Yes, you can still be charged with a crime(i.e., most likely theft)  The degree of the offense would be based on the amount you stole.You are making a deal with your employer not to call the police.  He can honor the agreement or not.  You are going to be facing potential criminal penalties at his/her whim. Of course, if they do call the police, the prosecutor will only be able to prove what you have stolen on camera and what you have admitted to. Hope this helps.