...Is money laundering a real problem in the world today? Ashford University By: A’ Lexis Gailes BUS670: Legal Environment Professor Robert Tocker May 25, 2014 Abstract Money laundering the process whereby the proceeds of crime are transformed into apparently legitimate money or other assets has been recognized as a criminal activity which causes serious social and economic damages. The traditional method of money laundering is through financial institutions. However, with the development of new science and technology the approaches of money laundering have become more and more diverse. This paper is discussing the legal and ethical issues which surround this topic, as well as, develop an analysis for the ethical concerns raised by the laundering of money. The writer will then provide explanations from at least three relevant areas of law that have been discussed throughout the course and assess each area as it applies to money laundering. Finally, the write will provide recommendations on this situation to reduce liability exposure and improve the ethical climate or the overall ethics of money laundering. Is money laundering a real problem in the world today? I. Introductions There are many ethical issues that can arise in the course of operating a small business. A comprehensive understanding of the different types of ethical issues will help you to identify and handle this situation’s responsibility to maintain core business values. Let’s look at this scenario...
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...Business Ethics in GM410 Professional Communication Class at Keller Graduate School of Management Confidential I was impressed by learning about business ethics and how it impacts the world. If companies don't have good business ethics, it can damage its reputation. In class, you demonstrated a video about business ethics and how people showed unethical behavior while working. I have two articles that support how businesses exercise unethical practices. The articles Clegg orders into racism by banks; Black businesses denied loans or pay high rates and Ethics in Nigerian banking are similar in terms of violating banking regulations, but they differ in form of governments. What I had learned from these two articles is that banks are not trustworthy with our needs and assets . In the United Kingdom, Nick Clegg ordered a federal investigation against British banks to see why minorities can't obtain loans. If minority applicants were approved for bank loans, they will receive a higher interest rate than Caucasian entrepreneurs. What happen to the Equal Credit Opportunity Act? In this case, The United Kingdom is a democracy and all people have equal rights. By using tax money, minorities and white people help the government bailout the Britain Banks. Therefore, all people should be treated equal. Another critique that I found from the database is money laundering in Nigeria. Money laundering is when money is concealed by the unethical source when transferring money illegally...
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...John Razel A. Mapaye BSA –IV Accounting Synthesis Case Name: “The Vatican Bank: Conforming to Caritas in Veritate?" By Richard Hudson Facts: The Institute for Religious Works (IOR), commonly known as the Vatican Bank is one of the most secretive and controversial financial institutions in the world. Since the inception of the modern Bank in 1943, the Vatican Bank has faced a series of scandals relating to its role in the Second World War, accusations of money laundering and its role in the collapse of Banco Ambrosiano in 1982. However, what makes these scandals and accusations particularly interesting is that the Vatican Bank operates within the Catholic Church, an organization with its own tradition of financial ethics developed over multiple centuries. Pope Benedict XVI’s encyclical, Caritas in Veritate represents the most recent expression of Catholic thought relating to financial ethics. This article considers whether these scandals directly contradict the ethical stance of the encyclical and whether this in turn undermines the Vatican Bank’s ethical standing. The Vatican Bank: What is it and how does it work? The name ‘Vatican Bank’ is a somewhat misleading name as it implies the Vatican Bank is heavily integrated into the Holy See (the microstate consisting of Vatican City). In fact, the Vatican Bank is a privately held bank, rather than a state-owned bank, and therefore its assets are not directly connected to the Holy See. Despite the Vatican Bank’s...
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...Nova Southeastern University Wayne Huizenga Graduate School Of Business & Entrepreneurship Assignment for Course: – Legal, Ethical and Social Value of Business Submitted to: Professor Submitted by: Muzna Ali Date of Submission: March 2012 Title of Assignment: Term paper CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledge and disclosed in the paper. I have also cited any sources from which I used data, ideas of words, whether quoted directly or paraphrased. I also certify that this paper was prepared specifically by us for this course. ************************************************************* Instructor’s Grade on Assignment: Instructor’s Comments: Integrating Values - The Legality, Morality, and Social Responsibility of Bodog Online Gambling- Legal and Moral Issues Table of Contents Abstract- Muzna Ali………………………………….………………………………………...…4 Introduction- Muzna Ali………………..………………………………...……………………….5 Introduction to Legal Section- Byron Creech……………………..…….………………..……….6 Utilitarian Ethical Analysis – Wendy Burrion……………….……………………………...
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...| | | | | | | Workplace Ethics: Whistleblowing What is whistleblowing? Whistle blowing is an attempt by a member or former member of an organisation to disclose wrongdoing in or by an organisation. There are 4 different kinds of whistleblowing: Governmental, internal, external as well as personal whistleblowing. Why is whistleblowing important? A 2004 study by the Association of Certified Fraud Examiners (ACFE) reported that organizations without proper mechanisms for reporting fraud and unethical behaviour suffered fraud-related losses that were almost twice as high as those with such mechanisms. It also stated that about 40% of frauds are initially detected through whistleblowing, compared to 24% for internal audits, 21% by accident, 18% through internal controls, and 11% through internal audits. Thus, it is important to have a proper whistle blowing mechanism present in all organisations. Ethical Issue 1: Protection of whistle-blowers Protection of whistle-blowers is needed to encourage people to whistle-blow especially when: 1. Efforts to inform employers or government agencies have proven to be futile and he/she needs to go to the media. Example: HSBC Everett Stern case Stern was an Anti-Money Laundering officer at HSBC. In _____, he found many discrepancies and informed his supervisors and even the government agencies about it. However, there was no action taken. Stern then had to resort going to various media outlets to whistle...
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...(i) Discuss – What is money laundering? How does it differ from terrorist financing? The term money laundering was first pioneered in the early 20th Century. The disguising of income derived from illegitimate activities date back as far as the 13th Century B.C. The infamous Alphonse “Al” Capone who was an infamous organised criminal figure in America during the 1920s during the US Prohibition Era, was grossing criminal proceeds estimated to $100,000,000 of which he laundered through a series of businesses. Lansky who was known as the 'Mob's Accountant' unitised the worth of foreign countries that provide havens for criminal activities. Through laundering Lansky held untraceable millions in Swiss bank accounts and in banks and corporations abroad....
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...paragraph introduction that states succinctly the key issues or problems raised by the case that you will discuss in your report. Analysis: Respond to each of the questions/issues listed below. Your report should recognize, integrate, and cite relevant theories, concepts, and ideas from the required course readings and from conferences activities. • What are the major social, ethical, legal challenges that AccuForm faces in operating a joint venture with R&D and manufacturing operations in China? How might the differences between the corporate cultures of CreaseFree and DynaCoat impact the joint venture? • Analyze the role of top managers in the money-laundering scheme. Are top managers responsible when corruption is afoot? What individual or situational factors encouraged the money-laundering scheme at AccuForm? • Outline the key, specific elements of an ethics and compliance program or a corporate social responsibility program that Kim can use to re-establish AccuForm’s reputation and to build its corporate culture for the long term benefit of the company. How will the actions you recommend to Kim mitigate or eliminate the problems you have identified in your analysis of this case? Conclusions and Reflection: • Assume you are a manager in a foreign subsidiary of a US-based company. What would you advise your staff to do when faced with local expectations of “payoffs” or “referral money?” Where would you go for guidance, either within or outside your company organization...
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...My Learnings in Business Ethics, Social Responsibility and Good Governance What is ‘business ethics’? Business ethics talks on the behavior of people involved in a business. Business ethics is about ethical property. Business ethics affects one’s decision making of doing what is good, correct, and moral and avoiding doing evil. Business ethics means developing self. What is ‘social responsibility’? Social responsibility means doing well to others where in you need to consider the full scope of an act to the welfare of the community by fulfilling social obligations to your stakeholders. Remember that you cannot do good to others if you do not develop yourself. As for your customers, give them quality products and services. As for the government, you have to follow the parameters of laws and pay right amount of taxes. As for your employees, right compensation must be given to them. As for the environment, you must take good care of it by saving unrenewable resources. As for your suppliers, you have to pay on time and follow the contract since they deliver what you need. As for the community, respect culture and open opportunities by giving them jobs. What is ‘good governance’? Good governance is on how you govern your stakeholders. As a manager, you are leading, managing, and governing your business. The main goal is to be accountable, to be ethical, to be profitable, and to be responsible. Business ethics talks on principles, business, and behavior of people. Remember...
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...failures committed by executives from huge organizations like Enron, Arthur Andersen, PricewaterHouseCoopers, so on and so forth, if history teaches us anything is that ethics and character count a whole lot, especially in the business world. These executives, by their failures of ethics, all because for their personal benefits, had destroyed and tarnished not only the organizations reputation but, in many cases, its financial impacts resulted in hundreds of millions of dollars as damage and tarnish their reputation and their prospective career, not to mention damaging their prospective families financial security and, in some cases, serving many years in prison as the ultimate consequences. In today’s volatile, high tech, interdependent business world, charisma leadership style without conscience and being clever without character are a recipe for economic and personal failure of epic proportions. As quote from President Roosevelt –“To educate the mind without the morals is to educate a menace to society. The following core ethical principles, if one chose to follow rigorously, can play a vital role to success to leadership: Honesty, Integrity, Promise-Keeping, Loyalty, Fairness, Caring, Respect For Others, Law Abiding, Commitment To Excellence, Leadership (Exemplify honor & ethics), Reputation & Morale, and Accountability (Principles for Business Executives –Josephson Institute). * Honesty. Be honest in all communications and actions. Ethical...
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...Accounting Practice Legislations, Procedures and policy Report Introduction This report contains detail compliance analysis of the Accounting Practice, which undertakes Accounting and Bookkeeping services for Travel agent. The Agent provides Community services as well, along with day to day Travels and Tour services such as overseas workers sponsorship, Manage Payroll for overseas workers and provides Money transfer. This report outlines the regulations and the practice procedures and Manuals and also outlines the compliance with AUSTRAC regulations. Procedures Community services policies and procedures This Accounting firm has in place policies and procedures that govern and regulate privacy and confidentiality of client information. This concept not only applies to what you can disclose about your clients or your organisations outside of work, but also what can be shared in network meetings. What information can be shared with other organisations, who shares it and how this information is given out should be clearly defined in any effective, professional service. It is often incorporated into a worker’s duty statement or job description. This practice has developed and written policy and procedures, and staff training in the following areas: * a confidentiality policy * a clearly defined process for identifying and regularly updating a Community Resource Index so that all workers are aware of what other services are available to refer to * processes...
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...Management: Bedrijfsdomeinen Accounting and auditing Financial misstatements and/or errors are likely to occur in the accounting reports of many firms for a variety of reasons that might involve the complexity of financial information as well as an intent to deceive (e.g. by tampering with the earnings figure of a firm), or even to hide criminal activities such as money laundering. This is why auditing the financial results of a firm, although not always required by law, often proves useful to investors and shareholders (for example to assess the state of the company), the fiscal authorities (for example to detect fraud), etc. Auditing is performed within a given framework of rules and transparency in order to avoid possible conflicts of interests, bribes or frauds, yet accounting scandals and questionable auditing practice regularly make the news. The purpose of this paper...
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...harder to cheat the system due to the diligence and hard work that these agencies put forth. Policing White collar crime is around us everywhere. People that appear as if they have it all are scamming the system and profiting heavily from it. Due to these issues we have several agencies that work day and night to stop white collar crime. In broader terms there is really only three types of agencies that enforce white collar crime. This includes private agencies, formal criminal police agencies, and governmental regulatory agencies. With white collar crimes a lot of the time multiple different types of agencies will work together. This joint policing tactic is really the best way to explain the majority of success in white collar crime cases. Although there are only three types of agencies that go after white collar crime, those types have a large number of agencies within them. The first agency that I want to talk about is the Federal Bureau of Investigation. The FBI is probably the most known about or heard of agency around. Most people associate the FBI with tracking down the world’s dangerous criminals and terrorist but the FBI handles a lot of white collar crime as well. In the Criminal Investigations Division the FBI has a program called the Financial Crimes Section. The FCS is broken up into several different units. There is the Economic Crime Unit, the Health Care Fraud...
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...------------------------------------------------- Top of Form Search Bottom of Form * Home Page » * Business and Management Business Ethics Case: Bernard Madoff In: Business and Management Business Ethics Case: Bernard Madoff Introduction In the year 1960, with money he earned installing sprinkler systems and as a lifeguard on the beaches of Long Island, Bernard Madoff founded “Bernard L. Madoff Investment Securities,” a “trading power” house that would become one of the largest independent trading operations in the securities industry (Washington, 2012). In the year 2000 his company ranked among the top trading and securities firms in the nation. By age 70, his name had become legendary; he was considered to be one of the most “influential spokesmen” on Wall Street. But on December 11, 2008, Bernard Madoff was arrested and charged “in a 20 year Ponzi scheme, which would come to be known as “the most infamous fraud in Wall Street history (Leonard, 2008; Washington, 2012).” Mr. Madoff pleaded guilty to all federal charges filed against him, which included the following: “11 felony counts, including securities fraud, money laundering and perjury (Washington, 2012).” Judge Denny Chin was in charge of the proceedings, and on June 29, 2009, Bernard Madoff, former chairman of the NASDAQ stock exchange, was sentenced to the maximum penalty of 150 years. This paper will seek to analyze this case in its multiple dimensions in order to identify all ethical issues and propose potential alternatives to the moral...
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...Information Technology Act Greg Bennett BIS/220 January 15, 2013 Nikia Johnson Information Technology Act Information technology continues to forge ahead and has done so from day one. Technology, moving forward, and becoming more advanced and sophisticated, adds growing concern over the ethical integrity of that technology. In correlation with those concerns, the United States government implemented various acts to aid control in these concerns and combat unethical behavior. Given the number of implemented acts, this paper focuses on two specific sections: the Fair Credit Reporting Act of 1970, and the U.S. Patriot Act of 2001. The implementation of the Fair Credit Reporting Act of 1970 enabled each American to be on an even plane with credit opportunities. The government executed the U.S. Patriot Act in 2001, in part because of the atrocity of 9/11, to lessen terrorist activities by the use of the Internet and cyberspace. Fair Credit Reporting Act of 1970 The Fair Credit Reporting Act (FCRA) ordained to “protect consumers from the disclosure of inaccurate and arbitrary personal information held by consumer reporting agencies” (Consumer Privacy Guide (2001). The Fair Credit Reporting Act (1970). 2001). At the time when this act was established, American citizens were not viewed equally by credit facilities when attempting to purchase homes or vehicles. This act was a means of governing and guaranteeing equal opportunity and consideration for these...
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...paper examines the legality and ethics of the George brother’s pain medication clinics in South Florida. It explains the legality of the pain medication supply that is available for consumers that medically need it and how its source can also be an easy access to addicts. Although it is considered legal, is it ethical? In this paper we study different theories in ethics, including Kantian and Utilitarian ethical models. These models provide clear analyses that guide us in deciding if pain medication distribution from pain clinics is ethical. Finally, we review and conclude if the George brother’s pain medication clinics were acting socially responsible within their communities. Given the rise of pain medication abuse and illegal reselling, pain clinics in South Florida should adhere to strict rules to provide services to those that need it and not turn their businesses into pill mills. Introduction Purposes of Paper The intent of this paper is to provide a detailed and analytical examination of the George brother’s pain medication clinics. Throughout this paper all approaches will be examined such as the legality and ethics of the case, and how social responsibility plays a role. In the past few years in South Florida, there has been a rise of pain medication addiction and the reselling of these narcotics. Pain medication clinics have done more harm than good to our communities especially ones like the George brother’s. This case also poses ethical and moral questions...
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