Financial Management

The Report on economic crime and corporate fraud in Spain, prepared by PricewaterhouseCoopers, from the global survey, conducted between July and November 2009, which was attended by 54 countries and over 3,000 respondents, shows that : asset misappropriation (28%), bribery and corruption (13%) and accounting manipulation (11%) represent the repeated frauds in Spanish companies.

In times of economic downturn like this, the motivations of some agents to commit fraud are increasing, mainly due to the requirement to maintain the economic performance of companies as well as achieving the objectives set or established. This is the main conclusion despite the increase in regulatory actions and anti-fraud controls introduced in recent years, economic crime, in all its categories, remains a threat that affects companies.

Interestingly, the typology, terminology and the different descriptions of the various types of economic crime considering the following:

* Fraud and economic crime. The intentional use of deceit to deprive someone of their money, property or legal rights.
* Misappropriation of assets (including embezzlement / fraud by employees). Theft of assets (including monetary assets / cash or supplies and equipment) by management of an organization or other persons occupying fiduciary positions or employees for personal gain.
* Handling accounting. The financial statements and / or other documents are altered or presented in a way that does not reflect the true value or the economic activities of the organization. This may include accounting manipulations, fraudulent procurement of loans or financing, fraudulent credit applications and conducting unauthorized transactions.
* Corruption and bribery (including racketeering and extortion). The misuse of official position to gain an advantage in contravention of its obligation. This practice may include the promise of a financial or other support, the use of intimidation or blackmail. It may also refer to the acceptance of such incentive.
* Money laundering. Actions to legitimize the income derived from illegal activities by concealing its true origin.
* Violation IP, including information theft. This practice includes the illegal copying or distribution of imitation products and breach of patent rights or reproduction (copyright), and the creation of counterfeit notes and coins with the intention of passing them off as originals.
* Insider trading illegal use of inside information generally indicates the purchase of a title or value in violation of a fiduciary duty or other relationship of trust while in possession of material information non-public of that title or value . This type of violation may also include communication of such information, to dealing with such securities or securities by the person “informed” or by people who may have been misappropriating the information.
* Espionage. The act or practice of spying or using spies to obtain information

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