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Simple English definitions for legal terms
economic crime
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A quick definition of economic crime:
Economic crime is a type of crime that is committed to gain money or an advantage in a profession. There are two main types of economic crime. The first type is committed by businessmen as part of their regular business activities, such as embezzlement or tax evasion. This is called white-collar crime. The second type involves providing illegal goods or services or providing legal goods or services in an illegal way. Examples include robbery, counterfeiting, and prostitution. Economic crime is a serious offense that can result in criminal charges and punishment.
A more thorough explanation:
Economic crime is a type of nonphysical crime that is committed to gain financial benefits or professional advantages. It includes crimes committed by businessmen as part of their regular business activities, such as embezzlement, tax evasion, and violating regulations. This type of economic crime is often referred to as white-collar crime. The other style of economic crime involves providing illegal goods and services or providing legal goods and services in an illegal manner.
- Embezzlement by a company's accountant
- Tax evasion by a business owner
- Providing illegal drugs or prostitution services
- Counterfeiting money or products
These examples illustrate how economic crime is committed for financial gain or professional advantage. Embezzlement and tax evasion are crimes committed by businessmen as part of their regular business activities. Providing illegal goods and services, such as drugs or prostitution, is a way to make money illegally. Counterfeiting is a way to make a profit by producing fake money or products.