Profile and Analyse the Changing Spectrum of Economic Crime Essay

Profile and Analyse the Changing Spectrum of Economic Crime - Essay Example Ideally with the appropriate research we would also try to lay specific emphasis on profiling all the criminal activity that took place in the incident and how it fundamentally affected the economic culture surrounding it. Profile and Analyze the Changing Spectrum of Economic Crime As fundamentally stated in The New York times Asia pacific section â€Å"The catchall term â€Å"economic crimes† is frequently used as a legal cover by police officers who wish to detain or imprison someone whom Communist Party officials consider a political threat. Such crimes can include prosaic failures to properly comply with regulations on business registration or taxation.† (The New York times Chinese Defend Detention†¦.). These kinds of specific situation have recently been on frequent terms observed in the economic culture of China and as such are a cause of great concern for the economic Asian giant. To be technically precise China is the most powerful economic strength in the world today but even so economic crimes of any measure are the first step towards the collapse of a country’s financial assets. ... With the introduction of newer technology the spectrum of economic crimes is changing. People and organizations are involved in newer kinds of crime every day and types of crime that fall under the category of economic crime are increasing day by day. They are able to find loopholes in the law and able to exploit these loopholes to their advantage. With faster communication economic crime has become more organized. Unlike the blatant act of crime committed by the Georgian legislators nowadays people are committing economic crime that can be concealed and the law authorities often take years to uncover a crime that was committed long ago, long after the thief may have died. Some people like Jonathan James do it for fun and take the breaching of someone else’s computer system as a challenge. Others like Charles Ponzi do it for personal gain. Some people like Pablo Escobar made it their business and their crimes were well organized. Whilst internet has helped mankind in many ways it has made the committing of economic crime very easy for people. With so much information available on the internet such as people’s social security numbers, credit card details and bank details chances are that sensitive information may fall into the wrong hands and that information may be used for someone’s own personal gain. Economic crime is here to stay. With more technology, faster communication and more knowledge available to criminals they are able to commit more and more of these crimes, cause more and more loss to the public and economy (65 billion Ponzi scam that affected as many as 1300 investors) and elude capture from the authorities. There is also some very active political situation regarding such an issue stated earlier with reference to the New York