Financial Crimes on the Rise: Belgian Businesses Fall Prey
A Growing Concern Worldwide
- 47% of companies worldwide have been victims of financial crimes in the past two years
- No country is immune to this scourge, including Belgium
According to PwC’s Global Economic Crime Survey 2020, a significant proportion of CEOs are expressing concern over their company’s preparedness to respond to financial crises. This article delves into the prevalence of financial crimes in Belgium and highlights the need for expert guidance on prevention, detection, investigation, and resolution.
Common Types of Financial Crimes in Belgium
- Customer Fraud: theft or deception by customers
- Cybercrime: unauthorized access to computer systems or data
- Asset Misappropriation: theft or misappropriation of company assets
In addition to these common types of financial crimes, many corporations are grappling with bribery issues. Despite underestimating the severe consequences that can arise from such behavior, bribery and corruption pose a significant threat to businesses in Belgium.
The Repercussions of Financial Crimes
- Economic Losses: direct financial losses suffered by the company
- Damage to Reputation: harm to the company’s reputation and brand
- Professional Relationships: damage to relationships with customers, suppliers, and partners
Financial crimes can have far-reaching consequences that go beyond mere economic losses. Companies need expert guidance on prevention, detection, investigation, and resolution of financial crimes.
Expert Guidance from PwC
PwC’s Fraud and Investigations specialists offer comprehensive support to help businesses navigate these complex issues. With extensive experience and formal training, they work closely with clients to resolve a wide range of Fraud and Investigations-related concerns, including:
- Bribery and corruption
- Corporate irregularities
- Asset misappropriation
- Regulatory violations
- Improper business relationships
- Patent and copyright infringement
- Financial reporting fraud
- Suspicious transactions
- Conflicts of interest
- Whistleblower allegations
Combating Financial Crimes in Belgium
With 59% of CEOs concerned about their readiness to respond to crises, it is essential for companies to be proactive in addressing financial crime threats. By providing expert guidance and support, PwC helps Belgian businesses to mitigate the risks associated with financial crimes and protect their interests.
In conclusion, financial crimes pose a significant threat to businesses worldwide, including those in Belgium. Companies need expert guidance on prevention, detection, investigation, and resolution of financial crimes. With PwC’s expertise and support, businesses can strengthen their defenses, prevent financial crimes from occurring, and minimize the damage if they do occur.