CR1 147 - ECONOMIC CRIMES

Instructions: Read and analyze the following questions carefully. Then, answer
what is/are being asked.Next, write the words legibly. Last, strictly no erasures.

Test I - What is Economic Crime and how would affects our economy? (20
pts)

Economic crimes are considered as criminal activities made by either

individuals or organizations with the intention of making a significant financial
gain. Such activities may involve financial fraud, money laundering, and other
crimes of similar nature. Under normal circumstances, economic crimes
generally take advantage of the finances of either individuals or businesses,
eventually leading to a significant damage to a national or at a larger extent, the
international economy. With the nature of such criminal activities, this leads to
significant economic losses for any organizations victimized by such variety of
economic crimes.

Economic crimes are non-violent illegal acts committed for economic gain
or to cause economic harm. It involves some form of deception of the victim. A
major form of which is financial crime. Financial crime entails falsification of
financial information in the course of a financial transaction, including mortgage
fraud, bogus stock trades designed to inflate profit or hide losses.

Test II - Give at least five (5) agencies or institutions in the government

that investigate economic crimes and discuss their roles and functions in
dealing those. (30 pts)

Test III - Enumerate and discuss at least ten (10) economic crimes in the
Philippines. Include in your answers, those laws that prohibit it (50 pts)

Consumer Fraud: Consumer Fraud can be defined as an act in which

consumers are heavily damaged by business practices in which consumers
believe that they are participating in legal transactions, but are defrauded of
their financial assets. In the context of the Philippines, Article 50, Chapter I, Title
III of the Consumer Act of the Philippines (R.A. 7394) indicate a list of acts
categorized under deceptive sales acts or practices prohibited by law, which is
built on consumer fraud.

Asset Misappropriation: Asset misappropriation is a form of economic