Globalization & Its Effect On Increasing “White-Collar Crime”

Manjeet Singh, LLM, 2020-21 Class, School of Law, Raffles University. Neemrana, Rajasthan, India

ABSTRACT

Over the past few decades, the number and scope of white-collar and non-violent crime has increased worldwide. The criminals who commit these illegal acts have become more sophisticated, there are calculated acts, there are more strategic and meticulous approaches. Economic crime is a serious problem and has a profound negative financial impact on individuals, communities, businesses and government agencies. People convicted of these offenses tend to receive relatively shorter sentences as compared to those convicted of criminal offenses. White-collar crime is a very important element of globalization as crime is a social phenomenon and affects everyone. Globalization affects people to save money in times of economic recession. Stimulating savings increases the likelihood of tax evasion fraud among employees. Tax evasion fraud is one of the main types of white-collar crime on which this article has focused on.

This article examines how globalization facilitates economic crime and how it can promote more effective mechanisms to prevent and combat economic crime. It uses the framework of routine activity theory to explain transnational economic crimes and then presents a range of crimes. With exemplary types of cross-border violations. The paper then moves on to a discussion of the regulatory institutions that can include a transnational system for controlling white-collar crime. It shows the development of global regulatory systems using examples of cross-border control of corruption and international cooperation to combat money laundering. The chapter closes with the observation that, as with conventional domestic “street crime”, effective prevention and control of white-collar crime in times of globalization requires the participation of public, private and non-profit institutions.

Keywords: White collar crimes; globalization; Tax evasion frauds; corporate crime; cyber-crime; computer crimes.