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The New York Times’ white-collar cheat sheet

Many people in Tennessee often wonder how white-collar crime goes on for so long undetected. In 2018, the NY Times published an article that covered information on how white-collar offenders got away with their activities. Two of the most common reasons white-collar offenders slip under the radar is the internet and tax havens. Some of the methods highlighted by the article include the following:

  •          Using prepaid debit cards for money laundering
  •          Conducting insider trading over cocktails
  •          Stashing cash in overseas accounts
  •          Forging corporate checks

When it comes to offshore accounts, there was a time when Switzerland held half of the capital stored in offshore accounts. Today, executives and business owners practice greater diversification. Switzerland only controls 25% of offshore wealth now, while Hong Kong and Singapore hold 30% of the wealth. The remaining balance sits in accounts in Panama, the Caribbean and Europe.

Business people who engage in these financial activities do not need to seek out opportunities to move money offshore. Once a person reaches a certain level of wealth, they usually get approached. After they set up the account, business people can then access them from within the United States using debit cards or simply taking out a loan against those overseas assets.

According to Marketplace, the white-collar offender’s kryptonite is a forensic accountant. They do the financial investigation behind money laundering, tax evasion and fraud. Many people believe these professionals work solely with the police force. However, they are often employed by business people when they suspect executives and other workers of embezzling money.

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