areas that still need to be addressed. Introduction Banking is one of the most at risk sectors for privacy violations due to the sensitive, and highly personal nature of information that is exchanged, recorded, and retained. Individuals must trust banks with personal identifying information, their financial records, the access information to their accounts, and their credit history. Thus, privacy violations are not taken lightly and heavily impact the individual whose privacy was violated. Ways in
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administration of one national government. 2. There is no concept of International tax administration yet. 3. There is a traditional legal rule that one government does not enforce the tax laws of other governments. 4. Bank secrecy and other confidentiality laws (“de jure bank secrecy”) in many jurisdictions prevent the
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markets; 4) Threat to offshore banking; 5) Hard to ensure sustained profitability; IV. Offshore banking in the light of current financial crisis V. Differences in the way different sized banks were effected: 1) Megabanks; 2) Small – medium sized banks; VI. Strategies adopted by private banks after financial crisis: 1) Credit Suisse; 2) UBS; VII. Conclusion Switzerland is one of the most stable, modern and highly developed economies in the world nowadays. Percentage of Swiss
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discovered involving the purchase of the jet by the cartel (Vulliamy, 2011). A 22 month investigation lead by the IRS, Drug Enforcement Administration, and others showed that cocaine smugglers purchased the jet using money laundered through a large US bank, Wachovia, now known as Wells Fargo. During the investigation, authorities discovered billions in cash shipments, wire transfers, and traveler’s checks that went into Wachovia accounts through Mexican exchanges. Upon this discovery, Wachovia was put
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may apply to your business. There are many others both in the United States and globally you may or may not need to deal with, depending on your organizations situation. New Laws and Regulations Affecting IT Pros Sarbanes-Oxley the Sarbanes-Oxley Act of 2002 (SOX) was a response to corporate scandals, thank you Enron! Most prominent aspect, from an IT view point, requires that
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Money laundering From Wikipedia, the free encyclopedia Jump to: navigation, search Money laundering refers to the process of concealing the source of legally, illegally, and grey area obtained monies. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount of money laundered, either worldwide or within their national economy. In 1996 the International Monetary Fund estimated
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What happened on December 23, 1913 at Jekyll Island that has completely changed the landscape of the monetary system in United States? Since its inception in 1913, the Federal Reserve has been the Central Bank of the United States of America. There are many questions about the Federal Reserve:; Its legality, its morality and the intentions of the founders and of those who currently are in authority. Was the Federal Reserve necessary when it was started? Is it necessary now? There is a growing group
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countries with a close linkage between accounting and taxation, accounting practice tends to be more conservative so as to reduce the amount of income subject to taxation. C. Providers of financing – in those countries in which family members, banks, and the government are the major providers of business finance, there tends to be less demand for public accountability and information disclosure. In countries where shareholders are a major provider of financing, the demand for information made
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Corporate governance Why study governance? -Failure of companies -Loneliness -Efficiency -Stakeholders 1. Definitions and Evolution of the cultural and legal environment * Way of sharing the power between management and shareholders. * Corporate governance is a set of legal, regulatory or practical provisions defining the scope of the power and responsibilities of those responsible for directing the company sustainably. Directing the company means taking and controlling
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INTRODUCTION Offshore bank is a bank that located outside the country of residence of the depositor. Offshore banking has often been related with the underground economy and organized crime, via tax evasion and money laundering; though legally offshore banking does not prevent assets from being subject to personal income tax on interest. Even though, offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does
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