Of all the most of finance crimes discussed, I consider money laundering the most
Serious because the estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Money laundering is the criminal act of filtering illegally obtained ("dirty") money through a series of transactions designed to make the money appear legitimate ("clean"). Throughout the years money laundering in the United States has made our banks enforce additional regulations on people depositing large amount of cash to their banks and requesting more information when this request is being done. For example, On Sept. 29, 2014, in Miami, Florida, Alvaro López Tardón, of Miami Beach and Madrid, Spain, was sentenced to 150 years in …show more content…
One theory that would best represent the crime is differential association theory. Differential association theory is people learning how to commit crimes from their peers. Learning how and why to commit crimes, as well as why laws against those crimes are inappropriate. Criticized for lack of explanation revolving around the "first collar criminal". The person who created the differential association theory was Edwin Sutherland back in the year 1939. The reason Edwin created differential association theory was because you can learn the criminal behavior, and also you can learn the process of criminal behavior by association with criminal and anti-criminal patterns involves all of the mechanisms that are involved in any other learning. Edwin theory is most useful when explaining peer influence among deviant youths or special mechanism of becoming certain criminals. Sutherland believed differential association did not apply to the lower class but it also applied to the respectable individuals with high social status. Bernard Madoff would be considered in the category of differential association theory because his
Serious because the estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Money laundering is the criminal act of filtering illegally obtained ("dirty") money through a series of transactions designed to make the money appear legitimate ("clean"). Throughout the years money laundering in the United States has made our banks enforce additional regulations on people depositing large amount of cash to their banks and requesting more information when this request is being done. For example, On Sept. 29, 2014, in Miami, Florida, Alvaro López Tardón, of Miami Beach and Madrid, Spain, was sentenced to 150 years in …show more content…
One theory that would best represent the crime is differential association theory. Differential association theory is people learning how to commit crimes from their peers. Learning how and why to commit crimes, as well as why laws against those crimes are inappropriate. Criticized for lack of explanation revolving around the "first collar criminal". The person who created the differential association theory was Edwin Sutherland back in the year 1939. The reason Edwin created differential association theory was because you can learn the criminal behavior, and also you can learn the process of criminal behavior by association with criminal and anti-criminal patterns involves all of the mechanisms that are involved in any other learning. Edwin theory is most useful when explaining peer influence among deviant youths or special mechanism of becoming certain criminals. Sutherland believed differential association did not apply to the lower class but it also applied to the respectable individuals with high social status. Bernard Madoff would be considered in the category of differential association theory because his