White collar and corporate crime in Australia

White collar and corporate crime in Australia

Introduction

A white collar crime is an unethical and illegal crime which is considered to be the non violent act as it has been characterized by deception. White collar crime includes several kinds of fraud or it includes an effort for subverting a criminal investigation. The white collar crimes are impeached at federal level or at state level. It depends on the laws that are broken. There are many types of white collar crimes. The white collar crime within the organization can include embezzlement in which property owned by business or person is taken. However, blackmail and bribery can also be the form of white collar crime (Australian Institute of Criminology, n.d.).

White collar crime in Australia is becoming common and Australian justice system is struggling to prevent this kind of criminology from the environment of Australia. White collar crime is a non-violent crime that business people and public officials commit chiefly for the purpose of their personal advantage. Upper class and middle class people usually commit this crime in their business activities. White collar crime, in many organizations, is not considered as a crime by many people until they become victim of this crime. White collar crime can be classified into two types of crimes: organizational crime and occupational crime (Australian Institute of Criminology, n.d.). When the crime is committed for personal benefit then it is known as occupational crime and when the crime is committed for organizational benefits then it is known as organizational crime. Organizational crimes are usually committed with the encouragement and support of a formal business organization. There are several activities which represent white collar crime. There is a huge range of unlawful activities which contribute to white collar crime. These unlawful activities include insider trading, fraud, tax evasion, embezzlement, failure in following workplace safety standards and bribery money laundering etc (Australian Institute of Criminology, n.d.).

Discussion

The corporate crime comes under the category of white collar crime. Organizations or their agents commit corporate crimes against members of the environment, the public, investors, corporate competitors or creditors. There are many reasons which are responsible for the occurrence of corporate crimes such as recklessness, inattention or negligence to detail (Australian Institute of Criminology, n.d.).

Effects of corporate and white collar crime

The name of white collar crime is given to the crime of deception, dishonest practice and theft which carries out by the professional people of the workplace. Major crimes that are included in white collar crimes are embezzlement and insider trading. There are many effects of white collar and corporate crimes in the performance and productivity of the organization. Some of the effects include financial cost, loss of jobs, deaths and undermining trust in justice systems (Australian Institute of Criminology, n.d.).

Embezzlement, swindles and fraud often aspires to take more financial cost as compared to burglary or street crime. According to the research, it has been observed that in the year 1980, the crime of white collar cost ...