Business fraud_ pyramid schemes, tax fraud and money laundering essay

Business fraud basically involves acts that are a breach of ethics and integrity in a business environment. Penalty for money laundering According to Investopedia, business fraud is any activity undertaken, unethical or illegal in most cases that gives an unfair advantage to the undertaker of the action (Investopedia). 3 phases of money laundering Action Fraud, a “fraud report center” in the UK reports businesses of all sizes are vulnerable to fraud and as much as 25% of SMEs in the UK fall victim to fraudsters (Action Fraud).

This paper discusses three common types of business fraud, which include Pyramid schemes, tax fraud and money laundering.

Money laundering act 2011 Business fraud is highlighted by illegal and unethical business behavior which is very serious in the business world and calls for very punitive measures like lengthy jail sentences, being blacklisted in business and end to very promising careers.

These are business fraud cases that involve the perpetrators pitching a false or non-existent business to unsuspecting investors who they convince to invest in this business with an apparently huge potential for high returns in the short run. What is money laundering and how does it work The perpetrators also convince those who have invested in the “business” to recruit others as well. What is money laundering with example The scheme is successful at first because the perpetrators use new cash flowing in as investment to pay off those who invested earlier. Money laundering kenya However, this model is not sustainable because the investors tend to grow exponentially until a level when not enough money is raised to pay off all those who invested earlier (SEC, 2013).

It is apparent that pyramid schemes are marketed as investment opportunities with very high potential for huge turnovers in a short time span. Money laundering bangladesh This is the reason why so many people buy into these ideas. Cases of money laundering Th…

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– According to Albrecht & Zimbelman (2009), during the investigation process of money laundering, the money launderer is prosecuted if justification is found. Money laundering manchester The launderer can also be convicted and sentenced to serve time. What is money laundering The money that was used to commit the crime is usually confiscated after being seized by law enforcement. Money laundering meaning in tamil Investigations are usually brought about after someone has reported suspicious acts, during the detection period, such as the bank reporting large amounts of money deposits, transfers, withdrawals and purchases…. Combating money laundering [tags: Business Ethics ]

– According to the U.S. Money laundering law Department of Justice, money laundering is the process by which one conceals the existence, illegal source, or illegal application of income and then disguises that income to make it appear legitimate. Sources of money laundering Money laundering involves a three step process which includes placement, layering and integration (Albrecht et al, 2009). Common money laundering schemes Placement is the first step and it includes the launderer opening up an account at a bank or some other type of financial business to make deposits with the illegal money…. Cartel money laundering [tags: Business Ethics]

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