Category Archives: Politics

Sep3

FCPA and the International Code of Conduct

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FCPA and the International Code of Conduct

In response to the terrorist attacks that have been occurring throughout the world the United Nations created the Foreign Corrupt Practices Act.   The focus of the Act is on the policies, procedures, and behaviours of companies with which the United States conducts business as well as the conduct of the Public Officials of those countries.  It applies not only to foreign officials but to domestic officials as well.  The policies and procedures are set in place to create an environment wherein in criminal behavior is discovered, investigated and prosecuted, creating a world that is better to live in for all the people on the planet, a world wherein unethical, immoral, corrupt and illegal activities are stopped in their tracks.  As part of this continued effort the United Nations enacted in 1996 an International Code of Conduct,  this is in regards to specifically public officials.

This was adopted for use by agencies as a tool or a guide for them in the efforts in the fight within the public sectors against fraud and corruption.  This is a basic, but detailed and thorough list of recommendations regarding the performance of the officials duties and the means in which they must follow these recommendations.  These general principles are in regards to fairness, effectiveness, integrity, loyalty and impartiality in all aspects of their performance.

This applies not only to their work, but to their personal character as well.  This also involve the principle of transparency.   This means that they must agree to disclosing their books and their assets, as well as those of their husbands or wives, or other dependents.  This serves to lay it all out in the open and serves to not only detect those who are committing acts of corruption,  but to protect those who are not as well.  If there is not criminal behavior, than they should fear and will have nothing to hide.  They must also disclose any favors they either accept or extend, as well the giving and receiving of gifts.  This states as well that the activities of the officials must not impair nor be destructive to the confidence of the public for which they represents, and must perform all there actions in regards to these standards at all time.

Sep2

The U.S. Patriot Act, and the Acts That Have Followed

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The U.S. Patriot Act, and the Acts That Have Followed

The U.S. Patriot Act,  which was drawn up in the year following the terrorist attack in New York City and at the United States Pentagon, has resulted in the change of several of the aspects of the laws in the United States.  Many of the laws that this affected include the Bank Secrecy Act, the Money Laundering Control Ace and the Foreign Intelligence Surveillance Act.

The U.S. Congress set about working immediately in order to propose several bills surrounding anti-terrorism.  This has had a huge effect on the capture of several people or organizations that were funding terrorist cells around the world.  However, the Act itself has been a bit of a controversy as people are concerned with losing their privacy.

Many concepts are now put to use that grant financial institutions the right to thoroughly serve customer’s backgrounds.  The Federal Bureau of Investigation has been give more rights concerning the tracking and tracing of cell phones and computer activities of those they are suspecting of committing any form of corruption.

And due to the nature of the investigation into the past history of a person or a future client, some officials in foreign countries are refusing to do business, as they feel this is a negative view toward their character, or rather they are insulted by the questioning of their reputation.  And so many more new acts have been a result, acts such as the Security and Freedom Ensured Act, that are meant to ensure that the rights of private citizens are not being violated.

Aug3

Anti-Bribery Provisions of the FCPA

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Anti-Bribery Provisions of the FCPA

Throughout the history of humankind, corruption in the form of extortion and bribery has been an issue. As civilizations progressed and developed the incidence of such activities increased. In current times, with the technological advances in communication and information systems this has become and even larger issue to over see and to deal with. The 1977 passing of the FCPA, Foreign Corrupt Practices Act, addresses these issues and provides provisions that are used in the ongoing struggle to combat the forces of political corruption and the corruption in the business world of the United States. Revisions to the act occur frequently in order to better address the changes modes and means of the criminal acts associated with that corruption.

The anti-bribery amendments state that all individuals and businesses are prohibited by federal law from the making of or accepting of payments that are deemed improper. These provisions cover the spectrum of individuals and entities that interact and partake in transactions in the daily business procedures that occur throughout the world, as they relate to American companies and political officers and officials. The laws differ in regards with to whom they apply, and it is necessary that all those concerned understand the various distinctions.

Issuers are those companies that have securities that are registered in the U.S. If the issuer uses the United States Postal Service they are subject to the provisions outlined in the anti-bribery amendments. Now this has extended to include those that conduct transactions via the telephone, wire transfers of funds, interstate and international travel, faxes and email communication. These laws regarding bribery apply even if the action takes place outside the border of the United States. This is just one of the ways in which organizations are attempting to put an end to corporate and political corruption that affects the businesses, the political systems and the financial sector of today.

Aug3

Necessary Situations for Financial Institutions to File a Suspicious Activity Report

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Necessary Situations for Financial Institutions to File a Suspicious Activity Report

There have always been rules and regulations regarding transaction conducted in the banks of the United States. However current times demand particular attention to activities that may indicate illegal activity. The Suspicious Activity Report is one of the current installations in the array of screening and detected instances of money laundering, or embezzlement. There are specific guidelines and regulations that all those employed with the financial institutions of the United States. These are federal requirements and the neglect to fill out such reports can leave one open to investigation and pro section.

This is of course intending to put and end to all cases of fraud and illegal banking activity, but it is geared to stop the funding, and the access to those funds, of the terrorist organizations throughout the world. When deposits or transfers occur in any amount that are connected to an illegal activity a report must be filled out. When the criminal is identified in any activity a report must be filled out. When a transaction is upwards of twenty five thousand dollars or more is involved, a Suspicious Activity Report must be filled out regardless of whether the individual is considered a subject or not.

If a transaction seems to have no apparent lawful or business purpose, or if the transaction radically differs from the kinds of transaction the customer normally conducts, and there is a lack of an explanation regarding the transaction, the report must be filled out. Transactions under consideration include the obvious deposits, withdrawals and transfers, but also pertain to currency exchange, credit extensions, and the sale or purchases of bonds and stocks.

Reports of such activities are required to filled out and filed within thirty days of the initial suspected activity. If the identity of the suspect is unknown, the financial institution is given sixty days to file the report. The suspect can not be notified regarding the fact that a report was filed against them. Copies of filed reports must be kept on file for five years preceding the action.

Aug3

The Continuing War on Terrorism

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The Continuing War on Terrorism

The anti terrorism laws that were enacted proceeding 9/11 have been successful in interrupting the criminal activities of terrorists in the financial districts. The act of money laundering has been affected by companies practicing due diligence in regards to all new and existing clients. The creation of the Suspicious Activity Report has also been a key element in providing the means for individual companies to assist and to cooperate with the government agencies in tracking down the criminals. Both of these together have been so effective, that currently terrorist cells are being forced to rely on donations from private individuals, on further criminal endeavours and on transfers of cash that are informal and kept off the books, such as those of the hawala organizations.

One of the problems is however, that the further the world gets from that day, the further the threat may seem, and companies may be becoming too lax in their enforcements of the policies and the regulations. Just following the attacks, countries surrounding the world worked diligently and tirelessly against the opportunities being taking by the terrorists of the international banking and financial systems. This is the irony that has advisors nervous, the fact that because the international government crack-downs were so successful, it may seem as though the threat no longer exists. The effort seems to be slipping.

One of the countries that is viewed as a passive supporter of the large terrorist cell of Al Qaeda is Iran. Although the country is not tolerant of the actions of the terrorists, they do still support the Hamas and the Hezbollah. Due to the tenuous relationship between the United States and Iran, some of the restrictions on the members of Al Qaeda may not be strictly enforced such as allowing them to cross the borders to Pakistan and Afghanistan without having their passports stamped. That fact is that the institutions of the world, and the governments of the different countries must become more diligent and determined, as the operations and the funding for such opperations are going even further under ground and out of the range of those conducting the investigations.

Jul24

Money Laundering, Anti-Money Laundering

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Money Laundering, Anti-Money Laundering

The basic principle of money laundering is to simply take the money obtained through through a questionable, more specifically, a criminal act, and make it look as though it came from legal sources and activities. In this way, the goal is to separate the money from the crime, and therefore separate the criminal from the crime. The criminal walks free and does not fear that law enforcement will find either them or the cash.

Who needs to launder money? Well, the typical kinds of people needing to do so are embezzlers, corrupt public officers or officials and dishonest politicians, con artists, the mafia and gang lords, drug dealers and traffickers, and terrorists. Those in the industry of illegal drug sale are most likely those most in need of laundering as they tend to deal in cash almost exclusively. And aside from the previous mentioned benefits to the criminal, another benefit is just simply that money is very heavy. One million US dollars equals approximately two hundred and six pounds. A million dollars worth of cocaine weighs approximately forty four pounds. That’s a hefty difference.

The term anti-money laundering refers to a set of controls that are being developed and used by the legal departments and the banks throughout the world. These include regulations that require such institutions to not only take their part in the prevention of such activity, but in the reporting of it as well. The issue of money laundering has always been one that has been of concern, however came into the spotlight following the attacks in 2001 on September 11th at the World Trade Center in New York, USA.

Most of the institutions throughout the world, financial and non-financial are required by law to identify when such actions are taken place and to report these actions immediately to the intelligence divisions of their institutions as well as the units in their respective countries. In this way, the banks and institutions are not only playing an enormous role in protecting investments and capturing criminals of all sorts, but in the safety and protection of the citizens of the world.

Mar19

Island Paradise: Mauritius

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Island Paradise: Mauritius

The gorgeous island of Mauritius has long been considered the picture of earthly paradise. Mark Twain is said to have remarked that heaven itself is modeled after this island off the coast of Africa. With a glorious tropical climate and a welcoming and friendly reputation, Mauritius remains a popular destination for vacations and holidays.

Mauritius has also developed a reputation as a haven for the rich and super rich. The lush landscape, extravagant retail and dining options, and the high percentage of luxury hotels in Mauritius add to this image. The fact that the wealthiest city in Africa, Port Louis, is situated here only supports that reputation. However, the island has much to offer more traditional pocketbooks and the less well-to-do shouldn’t be put off.

As the perfect island paradise, it’s expected that much of the attraction of Mauritius has to do with its beaches. Lounging on the sand with a cocktail while looking out at the beautiful blue ocean is certainly a popular past-time. Dining at an ocean-side restaurant and enjoying the wonderful Creole-influenced cuisine is another way that visitors can pamper themselves.

The island is much more than its beaches. The unique multicultural heritage of Mauritius has created a rich and exciting range of options in music, food, art, and performing arts. The island also boasts some interesting geographical diversity, with forests, plateaus, and even mountains adding to the natural beauty.

History buffs will want to visit the island’s Martello Towers or explore the Balaclava Ruins or the Vieux Grand Port Dutch Ruins. And don’t miss the chance to roam through the virgin forests of the Black River Gorges National Park.

Dec20

Kolkata’s Name Change

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Kolkata’s Name Change

Most westerners still refer to the city as Calcutta, but Kolkata became the official name of India’s second largest city in 2001. This capital of West Bengal is an important military and commerical port but is also well known for as the intellectual and cultural capital of India. Believed by many to be the birthplace of modern literary and artistic thought in India, the city is proud of its philosophers, poets, artists, and writers, some of whom have earned Nobel Prizes for their work. Kolkata also offers gorgeous architecture, incredible food, great shopping, and many opportunities to soak in the arts, culture, and performing arts of the Bengali people.

When India gained independence from Great Britian in 1947, it began a slow restructuring of the various administrative and political states. As this reorganization has proceded, many of the cities and states within India have undergone name changes. In the last decade, most of the country’s largest cities have changed their name to reflect local language and population rather than the colonial names.

Both names, Kolkata and Calcutta, originated from Kalikata which was one of three villages in the area before the British arrived. Kalikata is itself a version of kalikshetra which means “Land of Kali” who is an important Hindu goddess. Others argue that the name derived from kilkila, which is a Bengali word meaning “flat area.” Another possibility is that the name is a combination of the words for “natural canal” (khal) and “dug” (katta). While some western media continue to use the name Calcutta, locals have always used the Kolkata pronounciation instead of the angelized version.

Visitors to Kolkata will enjoy a one-of-a-kind experience as they explore the city’s culture, food, and various attractions. There are a variety of lodgings available in the city, including a number of luxurious five star Kolkata hotels. And don’t forget to experience the incredible Bengali cuisine available everywhere from street vendors to world-class restaurants.