User:KatMoss123

Financial crimes can be a really big issue. From banks to school and even to individuals financial crimes have had a huge impact on. These types of crimes are usually caused by very experienced and sophisticated criminals. This is because of the necessity of these criminals to know legal and monetary information.

All financial institutions need to be careful of these types of crimes and should take a stand to prevent them. Overall these types of crimes are thought of as fraud that leads to someone getting a financial improvement. For example, it could include illegal conversion of fake money or property transferring. Some of the other types of this crime are money laundering, forgery, embezzlement and identity theft.

Forgery is the making of fake money which can lead to a constitutional issue of the US dollar being less effective due to all of the increased amounts of money. Conversion of property is when someone falsely takes ownership of a property for monetary gain. Embezzlement is taking money from someone or an organization without them knowing. And identify theft is when a criminal pretends to be someone else and steals their identity.

According to the US Department of Justice's Office of Justice programs, identity theft is one of the leading issues of financial crime in the US. About 47% of citizens suffered from this crime in 2020. In 2021 it is expected that this crime will cause the US 721 billion dollars. In previous years 37% of us consumers have become victims. Lastly, the most common people who are hurt are in their thirties.

A legal foundation of this issue is in a constitutional issue. Every person has a right to their own funds and property. However, financial crimes take this away. This take away makes the crime into a constitutional issue by limiting the citizens right.

References Gleason, D. (2017). USA PATRIOT Act's Impact on Information Gathering ... ProQuest Dissertations Publishing. https://www.proquest.com/openview/ac2ac6d23c4ce927b8369f06d38289a7/1?pq-origsite=gscholar&amp;cbl=18750&amp;diss=y.

ICA. (2017). What is Financial Crime?: ICA. What is Financial Crime? | ICA. https://www.int-comp.org/careers/your-career-in-financial-crime-prevention/what-is-financial-crime.

Jensen. (2019, March 4). Financial Crime. OCC. https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/index-financial-crime.html.

John McDowell. (2020). Consequences of Money Laundering and Financial Crime. Consequences of Money Laundering and Financial Crime | Office of Justice Programs. https://www.ojp.gov/ncjrs/virtual-library/abstracts/consequences-money-laundering-and-financial-crime.

Promnick, G. (2017, March 8). Cyber Economic Espionage: Corporate Theft and the New Patriot Act. Hastings Sci. &amp; Tech. https://heinonline.org/HOL/LandingPage?handle=hein.journals%2Fhascietlj9&amp;div=7&amp;id=&amp;page=.