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CHAPTER 2 - White Collar Offences and Provisions of The Laws in Malaysia -…
CHAPTER 2 - White Collar Offences and Provisions of The Laws in Malaysia
There are several sophisticated crimes that are now under the White Collar Crime law which is hacking, forgery of documents, identity theft, embezzlement
There are two ways to deal with White Collar Crime :
CC
CORRUPTION
Malaysia has 30 laws in White Collar Crime but I will explain in 5 offenses in White Collar Crime and among them are :
ABETMENT
To encourage or incite another to commit a crime. This word is usually applied to aiding in the commission of a crime. To abet another to commit a murder is to command, procure, counsel, encourage, induce, or assist.
BETTING
Betting is the action of gambling money, possessions, time, or something else on the outcome of something, such as a game or race.
LOAN SHARKING
Loan sharks charge the borrower interest at high prices such as having to pay interest, principal
SECURITIES FRAUD
Securities fraud, also referred to as stock or investment fraud, is a type of serious white-collar crime that can be committed in a variety of forms
TAX EVASION
Tax evasion, also known as tax fraud, is the purposeful nonpayment or underpayment of taxes owing.
FRAUD
Any fraud that usually occurs by internal fraud. For example, Ahmad took the company's money as his personal use without informing the company's finances
LEVI'S FRAUD TIPOLOGY confirms that there are two types of fraud that can be committed in workplace which is private and public.
Fraud found in private workplaces is financial services fraud, not in financial or individual form.
Fraud found in public workplaces are national bodies, local bodies, and international bodies involving many work sectors
TYPES OF FRAUD
Embezzlement
Counterfeit money
Tax fraud
Insurance fraud
Benefit fraud
SCAMS
Scam is a term used to describe a business or fraud scheme that takes money or other items from unsuspecting people. There are often scams online
Loan Scams
Macau Scams
which is trending nowadays in Malaysia. Many parties have been involved in tens of thousands of ringgit scams
Romance Scams
Romance scammers create fake profiles on dating sites to know their partner at the same time to get their money. They make up a story and ask for money.
Tourism Scams
Tourists who have been deceived by any holiday agent especially when the holiday involves a lot of payment
CORRUPTION
Corruption is dishonest behavior by those in positions of power, such as managers or government officials.
Individuals involved in corruption will receive punishment under Section 25 (3) and (4) of the MACC Act 2009 Section 25 (3) and (4) of the MACC Act 2009
MONEY LAUNDERING
Money laundering is a common technique used by financial criminals and others to hide illegal gains
Money laundering is an important step in the success of drug trafficking and terrorist activities, including white collar crime which is common in many companies and there are many organizations working to address the problem including police and anti-corruption
EXAMPLE OF SUSPICIOUS TRANSACTIONS
Unusual transactions
Large cash transactions
Irregular account movement
➢The Securities Commission listed Malaysia (2014) has 26 examples of suspicious transactions in which money may be laundered.
PROVISIONS OF THE LAWS IN MALAYSIA
PENAL CODE ACT 2012 (ACT 547)
In this act, all penal code of the law only focuses on acts involving internal parties such as forgery of documents, smuggling of money and taking property illegally
Section 402A involves superiors in committing offenses for their own good because as individuals with great power, they can engage in offenses involving their organization. For example, they can falsify company documents, take the company's permanent property or commit bribes to get something easily.
Sections 406-409 involving subordinates such as unqualified workers but they are willing to make mistakes and persecute the place where they work. For example, they commit a crime of accepting bribes from their superiors.
Sections 232-236, Act 574 involves individuals who try to falsify original objects such as items that use silver materials such as coins, swords, silver plates. They do so because they want to falsify the original goods from others.
CYBERCRIME
Cybercrime is criminal activity that either targets or uses a computer, a computer network or a networked device. Cybercrime is committed by cyber criminals or hackers who want to make money which is can be considered the same as scam.
Email and internet fraud
Identity fraud
Theft of financial or card payment data
Theft and sale of corporate data
The Computer Crimes Act 1997, effective as of the 1st of June 2000, created several offences relating to the misuse of computers.
PROVISIONS IN THE MALAYSIAN ANTI-CORRUPTION COMMISSION ACT 2009 (ACT 694)
SECTION 16(a) AND 17(a) : Wrong act so as to ask others to help in committing a crime by bribing another individual just to cover up his own guilt
SECTION 16(a) and 17(b) : Offence of offering until involving corrupt activities
SECTION 18 : Offennce intended to deceive and falsify information
SECTION 23 : Abuse of position is only for one's own good and satisfaction, thus creating many misunderstandings