UNIT 11. Crimes in the sphere of Economy

Grammar. The verb “to be”

Text 1. Financial crimes

Text 2. White-Collar Crime

Text 3. What is a Cybercrime?

Text 4. 3 Famous Financial Fraudsters

Exercise 1. Read the text and give the translation of it.

Text 1. Financial crimes

Vocabulary

fraud	мошенничество
theft	воровство, кража
scam	афера
tax evasion	уклонение от налогов
bribery	взяточничествo
embezzlement	хищение
identity theft	кража персональных данных
money laundering	отмывание денег
forgery	подделка, фальсификация

Financial crimes are crime against property, involving the unlawful conversion of the ownership of property to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud (including insider trading), bank fraud, payment (point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax evasion; bribery; embezzlement; identity theft; money laundering; and forger and even computer crime, elder abuse, burglary, armed robbery, and even violent crime such as robbery or murder. Financial crimes may be carried out by individuals, corporations, or by organized crime groups. Victims may include individuals, corporations, governments, and entire economies.

1. Money laundering is a fundamentally simple concept. It is the process by which proceeds from a criminal activity are disguised to conceal their true origin.

2. A black market or underground economy is the market in which illegal goods are traded. Due to the nature of the goods traded, the market itself is forced to operate outside the formal economy, supported by the established state power.

3. Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction.

4. White-collar crime is similar to corporate crime as white-collar employees are more likely to commit fraud, bribery, schemes, insider trading, embezzlement, cybercrime, copyright infringement, money laundering, identity theft, and forgery.

5. Identity theft is a growing concern of more than 73 per cent of Canadians. Eighty-five per cent of the victims are between 18 – 59 years. The most common ways criminals can get your information is from apartment mailboxes, social networking websites, or through hackers.

The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.

 

Exercise 2. Read the sentences from the text. Decide whether each sentence is true, false or not stated in the given text.

This sentence is

- true; - false; - not stated.

Financial crimes are crime against property.

This sentence is

- true; - false; - not stated.

Victims are always individuals.

This sentence is

- true; - false; - not stated.

White-collar crime is the process by which proceeds from a criminal activity are disguised to conceal their true origin.

This sentence is

- true; - false; - not stated.

Money laundering crime is a corporate crime.

This sentence is

- true; - false; - not stated.

Most common ways of identity theft are from apartment mailboxes, social networking websites, or through hackers.

This sentence is

- true; - false; - not stated.

The Financial Crimes Enforcement Network analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes.

 

Exercise 3. Find in the text the English equivalents to the Russian phrases, red and translate the text.

компьютерная сеть; преступник, использующий высоки технологии; причинять ущерб; финансовая афера; вымогательство; взлом компьютерной системы; фиктивная компания; кража сведений личного характера; домогательство, угроза; враждебная корреспонденция; компрометирующие слухи; оскорбительные сообщения; промышленный шпионаж.

 

Exercise 4. Match the word and its definition.

I	II
	fraud	A	a crime when you try to make someone to do something for you by giving them money, present or something else
	theft	B	an illegal copy of documents, painting, etc. or a crime of making such illegal copies
	scam	C	dishonestly taking something which belongs to someone else and keeping it
	tax evasion	D	a crime of illegally entering a building and stealing
	bribery	E	a crime when you secretly take money that is in your care or that belongs to an organization or business you work for
	embezzlement	F	a crime of cheating somebody in order to get money or goods illegally
	identity theft	G	crimes with using computers
	money laundering	H	ways of illegally paying tax less than you should
	forgery	I	a crime of moving money that has been obtained illegally through banks and other businesses to make it seem as if money has been obtained legally
	computer crime	J	an illegal plan for making money.
	burglary	K	a crime when you steal somebody’s personal information

 

Exercise 5. Make up word combinations. Translate them and make your own sentences with these word combinations.

	fraud	a	financial
	theft	b	mortgage
	scam	c	money
	tax	d	to commit
	bribery	e	violent
	embezzlement	f	computer
	laundering	g	prevention
	forgery	h	to expose
	crime	i	skillful
	burglary	j	organized

 

Exercise 6. Find the synonyms.

fraud	tax avoidance
theft	falsification
scam	robbery
tax evasion	trick
bribery	bribe-taking
forgery	underhand action
burglary	stealing

 

Exercise 7. Answer the questions.

1. What types of financial crimes do you know? 2. Who collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and other financial crimes? 3. How do you understand the term “money laundering”? 4. What fraud in your opinion is the most popular? Why? 5. What is identity theft? Is it productive?

 

Exercise 8. Fill in the gaps with appropriate words.

Fraud, theft, scam, financial scam, tax evasion, crime, bribery, embezzlement, identity theft, money laundering, forgery, computer crime, burglary.

1. Cybercrime is defined as the use of any computer network for committing ___.

2. Specialists noticed a rise in number of ___ committed in this area.

3. A famous deputy was arrested on ___ charges.

4. You should be very careful putting information about yourself in the network otherwise you may become a victim of ___ ___.

5. Police are investigating the ___ of computers from the company’s office.

6. For most countries, ___ ___ and terrorist financing raise significant issues with regard to prevention, detection and prosecution.

7. Experts claim that the painting is a skillful ___.

8. Nowadays there are a great number of various ___ ___ to get money.

9. Some people think that “______” refers to computer-related activities which are either criminal in the legal sense of the word or just antisocial behaviour where there is no breach of the law.

10. The manager of a well-known computer company was outlaw for ___.

11. ___ ___is a topical issue as people who avoid to pay taxes lies the Government and other citizens.

12. She was charged with credit card ___.

 

Exercise 9. Find the given words in the net.

Мошенничество, воровство, финансовая афера, уклонение от уплаты налогов, взяточничество, хищение, подделка, кража со взломом.

G	F	O	G	E	P	G	C	Z	S
B	U	D	C	R	Y	F	R	A	U
L	A	I	C	N	A	N	I	F	D
S	E	M	B	B	W	F	N	W	A
C	O	L	E	R	D	C	V	R	Y
A	L	Z	Z	I	T	A	X	E	V
M	E	Q	X	B	B	U	G	S	A
D	M	T	H	E	R	A	L	I	H
V	E	R	E	R	Y	H	J	O	X
T	N	T	F	Y	E	P	O	N	I

 

Exercise 10. Add the list with your own examples of financial crimes prevention.

1. To protect your credit card:

- Check your statement monthly;

- Notify your credit card company in advance if you are travelling;

- ___.

- ___.

2. To protect your debit card:

- Use your hand to cover the number pad when you’re entering your PIN;

- Do not give your PIN to anyone or write it on the card;

- ___.

3. To protect yourself from identity fraud:

- Never leave loose credit or debit card in the car;

- Never leave your cell phone or lap top in your car;

- Update security and virus protection on your home computer;

- ___.

- ___.

 

Exercise 11. Read the text, drawing attention at the following words:

White-collar crimes, business community, employee theft, alarming rate, the cost of crime, a cost of doing business, business-related crimes, a legitimate cost, badly affect, legal scholars, manipulation of computers.

Text 2. White-Collar Crime

Vocabulary

to exceed	превышать
loss	потеря
shoplifting	магазинная кража
legitimate	законный
to affect	наносить ущерб
disclosure	раскрытие

 

Criminal law includes many crimes that may be committed by a business enterprise as well as those that may be committed by individuals Some business crimes, such as violating antitrust laws and laws on insider trading of securities, are often referred to as white-collar crimes. The amount of white-collar crime greatly concerns the business community. Losses from embezzlement and employee theft, including theft through manipulation of computers, not only exceed losses from burglary and larceny but also are growing at an alarming rate.

There is evidence that losses from shoplifting by employees exceed losses from shoplifting by customers. The cost of crime is a cost of doing business, which results in higher prices for consumers. The total cost of business-related crime amounts to billions of dollars annually.

One reason for the increase in white-collar crime is that historically the risk of being caught and sent to prison has been slight. For example, bribery of local officials frequently was considered a legitimate cost of doing business. In addition, employers are often hesitant to prosecute employees for crimes such as embezzlement because disclosure would badly affect the image of the business.

Legal scholars are suggesting new approaches to the solution of this problem: to impose stiff penalties for white-collar crime, to improve the internal controls of businesses, to punish corporate officials for the crimes of their corporations.

 

Exercise 12. Find the sentences with the verb “to be”, determine the tense and voice of the predicate, translate the sentences.

 

Exercise 13. Put the letters into the right order to make a word.

tthfe, csot, molypeee, iunsesbs, ehiwt-rclola, zmelembenzte, uyrblarg, lsgopithinf, crstomue.

Exercise 14. Put the sentences into a logical order to make a text. Read the full text and check up your order.

1.So we need acyberlaw to prevent cybercrime.

2. Cybercrime includes financial scams, computer hacking, virus attacks and so on.

3. The 21st century crime is identity theft.

4.The internet is a global system.

5. It is difficult to prevent cybercrime and arrest a cybercriminal.

6. Cybercrime is the use of any computer network for committing a crime.

Exercise 15. Read the text and discuss advantages and disadvantages of computers.

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