Fraud and corruption words
In this English lesson you will learn some or the key words and phrases we use in English to talk about fraud and corruption.
Fraud and corruption are serious problems in our societies. I don't think there is a country in the world where corruption is not a problem.
And fraud is one of the most common crimes too.
You can commit fraud, be the victim of fraud or fraudulent activity. Banks are often defrauded of millions of dollars.
False accounting is a common type of fraud. This is when companies cook the books and do not legally declare all the money they earn and spend.
Insider trading or dealing has also been a big problem in the past. Many illegal deals take place because someone has priviliged information about a company takeover or sale.
Sport has also been the victim of fraud and corruption. Match fixing scandals have tainted sports like cricket and soccer in recent times. In fact, in some countries it is illegal for players and referees to place bets on matches and competitions they are involved in.
When it comes to business, many innocent investers have lost money to Ponzi and pyramid schemes. The Madoff scandal was the biggest example of a Ponzi scheme in recent years.
It was a scam in which people lost billions of dollars. Madoff embezzled the money from his companies.
Extorsion, blackmail and bribery are all types of fraud. We often associate these words to organisations like the Mafia.
Politics is one of the dirtiest business in the world. Countless politicians have swindled their voters and received bribes over the years.
How often do you hear of a businessman greasing a politician's palm in order to win a government contract. The money is normally paid under the table so that no one finds out about it.
At the centre of many corruption cases is black money. Money from prostitution or drugs is used to buy or pay people off. Legal businesses are sometimes used as a front for illegal businesses.
Money makes the world go round.
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