BRIBERY EMBEZZLEMENT
COMPLIANCE
Corruption , money laundering and the economy
corruption is not a recent phenomenon ; it has been in existence for over 2,000 years . Corruption prevailed in many ancient kingdoms highlighted throughout history . Corruption is a much larger phenomenon that can only be observed and is subject to one ’ s perception of the act being committed . However , many scholars have defined corruption as intentional noncompliance within a transaction that results in an advantage being given to an individual or a group of individuals . 1 Simply said , an act of corruption can occur when an individual abuses his or her entrusted power for their private gain . 2
The main forms of corruption are bribery , embezzlement , fraud and extortion . However , these forms of corruption can overlap and can be regarded interchangeably with some others , such as theft , favoritism , nepotism , etc . Corruption is usually committed by someone who holds public authority , such as a state-elected official accepting a commission under the table for granting a specific state contract or an elected official commingling public funds for his or her own benefit . 3 Other examples include defrauding the government through underreporting taxes or extorting money through blackmail or coercion . 4
BRIBERY EMBEZZLEMENT
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