Financial Crime And Its Types In The Business Trade

Financial crime is such a non-violent offense whose outcome will result in a financial loss. The committed act is by or next to a corporation or a person. There are a bundle of types of financial crime which are committed by people all over the world. A financial crime lawyer is normally entitled and appointed by people to take care of this type of cases. With the stress that it brings, it is better to have someone to handle it and deal with the processing that needs to be done to guarantee that the happening has been inspected and the offender is caught with the assistance of a Criminal Defense lawyers in dubai.

Types of Financial Crime in the Business Industry

1.     Embezzlement termed as fraud

This is basically the act of robbery or stealing assets from an individual that was entrusted to those. This usually happens within an organization.

Example: An example would be when an accountant who is disperses to petty cash and such uses it for personal purposes. They might not appear often in the news because most businessmen are ashamed of that kind of circumstance that ensues their firms. 

2.     Identity Theft

Identity theft is simply defined as the act of using the information of another person in order to get hold of assets or money.

Example: An example would be stealing the credit card or bank information of an individual to make purchases unknown to the person. The degree of this crime depends on how many times this crime was committed and the amount that was stolen by the criminal.

3.     Credit Card Fraud

This is associated with the above, in which someone else gets a hold of the information of a person’s credit card in order for him to use it without the proprietor knowing or finding out about it shortly than he ought to. For this kind of crime to take place, the criminal only needs to have the information not to steal the card itself. The significance of the penalties ranges from one jurisdiction to another.

4.     Insurance 

It can also be a fraud when a person tries to declare that an accident occurred in order to be granted an insurance benefit or when the person makes imprecise statements for the exclusive purpose of including financial gain. This type of crime also encompasses punishments that range depending on the country where it happens.

5.     Money Laundering

This is a criminal movement wherein the true cause of an illegally obtained money is hidden or concealed to make it look it was from a lawful source. With this, the person can get away from the illegal act that he has committed. The name money laundering is merely derived from the act itself because it is an immoral or impure deed that is laundered or cleaned by the practice of concealing it to make it appear as a clean act.

6. Bounced Cheques 

If the cheque is bounced then, one can file a Criminal and Civil Case. Criminal and Civil Case both should be filed. Cheque bounce is considered as criminal offence. Once can file the Criminal Case. For Bounced Cheques keep in mind you have to file two type of cases altogether e.g. Criminal Case and the Civil Case. A Criminal Case alone can not let you to get your amount back. Therefore you need to file the Civil Case as well. Civil Case will help you to get your money back along with original amount, legal expense and the legal interest. Criminal Case will put the pressure, let him to get punishment, or imprisonment or fine etc, as its up the judge. Last but not the least, if both the case filed together then it creates a big influence on debtor. 

Labour & Employment Cases where Financial matters are involved:

Labour & Employment Cases are, the case which are only related to employment disputes. It can be for or by employer as well as employee. Well, it is also noticed, that sometimes employees earn from company and invest in the same company. Therefore when such matters, are taken to court level then such cases might be needed as where a separate fee is paid, both matters can be dealt in one Labour Case but for financial matters court might order that court fee should be paid as per the pattern of Civil Cases. Labour Court Fee can be postponed but court can reject the acceptance of fee postpone application for such matters of investments in the same company. The expert advocates are called as Labour & Employment Lawyers. Once again these are all the possibilities. Once has to check with courts for the better knowledge and clarification. The information is always shared on general grounds. Latest scenarios can be different one should check with courts for this.      

Read More About Emirati Lawyers in UAE and Lawyers in Dubai. Note: Please Consult the Lawyers by Emirati Law Firms before taking the legal action. It is mandatory. No one should go to level of court with lawyers or without the lawyers.