Money Frauds : China And China

The Globalization of White Collar Crimes: An Inside Look of How Fraud, Embezzlement, Cybercrime, Identity Theft and Forgery Are Increasing World-Wide

ranging from skimming to hacking into some ones iCloud. We will also be giving examples of to

The Chinese government owns all the land and protection of property is decreasing. The corruption of the Chinese government continues as they reject core reforms such as disclosure of assets by officials, oversight of bodies, and lifting political restraints on citizens. To continue the problem China has a weak financial regulation, use of debt to overproduce, the culture of saving and not spending, and profound fear of innovative ideas. However, China’s use of

The government should try to find a better way to detect fraud and start preventing it, especially since it has

Internal fraud consists in “a type of fraud that is committed by an individual against an organization. [Furthermore], a perpetrator of fraud engages in activities that are designed to defraud, misappropriate property, or circumvent the regulations, law, or policies of a company”[8]. Not only has the incidence of internal fraud increased in frequency because of the availability of sensitive information such as client details or confidential business documents; moreover, this type of fraud is found in various types of organizations, ranging from corporations, public service institutions and financial institutions. Our analysis will concentrate on the most common and prolific types of internal fraud, namely identity theft, insider trading, loan fraud and wire fraud. Interestingly, PriceWaterhouseCooper conducted a survey that revealed that the “demographics of a typical fraudster are as follows: males (85% of cases), 31-50 years (72% of cases), reached high-school level (50%), Bachelor’s or post graduate degree (50%) and middle or senior management (52%)”[9].

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

In 2008, Expanded taking information offense to any private computer system within the United States (i.e. the outer reach of the Commerce Clause). Expanded extortion offense to cover threats of taking information and demands following damage. Increased penalties. Added criminal

The People’s Republic of China with a population 1.3 billion, is the third largest country in the world and has a land size of 960,000 square kilometres. It is a rapidly growing economy, with living standards being raised every year. However, human rights violations are still a part of daily life in some part of China and can still be seen in the present time. The most controversial issues include discrimination, right to live and not to be subject to torture, freedom of religion, opinion, to fair public hearing, rights to family and the right of movement. (The Consulate General of The People's Republic of China, 2003),(Infoplease, 2009)

and many indirect victim of the fraud. This article is also reviews several factor of the

Global Crossing was a fiber optics company that allegedly engineered its finances to hide critical losses, thus deceiving shareholders. "The company accumulated $12.4 billion in debt building a worldwide fiber optic network. Global Crossing leased space on its 27-nation network to rivals from which it rented capacity at the same time, helping both parties boost reported revenue" (Global Crossing fraud lawsuit can proceed, 2004, LA Times). The company folded in 2002.

Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For some reason I always want to dig into the trickery behind the manipulation of financial statements.

China has faced many human rights violations, such as freedom, speech and many more. For example, China has trouble protecting the rights of their own people. They have human trafficking still, and they’re government isn’t protecting their people. “Sun Bin was able to hug his father and sister for the first time in 24 years on Tuesday, after being torn away from his family by child trafficking in1991.” It took they’re government to find them after 24 years to find one person who was missing. “Selling children for sex and profit is a major business in China, the news outlet reported.” Again China failed to stop or even start a movement to promote the protection of children. Kids here are not looked after properly. “ After the 28- year- old

The video “Cooking the Books” discussed the ZZZZ Best case of fraud, it tells how and why fraud was perpetrated by Barry Minkow and why it was undetected for so long. According to the video, ZZZZ Best was founded by Barry Minkow in 1982; when he was sixteen years old, it started as a carpet cleaning company. But, due to high competition in the industry, low entry barriers, and bad internal control, this young entrepreneur started to have cash flow problems, thus creating a shortage of working capital. As a result of the financial pressure, he started to commit fraud by creating false accounts receivable and sales, false documents (using photocopies of real

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

Despite the high levels of corruption, investors do not seem to be deterred from doing business in China. Some believe that corruption acts as an effective “grease” to speed up the many layers of bureaucratic inefficiencies for starting of businesses in China (Meon, Weill, 2008). Furthermore, the policy of regional competition in China has caused the competitive lowering of bribes in order to attract businessmen with a lower “unavoidable cost” of doing business in the region. (Li, Peng 2001). Another reason would be the high predictability of corrupt practices in China (Campos, Lien, Pradhan, 2001), to the extent where investors factor “bribes and gifts” as a portion of their budget. Hence it does not appear as a deterrent to businesses when they enter the market (Dickson, 2008). Corruption due to “Guanxi” is also explained to enhance efficiency, because “Guanxi” contributes to high levels of public trust that encourages business ventures due to the availability of valuable information that reduces uncertainty (Li, Wu