constitute a crime, the criminal law in western countries, most of the countries of Anglo-American law system in the criminal law should have the legal person can become the subject of a crime is constituted and the clear stipulation of criminal sanctions, and many of the mainland legal system country mostly negative legal persons may constitute a crime, but in recent years, some scholars put forward the legal person can also be crime subject. In the theory of Chinese criminal law, there are positive and negative opinions about whether a legal person can constitute a crime. The latter thinks that legal person cannot be the subject of crime


Environmental pollution crime refers to the violation of the legal provisions of environmental pollution, resulting in environmental pollution, serious consequences, in accordance with the law to receive administrative punishment. For example, illegal discharge, dumping and disposal of hazardous waste]]> 2022-03-16 09:54:30 UTC https://padlet.com/usictech/ndcu75pokyign9q0/wish/2097705103 G1 https://padlet.com/usictech/ndcu75pokyign9q0/wish/2097718326  falsifying on financial statements
-Falsification of financial information
(definition)
  • False accounting entries and/or misrepresentations of financial condition;
  • Fraudulent trades designed to inflate profits or hide losses; and
  • Illicit transactions designed to evade regulatory oversight.
Forging financial information
False accounting entries and / or false statements of their financial status;
Fraudulent transactions designed to exaggerate profits or hide losses;
Illegal transactions designed to evade regulation.
Self-dealing of business insiders
Insider trading (trading based on major and non-public information);
discount;
Abuse of company property for personal gain;
Personal tax violations related to self-trading.
Fraud in ating to a legally operated common hedge fund
Late trading;
Certain market timing plans;
Forging the net asset value.

-damage
At a national level, revenues lost through financial crime mean governments collect less tax revenues and fewer schools and hospitals are built, causing disarray due to the criminal and terrorist activities it funds.
Financial statement fraud has cost investors more than $500 billion during the past several years (Rezaee, 2002; Cotton, 2002).Financial statement fraud (FSF) has received considerable attention from the public, press, investors, the financial community, and regulators because of high profile reported fraud at large companies such as Lucent, Xerox, Rite Aid, Cendant, Sunbeam, Waste Management, Enron Corporation, Global Crossing, WorldCom, Adelphia, and Tyco. The top executives of these and other corporations were accused of cooking the books and, in many cases, were indicted and subsequently convicted. The collapse of Enron has caused about $70 billion lost in market capitalization which is devastating for significant numbers of investors, employees and pensioners. The WorldCom collapse, caused by alleged financial statement fraud, is the biggest bankruptcy in the United States history. Loss of market capitalization resulting from the reported financial statement fraud committed by Enron, WorldCom, Qwest, Tyco, and Global Crossing is estimated about $460 billion (Cotton, 2002).

-Current statistics
According to an annual report released by the ICCC), the number of complaints about Internet crimes received in 2008 rose 33 percent from the previous year to 275,284, a new record for the number of Internet crimes reported in the United States.The ICCC is a non-profit organization jointly established by the FBI and the American White-collar Crime Center. Its main responsibility is to monitor and investigate various kinds of white-collar crimes existing in the United States.

-solution
Five actions which should be considered important to stopping white collar crime are: (1) the establishment of Offices of Inspector General in 14 major departments and agencies; (2) the President's creation of an executive group to combat fraud and his related requirement for departments and agencies to assess their vulnerability to fraud, waste, and error; (3) the Department of Justice's program to combat economic crime and expand its training program; (4) the GAO Government-wide study of fraud and abuse; and (5) the proposed passage of legislation that would require agency heads to report on the adequacy of their internal controls. 



  bribery of public officials
-definition
Foreign bribery includes providing, or offering to provide, a benefit to a foreign public official. It also includes causing a benefit to be provided or offered to a foreign public official where the benefit is not legitimately due.

The benefit must be intended to influence a foreign public official in the exercise of their official duties, for the purpose of obtaining or retaining business or a business advantage which is not payable legitimately.

The bribe may take the form of cash payments, extravagant gifts, employment for friends and families or holidays.

-damage
Economic crimes not only disturb the order of the market economy and endanger the national economic security, but also damage the vital interests of the people. They are a "cancer" affecting social security and stability

-solution
The penalties for bribery of a public official includes a fine of up to three times the value of the bribe, and imprisonment for up to 15 years in a federal penitentiary.

The Criminal Code Act provides two defences to the offence of bribing a foreign official. These are:

  • Where the advantage was expressly permitted or required by the written laws that govern the foreign public official
  • Where the benefit provided constitutes what is known as a ‘facilitation payment’
This defence applies where the benefit provided is what is known as a facilitation payment.

In order to rely on this defence, the benefit must be recorded, must be of ‘minor value’ and must be offered ‘for the sole or dominant purpose of expediting or securing performance of a routine government action of a minor nature’.

The government is presently reviewing whether to repeal the application of this defence.
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