Global Implications of White Collar Crime

Abstract

In recent decades there has been an increase in the number and scope of white-collar and non-violent crimes around the world (Kane and Wall, 2005). Criminals who commit these illegal acts have become more sophisticated, there actions more calculated, there approach more strategic and meticulously carried out. While collar crime is a serious problem and has a profound adverse financial impact on individuals, communities, corporations and government agencies, those convicted of these crimes tend to receive relatively shorter sentences when compared to those convicted of similar criminal acts (U.S. Sentencing Commission, 2005). There are a number of factors which may have contributed to the increase in white collar criminal acts world wide. The global economic recession has certainly forced many to seek unorthodox means to generate revenue. The primary objective of this chapter is to examine factors which have lead to an increase in white collar crimes. This chapter also evaluates the social, economic and political consequences of white collar crime. Historically, white collar crime has been viewed as non violent and in many cases victimless crimes. It is clear that white collar crime has serious social, economic and political implications. It is also clear that white collar crime is on the rise and, for various reasons, is far more difficult to detect and deter. More importantly, it is clear that white collar crimes are not always victimless and can result in serious injury and death. These crimes cost governments, civilians, major corporations and small businesses more than $10 trillion annually worldwide (Millennium Project, 2008). It is also clear that with the current global economic recession the number of white collar crimes will continue to increase. As such, this chapter will outline viable, cost effective actions, particularly by government, which can be employed to reduce white collar crime globally.