The United Kingdoms anti-money laundering system - Free Essay Example

Sample details Pages: 4 Words: 1268 Downloads: 2 Date added: 2017/06/26 Category Law Essay Did you like this example? Introduction Money laundering is the term used to describe the process that disguises the (usually criminal) source of money.[1] The process of money laundering involves three recognisable stages. The first is the à ¢Ã¢â€š ¬Ã‹Å"placementà ¢Ã¢â€š ¬Ã¢â€ž ¢ stage when the proceeds of the crime, often in cash, are à ¢Ã¢â€š ¬Ã‹Å"placedà ¢Ã¢â€š ¬Ã¢â€ž ¢ into the financial system, for example, by being depositing in a bank. The second is the à ¢Ã¢â€š ¬Ã‹Å"layeringà ¢Ã¢â€š ¬Ã¢â€ž ¢ stage whereby the proceeds are moved, usually through a series of transactions perhaps involving different entities, different assets, and different jurisdictions, in order to sever any audit trail and hence make tracing their origins harder. Don’t waste time! Our writers will create an original "The United Kingdoms anti-money laundering system" essay for you Create order The third stage is à ¢Ã¢â€š ¬Ã‹Å"integrationà ¢Ã¢â€š ¬Ã¢â€ž ¢ when the criminal resumes control of the proceeds, free from any link to their criminal source. An examination will be made of the statement that forms the subject matter of this essay. As an outline, this essay will contemplate the extent to which the United Kingdoms anti-money laundering regime seeks to address each stage of the process of money laundering. To conclude this essay will briefly reflect on the effectiveness of the UK regime. It must be emphasised that in an essay of this nature, large and complex topics will have to be reduced. The UK regime The Proceeds of Crime Act 2002 Banks and other financial institutions facilitate the three stages of money laundering and lend an air of respectability to the proceeds when they eventually reappear, therefore the financial and related sectors have always been positioned at the forefront of the drive to combat money laundering. The UK regime à ¢Ã¢â€š ¬Ã¢â‚¬Å" which implements the EU Money Laundering Directives, FATF international standards and UN anti-terrorist financing measures, comprises three main components as far as banks are concerned. First, there is the primary legislation, the Terrorism Act 2000 (TACT) and the Proceeds of Crime Act 2002 (POCA) which creates a number of à ¢Ã¢â€š ¬Ã‹Å"money launderingà ¢Ã¢â€š ¬Ã¢â€ž ¢ and related offences. The so-called relegated sector[2] is subject to additional offences to encourage its co-operation in reporting suspicious activities and transactions. Part 7 of POCA created three substantive money laundering offences, concealing[3], arrangements[4] and acquisition, use and possession[5]. The three offences are wide in a number of respects. First, the three principal money laundering offences must be related to à ¢Ã¢â€š ¬Ã‹Å"criminal propertyà ¢Ã¢â€š ¬Ã¢â€ž ¢[6] which is very broadly defined as any à ¢Ã¢â€š ¬Ã‹Å"benefità ¢Ã¢â€š ¬Ã¢â€ž ¢[7] from any criminal conduct in any part o f the UK or à ¢Ã¢â€š ¬Ã‹Å"would constitute an offence in a part of the UK if it occurred there[8]. The meaning of criminal property has been the subject of a number of Court of Appeal decisions, most recently R v Akhtar [2011] EWCA Crim 146, a mortgage broker who had allegedly submitted dishonest claims for and on behalf of his co-defendants, was not guilty of entering into or becoming concerned in money laundering arrangements. Clarke LJ submitted that the natural an ordinary meaning of s328(1) is that the arrangement to which it refers must be one which related to property at the time when the arrangement begins to operate on it[9]. Criminal property has the same meaning in respect of all three principal money laundering offences as set out in s340: à ¢Ã¢â€š ¬Ã…“It does not embrace property which the accused intends to acquire by criminal conductà ¢Ã¢â€š ¬Ã‚ ¦ Property is not criminal property because the wrongdoer intends that it should beà ¢Ã¢â€š ¬Ã‚ [10] Akhtar followed R v Loizou [2005] EWCA Crim. 1579, where the court ruled that no offence under s327 was made as the property was not criminal at the point of transfer. To say that it extends to property which was originally legitimate but became criminal only as a result of carrying out the arrangement is to à ¢Ã¢â€š ¬Ã…“stretch the language of the Section beyond its proper limitsà ¢Ã¢â€š ¬Ã‚ [11]. [analysis] [add facts of the case and relate to stages of ML) R. v Afolabi == re. s329 mention some of the facts Then conclude with test in Geary on part 7 and then further anaylsis on the extentof the act in stages of ML. Scope https://www.criminallawandjustice.co.uk/clj-reporter/R-v-Geary-2010-EWCA-Crim-1925 Arguments that à ¢Ã¢â€š ¬Ã…“criminal propertyà ¢Ã¢â€š ¬Ã‚  definition needs to be revised à ¢Ã¢â€š ¬Ã¢â‚¬Å" Article:A suitable case for treatment: money laundering and knowledge Secondly, Liability arises if alleged money launder knows à ¢Ã¢â€š ¬Ã¢â‚¬Å" see online book discussion between Hudson and Forston page 11 and 12 cases Thirdly, Drafted to cover every conceivable offence cases Mens rea cases Supplementary money laundering offences The à ¢Ã¢â€š ¬Ã‹Å"failure to reportà ¢Ã¢â€š ¬Ã¢â€ž ¢ offences Tipping off As mentioned above banks and other financial institutions facilitate the three stages of money laundering, as such it is crucial to obtain the co-operation of those institutions who are essential for money laundering to occur at all. Section 330 and 331 of POCA create two new offences of failing to make a à ¢Ã¢â€š ¬Ã‹Å"required disclosure as soon as practicableà ¢Ã¢â€š ¬Ã¢â€ž ¢ after suspicion of money laundering is or ought to have been aroused. The term à ¢Ã¢â€š ¬Ã‹Å"requiredà ¢Ã¢â€š ¬Ã¢â€ž ¢ qualifies the disclosure in order to emphasise that the failure to report is a criminal offence. Slaughter and May à ¢Ã¢â€š ¬Ã¢â‚¬Å" unregulated sector The Terrorism Act 2000 and related provisions The Money Laundering Regulations 2007 The Money Laundering Regulations 2007[12] require à ¢Ã¢â€š ¬Ã‹Å"relevant personsà ¢Ã¢â€š ¬Ã¢â€ž ¢[13] to operate their business in accordance with specified systems and procedures designed to combat money laundering and the finance of terrorism. The potential criminal liability laid out by the Supplementary money laundering offences discussed above together wit the regulatory requirements under the 2007 Regulations has caused the financial sector to introduce wide-ranging proces ses and procedures to ensure that its officers and employees fulfil these disclosure[14] obligations and hence that they do not fall foul of the criminal sanctions. The FSA Handbook Problems posed to banks by money laundering control Conclusion I [student number] declare that this piece of work contains # words. Bibliography Articles Shula de Jersey of Russell Jones Walker (2011). à ¢Ã¢â€š ¬Ã…“Wide but not unbounded à ¢Ã¢â€š ¬Ã¢â‚¬Å" the definition of criminal propertyà ¢Ã¢â€š ¬Ã‚  Money L.B. 2011, 186, 17-18. Money Laundering Bulletin CL J (2011) à ¢Ã¢â€š ¬Ã…“Knowingly submitting a dishonest claimà ¢Ã¢â€š ¬Ã‚  C.L. J. 2011, 175(6), 78-79. Criminal Law Justice Weekly Kenneth Murray, (2012) A suitable case for treatment: money laundering and knowledge, Journal of Money Laundering Control, Vol. 15 Iss: 2, pp.188 197 Books Ellinger, E.P and Lomnicka, E and Hare, C.V.M Banking Law (Oxford University Press) The Law relating to financ ial crime in the United Kingdom / Karen Harrison and Nicholas Ryder Hudson, Law of Finance (first edition, 2009, Sweet Maxwell) Encyclopaedia of Banking Law (available via Lexis Library) Pagets Law of Banking (available via Lexis Library) Legalisation Proceeds of Crime Act 2002 Money Laundering Regulations 2007/2157 Other https://www.airant.it/pdf/MLB%20Sept%202011_0.pdf [Accessed 03 March 2014] https://www.criminallawandjustice.co.uk/clj-reporter/R-v-Akhtar-2011-All-ER-D-214-Jan [Accessed 03 March 2014] https://www.criminallawandjustice.co.uk/clj-reporter/R-v-Geary-2010-EWCA-Crim-1925 [Accessed 05 March 2014] https://www.emeraldinsight.com/journals.htm?issn=1368-5201volume=15issue=2articleid=17031335show=html [Accessed 05 March 2014] Cases Allen v Gold Reefs of West Africa [1900] 1 Ch. 656 [1] Ellinger, E. P. [2011] Modern Banking Law: Oxford University Press. pp92 [2] Including banks, financial entities regulated by the Financial Conduct Authority such as accountants, lawyers, estate agents, traders in high value goods, casino operators. [3] s327 POCA 2002 [4] s328 POCA 2002 [5] s329 POCA 2002 [6] POCA 2002, s.340(3) [7] See provisions extending the meaning of à ¢Ã¢â€š ¬Ã‹Å"benefità ¢Ã¢â€š ¬Ã¢â€ž ¢ in s.340(5)-(8)(including pecuniary advantageà ¢Ã¢â€š ¬Ã¢â€ž ¢) and those as to à ¢Ã¢â€š ¬Ã‹Å"propertyà ¢Ã¢â€š ¬Ã¢â€ž ¢ (s.340(9)). [8] No restrictions are placed on the à ¢Ã¢â€š ¬Ã‹Å"predicate offenceà ¢Ã¢â€š ¬Ã¢â€ž ¢, as long as the conduct generating the property is regarded as an offence in any part of the UK, thus it does not need to be an offence in the country in which it is committed. [9] R v Geary [2010] EWCA Crim 1925 [10] Lord Justice Elias in Amir and Akhtar [11] Lord Justice Moore-Bick in R v Geary [12] S.I. 2007/2157 (as amended by S.I. 2007/3299 and S.I. 2009/209, in force on 15 December 2007 and replacing the 2003 Regulations. [13] Reg 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Application of the Regulations [14] More usually called à ¢Ã¢â€š ¬Ã‹Å"reportingà ¢Ã¢â€š ¬Ã¢â€ž ¢.

How Frankenstein by Mary Shelley Has Influenced Pop...

Many timeless novels have impacts on our everyday culture, not only as a book, but also through music or movies. Many popular novels have multiple adaptations, which shape how we approach their interpretation, in ways we may never even notice. In some films, humans are depicted as monsters, whether through their actions, or through the thoughts of other beings. In these films we find issues with our own society, and in turn see ourselves as monsters, and look for ways we can change, for the better. One particular novel that influences this side of Hollywood is Mary Shelleys â€Å"Frankenstein†. The ways Frankenstein influences pop culture can be seen in science fiction films in which humans are depicted as monster, and â€Å"monsters† are seen as†¦show more content†¦You cannot be trusted with your own survival.† Influences from Frankenstein are evident in I,Robot, in the ways that humans respond when the power of the created becomes greater than that of the creator. â€Å"‘Remember, thou hast made me more powerful than thyself; my height is superior to thine, my joints more supple. But I will not be tempted to set myself in opposition to thee.’† In this quote, Frankenstein realizes, through an argument made by the beast, that the monsters power has become greater than his own, when they finally come face to face for their first quarrel since the monster’s animation. The monster uses intelligent language as well as quick wit which, when paired with his already superhuman stature, causes him to tower over Frankenstein in height, wisdom, and humanity. When Victor realizes that he is inferior to his creation he responds rashly, saying things like, â€Å"‘Abhorred monster! fiend that thou art!†Ã¢â‚¬â„¢ and â€Å"‘you reproach me with your creation; come one, then, that I may extinguish the spark which I so negligently bestowed!†Ã¢â‚¬â„¢ These responses show a pattern of childishness as well as a st rong tendency to resort to violence inherent in the human race. In I,Robot, when the robots revolt, and take to the streets controlling the humans, mobs begin to form, and the humans fight back with chains, baseball bats, and whatever else they can against an enemy that is obviously superior. In a confrontation, oneShow MoreRelatedThe Impact of Mary Shelley ´s Literature1543 Words   |  6 PagesThe Impact of Mary Shelley Frankenstein, who has not heard of this timeless creature or at least seen one of the many movies created in his honor? Many of our favorite science fiction novels were due to the brilliance of a writer named Mary Wollstonecraft Shelley. Mary Shelley lived during the romantic period and had parents who were well educated and excellent writers. As a result, Mary began to write and become involved in her father’s literary discussions at a young age. She continued to writeRead MoreRomanticism in Mary Shelleys Frankenstein Essay2052 Words   |  9 PagesMary Shelley, with her brilliant tale of mankinds obsession with two opposing forces: creation and science, continues to draw readers with Frankensteins many meanings and effect on society. Frankenstein has had a major influence across literature and pop culture and was one of the major contributors to a completely new genre of horror. Frankenstein is most famous for being arguably considered the first fully-realized science fict ion novel. In Frankenstein, some of the main concepts behind the literaryRead MoreFrankenstein Study Guide14107 Words   |  57 PagesTHE GLENCOE LITERATURE LIBRARY Study Guide for Frankenstein by Mary Shelley i To the Teachern The Glencoe Literature Library presents full-length novels and plays bound together with shorter selections of various genres that relate by theme or topic to the main reading. Each work in the Library has a two-part Study Guide that contains a variety of resources for both you and your students. Use the Guide to plan your instruction of the work and enrich your classroom presentations. In

Overseas Codeshop - free sample - Myassignmenthelp.Com

Questions: 1. What's going on? 2. What are the facts? 3.What are the issues(non-ethical)? 4. Who is affected? 5. What are the ethical issues and their implications? 6. What can bedone about it? 7. What are the options? 8. Which option is the best and why? Answers: Answer 1. The scenario in the video shows that the Program Manager of a company summons the Senior Program Developer of the Willis Project to get updates on the progress of coding in the project. The senior developer Jason informs that they are already working on three versions of the product and may be able to finish the coding within a few days and send overseas for testing. The manager seems concerned that working on three different versions of the code is using up extra resources and that it may cause issues regarding testing of the product ("Scenario 1 Overseas Codeshop", 2017). Answer 2. The major facts that are involved in the scenario is that a company is involved in a project that is provided by its client, The Willis Group. The development team responsible for the development of the product are working on three separate versions of the software. The development of three versions of the software is using up extra funds and resources, which is not negotiated in the original contract with the client. Therefore, it raises the concern that issues related to deficiency of resources may arise due to the development of two extra versions of the software during the completion of the project. Another fact is related to the testing of the product. The development of extra versions of the project may leave insufficient time for proper testing of the product before it is being delivered to the client within scheduled time (Kamei et al., 2013). Answer 3. The development of extra versions of the project was unnecessary, especially when the project is complex and has a tight deadline. The extra effort and company resource that is spent by the development team to construct the extra versions of the product is using up time and budget that is allotted for completion of one version of the product. This may lead to shortage of budget and resources at a later developmental stage of the software. In such situations, the project may stop due to lack of resources and funds. This will delay the delivery of the project and affect the reputation of the vendor company (Bloch, Blumberg Laartz, 2012). Answer 4 The decision to develop extra version of the product within the allotted time and resource that is required to complete a single version of the product will affect the developer team, the vendor company as well as the client. The developer team will be responsible for any issues that may arise related to the shortage of budget or resources for completion of the project due to their decision of developing extra versions. They will also be responsible if they fail to deliver a completed product in time. The vendor company will be affected if they run out of budget or resources that are required to complete the original project as they have not informed the client about the decision to develop extra versions of the product and renewed the contract accordingly. The reputation of the company will be at stake if the client receives the product after the scheduled deadline or receives a product that does not meet the requirement of the client. The client will be affected as they have invest ed on the project and failure of the project will lead to financial loss on the client side (Yaghootkar Gil, 2012). Answer 5. The development of two extra versions of the product is using up the resource and time sanctioned for the development of one version of the software. Lack of time can lead to improper or null testing of the software, which can lead to various compatibility issues, runtime errors or bugs that the client may find while executing the software to their system. Lack of resources and budget can lead to the delivery of an incomplete or poorly developed product with poor quality of protection and service that may raise security issues for the client as the software may run the risk of being compromised by cyber attackers and hack sensitive data of the client (Yaghootkar Gil, 2012). Answer 6. The best way to avoid such issues is to drop the idea of developing extra versions of the project and focus on one version of the project. This will give the team enough time to complete the development of the software and test it properly before it is delivered to the client. This will enable them to deliver a complete and secure product to the client that will improve the reputation of the company and develop a healthy relationship with the client. In another situation, the manager can call for a meeting with the client where he will explain the client the need for the development of extra versions of the product and its benefits. In case, the client is convinced, the manager can negotiate a new contract with the client in terms of extended delivery date and extra budget. This will also allow the vendor company to deliver a completely tested and secured version of the software within delivery time without running the risk of exhausting allotted budget and resource required to compl ete the project (Mello, Strandhagen Alfnes, 2015). Answer 7. There are three options available, which will have three different effects on the scenario. In the first option, the program manager suggests the senior developer Jason to focus and complete only one version of the software and conduct internal test on the product before delivering the product to the client as it is better to test the product for bugs and errors by themselves rather than the client finding it out. This will ensure the delivery of a product without bugs and errors to the client within the allotted time, which in turn will aid in the improvement in reputation of the vendor company ("Scenario I 1 Project manager requests Senior Developer to work on one version only", 2017). In the second option, the program manager disapproves the action of the senior developer and his team. This is because he thinks that such action is irrational and unnecessary for the scope of the project. He also thinks that involving time in developing the extra versions may lead to an unstable product that may dissatisfy the client and affect their reputation. Therefore, he calls his senior and suggests for complete replacement of the development team as he finds them incompetent for the job. The senior manager complies and arranges for team replacement, which leads to delay in delivery of the project. The delay in delivery violates the terms of contract with the client, which dissatisfies the client and hampers the reputation of the vendor company ("Scenario I 2 Project manager disapproves of the action of Senior Developer", 2017). In the last option, the program manager encourages the action of the senior developer as the developer assures him that they will be able to deliver the project within the scheduled deadline, well tested and with two extra versions that will impress the client. However, after the delivery is done the client constantly faces system crash and compatibility issues. This affects the reputation of the vendor company gravely and leads to termination of service of both the manager and the senior developer who are held responsible for their actions ("Scenario I 3 Project Manager encourages the action of Senior Developer", 2017). Answer 8 Considering all the three options provided in the video it is concluded that the first option is best to follow, as it will ensure the delivery of a secure and errorless product within the delivery time without raising any ethical or unethical issues. It will impress the client and improve the reputation of the vendor company ("Scenario I 1 Project manager requests Senior Developer to work on one version only", 2017). References Bloch, M., Blumberg, S., Laartz, J. (2012). Delivering large-scale IT projects on time, on budget, and on value. Harvard Business Review. Kamei, Y., Shihab, E., Adams, B., Hassan, A. E., Mockus, A., Sinha, A., Ubayashi, N. (2013). A large-scale empirical study of just-in-time quality assurance. IEEE Transactions on Software Engineering, 39(6), 757-773. Mello, M. H., Strandhagen, J. O., Alfnes, E. (2015). The role of coordination in avoiding project delays in an engineer-to-order supply chain. Journal of Manufacturing Technology Management, 26(3), 429-454. Scenario 1 Overseas Codeshop. (2017). YouTube. Retrieved 9 August 2017, from https://www.youtube.com/watch?v=rBfJ07gfHyc Scenario I 1 Project manager requests Senior Developer to work on one version only. (2017). YouTube. Retrieved 9 August 2017, from https://www.youtube.com/watch?annotation_id=annotation_1350394263feature=ivsrc_vid=rBfJ07gfHycv=PqJqxXxKgpM Scenario I 2 Project manager disapproves of the action of Senior Developer. (2017). YouTube. Retrieved 9 August 2017, from https://www.youtube.com/watch?annotation_id=annotation_1412212859feature=ivsrc_vid=3HgJXSNb1AUv=wkQaWNYcT7I Scenario I 3 Project Manager encourages the action of Senior Developer. (2017). YouTube. Retrieved 9 August 2017, from https://www.youtube.com/watch?annotation_id=annotation_2396390895feature=ivsrc_vid=3HgJXSNb1AUv=1JrTSVk0gSc Yaghootkar, K., Gil, N. (2012). The effects of schedule-driven project management in multi-project environments. International Journal of Project Management, 30(1), 127-140.

Total Supply Net Work of Coca Cola

Introduction A supply network refers to interrelated business processes whose main aim is successful delivery of products or services of an organization to its end users or consumers. The aim of this task is to identify and describe the total supply net work of the Coca Cola Corporation and to identify factors that have influenced its determination of the parts of business to outsource or keep in-house.Advertising We will write a custom assessment sample on Total Supply Net Work of Coca Cola specifically for you for only $16.05 $11/page Learn More The Supply Network of the Coca Cola Company Coca Cola Company is one of the biggest multinational companies in the world, with business operations in virtually all independent nations. Busa and Wright (2007, p. 92) states that Coca Cola Corporation has for over a century been manufacturing and selling bottled beverages. They further add that the actual manufacturing and bottling of its beverages is carried out by its world wide system of business partners. The Company has local bottling branches in various countries world over where its products are made and packaged for markets in the immediate environs. In reality, success of the production network of a company like Coca Cola which acts globally relies mainly on how well the logistics collaboration between partners is working Stangford-Smith, et al. (2002, p. 640). These authors argues that the Coca Cola Company maximizes the possible saving possibilities within the European food processing sector through an enhanced collaboration in production systems Stanford-Smith et al. (2002, p. 640). With respect to the supply section the company has automated order taking processes especially in the developed countries. For instance, in USA its sales agents does this by entering sales on transportable terminals while out in the field which are in turn transferred automatically to the companies main database Scott (1986, p. 33).This enables the co mpany to maintain a superior customer service and satisfaction. Factors Affecting Coca Cola out Sourcing Decisions Business out sourcing process refers to situation whereby an organization’s part of its business is done by another partner as opposed to its actual employees. For example, a company can seek I.T services for its business from another organization specializing in provision of services in that field.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More An organization’s decisions regarding business process out sourcing is influenced by many factors which can be economic, social, and political in nature. Russell and Taylor(2005, p. 245) for instance argues that the Coca Cola Company can not in its endeavors to out source reveal its formula to another partner even under circumstances where secrecy is guaranteed. Most of the factors that have influenced Coca cola Corp oration decisions on what parts of its business to out source and which to keep in-house are socioeconomic in nature in that most of the services outsourced are geared towards cutting the cost of operating and enhancing a superior customer service that guarantees satisfaction. The company for instance aims at reducing its labour and distribution costs through partnership with companies that specialize in certain kind of business processes like distribution. Government policies also play a critical role in determining how Coca Cola Company makes its decisions regarding business out sourcing process. How Coca Cola Company Has Planned for Location of its Capacity Coca Cola Company capacity is largely hinged on its ever expanding global market floor space and other competitive strategies such as purchasing of own premises like warehouses in its operational bases. In addition to expanding, the company partners with other organizations whose business activities impacts directly upon its a ctivities. United Nations Economic Commission for Latin America for instance points out that various companies in the food and beverage sectors have been breaking into new markets by either competing or partnering with MNCs like Coca Cola UNECLA 2008, p. 67). Reference Busa, R. and Wright. N. (2007) Total Supply Chain Management. London: Butterworth-Heinemann. Russell, R. S., Taylor, B. W. (2005) Operations management: quality and competitiveness in a global environment. New York: John Wiley.Advertising We will write a custom assessment sample on Total Supply Net Work of Coca Cola specifically for you for only $16.05 $11/page Learn More Scott, K. (1986) Data to go: Portables a profusion of portables permeate the market place, Net work World. Vol. 3, No. 23, p.33 Stanford-Smith, B., Chiozza, E. and Edin, M. (2002) Challenges and achievements in E-business and E-work. New York: IOS Press. United Nations Publications, United Nations: Economic Commission fo r Latin America and the Caribbean (UNECLA) (2008) Foreign Investment in Latin America and the Caribbean 2007. New York: United Nations Publications. This assessment on Total Supply Net Work of Coca Cola was written and submitted by user Braxton House to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.