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Crime and the Private Sector
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Crime and the Private Sector



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  • 1.  
  • 2. The Private Sector
    • The private sector is a sector of the economy
    • It is sometimes referred to as the citizen sector
    • It is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state.
    • Businesses in the private sector include;
    • sole traders
    • Partnership, either limited or unlimited liability
    • Private Limited Company or LTD-limited liability, with private shares
    • Public Limited Company – shares are open to the public.
  • 3. Common Crimes Committed within the Private Sector
    • Corporate crime refers to crime committed either by a corporation (i.e., a business that has a separate legal obligations from the people in charge) or by individuals that may work for a corporation or other business entity.
    • This often overlaps with -White collar crime -Organized Crime
    • Examples of corporate crime include
    • Fraud
    • bribery
    • insider trading
    • embezzlement
    • computer crime
    • copyright infringement
    • money laundering
    • identity theft
    • Forgery These are often committed using computers and technology where hackers can access information illegally. They can often be deemed at INVISIBLE as they are easier to conceal.
  • 4. BCCI
    • The Bank of Credit and Commerce International was a major international bank founded in 1972 by Agha Hasan Abedi
    • Jokily described as the ‘Bank of Crooks and Criminal International’
    • It operated in 78 countries, had over 400 branches, and had assets in excess of $20 billion, making it the 7th largest private bank in the world by assets
    • Investigations revealed that it was involved in massive money laundering and other financial crimes, and illegally gained controlling interest in a major American bank.
    • Closed down on July 5 th 1991
    • Liabilities $10bn owed to 800,000 depositors in 1.2 million accounts over 70 countries UK authorities lost £100 million (est)
  • 5. Effects on Private Sector
    • Fraud losses cost the UK £30bn a year (including scams, online theft, insurance cheats and tax fraud)
    • The annual cost of identity fraud is over £2.7bn
    • More than 1.8 million people are affected by identity fraud every year
    • The number of cases coming to light has risen by almost 10% in the first nine months of 2010
    • National Fraud Authority highlights that in can take 200 hours to sort out a single case of identity fraud
    • 31% of losses came in the private sector
  • 6. Prevention
    • Shredding personal documents before throwing out
    • Check bank and credit card statements carefully
    • Contact a bank or credit card company if a statement fails to arrive
    • Make sure computers have up-to-date anti-virus software installed
    • Use all the privacy settings available on social networking sites but do not put too much personal information up there
    • Special forensic bankers whose job it is to detect fraud and traces of money
  • 7. Blue Collar Crime
    • Private Sector industries face the risk of blue collar crimes being committed against them too
    • Things such as robbery, vandalism, theft (by employees) are things businesses have to consider
  • 8. Effects on Private Sector
    • Increase in security such as CCTV, locks, alarm systems etc
    • Use of more security guards
    • Training for staff to know how to deal with volatile situations
    • Can increase fear of employees
    • Costs rise as security measures are put in place
    • (in South Africa)