How to Detect and Deter Financial Crime in Your Business

1. HOW TO DETECT AND DETER FINANCIAL CRIME IN YOUR BUSINESS As part of being a firm, you must follow the UK government's business rules, one of which will come under the category of financial crime. To make sure you're in compliance, you'll need a system of controls to demonstrate to the government that you're not going to commit any financial crimes and that you're monitoring your firm to make sure that doesn't happen. WHAT IS FINANCIAL CRIME? WHAT TO LOOK OUT FOR? There are some red flags you need to look out for regarding financial crime. You will need to look for the signs, stop it from happening and gather evidence on the whole situation. You will need this evidence to confront the perpetrators of this crime and bring it to court if required. The main types of financial crime and what to look out for: Money Laundering Corporate Fraud Tax Evasion WHAT LAWS SHOULD YOU BE AWARE OF? Knowing the law is the most important approach to ensure that all of the above is handled correctly. This is crucial to know while running a business, not just financial law, but all the laws that your firm must follow in order to operate legally. GETTING A FINANCIAL CRIME LAWYER Financial crime within your organisation can be difficult to identify and conceal, so having expert eyes on your team will only help you stop it. Hiring a financial crime lawyer can assist you in finding and enforcing any breached economic laws. If you want to read more in brief, then you can read here- Financial crime