Different Types of Financial Crimes in the UAE
The following Ten financial crimes are commonly found among fraudsters worldwide:
Stealing: This is the common and most followed financial crime ever. This could be a cashier or an external thief or a group of people together. Those who take possession of liquid money or other forms of the fund come under this crime.
Money Laundering: This is a process of changing illegal money into legal one through some process or persons and institutions. The main source of the fund will be some sort of unethical and criminal or illegal activities. People make fake transactions to convert or cover up the bad part of transactions in this process.
Terror Funding: Any money sent or financial support provided to anti-national and illegal activities such as strikes, wars, mob violence, or arson are treated as terror funding. Whether it is knowingly or unknowingly, the owner of the source of the fund will be treated as the culprit in this case.
Counterfeiting: Many a time, fraudsters find this as an easier way to make money. With the help of technology and high-quality printing facilities, copying and distributing currencies and bills are a common practice in the world. Even though currencies are having multiple security features, gangs that work like parallel governments in some countries make duplicate currencies of other countries for quick bucks.
Online Fraud: This is one of the major financial crimes in modern days. Mostly, the less technological people fall prey to this type of fraud. The cheaters steal or hack the bank account and credit and debit card details of people and try online transactions without the knowledge of the owner.
Different Types of Financial Crimes in the UAE
Offline (Physical) Fraud: This is also one of the conventional types of fraud existing still. Making possession of others’ money by snatching or pickpocketing, robbing, etc. is common in developed countries and poorest and underdeveloped countries.
Digital Financial Fraud: This is the maximum happening in the corporate world and high-value transactions. It is also a common practice in Digital Currency transactions and international fund transfers. The money cheats manipulate digital records and amasses others’ money in illegal ways.
Bribery: One of the most common financial crimes in the world. Even though this happens mostly with liquid cash, the passive illegal income also happens. People take services and objects that have a monetary value for illegitimate and illegal services or out-of-the-way processes.
Tax Cheating: High-income people and companies do this in Tax payables, Small and Medium companies do this for temporary benefits. Not paying tax to the government and not paying full tax to the government after selling or transacting taxable goods and services are common practices. Also, manipulating documents for getting rid of tax payments and wrong amount submission are common financial crimes in the modern world.
Impersonating: This happens mostly in the insurance field. Also, at banking institutions, people get hold of others’ money by identity theft and impersonating. This type of crime attracts multiple types of legal actions – financial and civil and criminal. Often this happens at the international level as well.
