In this rapidly developing age of information and technology, growing economies and commercial activities have led to the emergence of many opportunities and new types of crimes. These crimes are not a threat to businesses only in Turkey; on the contrary, they are a problem that needs to be considered all over the world. In this article, we will delve into the topic of white-collar crimes in Turkey.
What are White Collar Crimes?
Financially driven, nonviolent acts carried out by government employees, businesses, or individuals are referred to as white-collar crimes in Turkey. These crimes typically take place in places of employment and are primarily motivated by financial gain. They consist of deception, concealment, or breach of trust. While such crimes are not seen as violent, they can still be a danger to a company’s success and operation.
The Types of White-Collar Crimes
To gain a more comprehensive understanding of this field, you should be familiar with the various forms of white-collar crimes in Turkey. Below are some white-collar crime examples:
- Bribery
- Money Laundering
- Fraud
- Insider Trading
- Embezzling
- Espionage
1. Bribery
Bribery includes offering, donating, accepting, or requesting something of value to sway the choices or actions of those in positions of authority or power. Unfortunately, bribery is pervasive in Turkey and jeopardizes accountability, justice, and transparency in several fields, such as government, industry, and law enforcement.
2. Money Laundering
This term describes the practice of concealing the source of assets or funds gained illegally to give them the appearance of legitimacy. According to the regulations against white-collar crimes in Turkey, it is aimed to penalize various forms of money laundering with anti-money laundering laws.
3. Fraud
It contains various deceptive tactics used by people or entities to achieve personal or financial benefits. These tactics can lead to substantial financial losses for people, companies, and governments while also harming investor confidence and market integrity. Therefore, considering white-collar crimes in Turkey, financial systems must consistently detect fraudulent patterns to prevent financial harm.
4. Insider Trading
This occurs when individuals trade securities using undisclosed, important details about a company. In Turkey, the Capital Markets Board governs regulations on insider trading, implementing penalties like fines and imprisonment.
5. Embezzling
As one of the white-collar crimes in Turkey, embezzling refers to the unauthorized or illegal diversion of funds or assets entrusted to someone's care for their benefit. The unlawful use of funds or public resources for one's benefit is known as embezzling by public officials, and it is a severe crime that can be committed at several levels of the government.
6. Espionage
Operations intended to gather personal or sensitive information for a foreign government or organization are known as espionage. It can seriously affect relationships between nations, national security, and the reliability of government bodies.
Preventing and Combating White Collar Crimes in Turkey
To effectively combat and prevent white-collar crimes in Turkey, a multifaceted strategy comprising international cooperation, public awareness campaigns, governmental monitoring, law enforcement efforts, and legislative measures must be adopted.
Turkish Criminal Code No. 5237 plays an essential role in fighting white-collar crimes. According to this law, someone who moves abroad the profits gained from a crime that warrants a minimum prison sentence of six months or more or conceals these profits in different ways to hide their illegal origin or create the impression of legitimate acquisition may receive a prison sentence along with a judicial fine.
To combat such crimes, you need a Turkish criminal lawyer. Our Istanbul Lawyer Firm, a successful, knowledgeable, and experienced Turkish Lawyer Firm in Turkish criminal law, is ready to assist you in preventing white-collar crimes and taking legal action in this field. With our English-speaking lawyers in Turkey, we can provide you with the best legal consultancy and support.
The Impact of White-Collar Crimes in Turkey
The impact of white-collar crimes can be felt in many different areas in Turkey. As an economic impact, it can damage economic stability and growth by embezzlement or fraud. Also, it can increase the rate of social inequality by enabling individuals or groups with the privilege to take advantage of their status for their benefit at the expense of others.
The Difference between Financial Crime Vs. White Collar Crime
Professionals who do not perform manual labor and receive better compensation due to their specific skills are white-collar workers. In Turkey, financial fraud committed by someone with a high social or professional status is considered a white-collar crime. However, not all white-collar workers who commit violations are limited to financial crimes. White-collar crimes in Turkey are a subcategory of financial crimes, but they include a larger variety of illegal activity. Other than monetary gain, certain white-collar crimes may have different purposes, such as promoting one's position or building one's reputation. As long as these actions do not significantly disrupt the economic order, they are not classified as financial crimes. Bribery in commercial transactions or embezzlement of public funds can be an example of white-collar crimes.
Financial crimes revolve mainly around illegal activities related to monetary transactions, financial institutions, or systems. It encompasses many illegal operations directly affecting financial markets, institutions, or individuals' financial assets. For instance, credit card fraud, cybercrime to financial systems, and corruption in banking or finance are considered financial crimes.
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