Hello classmates, hope everyone’s week has been going good so far, and that we all have a great holiday tomorrow.

Hello classmates, hope everyone’s week has been going good so far, and that we all have a great holiday tomorrow. I’m going to be stuffing my face full of food and not feeling bad about it.

Five common white collar crimes are money laundering, tax evasion, fraud, insider trading, and embezzlement. Money laundering is the “process of making illegally earned money appear to be “clean,” often through complex bank transfers and transactions” (Tamplin, 2023). Tax evasion is a pretty self explanatory title. Fraud stems down to dishonesty for the sake of financial gain. Insider trading is technically betting or investing money into something that you already have the inside knowledge of or special information into. And embezzlement can be considered stealing money from someone or an entity that has put you in charge of or given you authority to watch over and handle.

I think that the rise is money laundering is due to the fact that technology is ever evolving, which means that our ways of doing things, making payments, and purchasing things have changed to a point that the seller or payment receiver never sees the faces of those that they are doing business with. These processes open up a plethora of doors and possibilities for these kinds of dealings to take place and thrive. The pandemic only added to these everyday processes, including work, to move to a remote state. It is much harder to point out the red flags in a situation when everything is being done behind a keyboard and a computer screen.

-Casey Palmer

References

Tamplin, T. (2023, June 9). Money laundering: Definition, main steps, and misconceptions. Finance Strategists. https://www.financestrategists.com/banking/money-laundering/?gad_source=1