A Research Proposal On Money Laundering Finance Essay

A Research Proposal On Money Laundering Finance Essay The purpose of the study concerned the impact of money laundering and its effects on the local economic and method of laundering technique in Mauritius. Money Laundering is very vast in nature; it consists of various steps, technique and approach of undertaking such unlawful activity. The research analyzes the economic effects of Money laundering in the Mauritian Economic. The research work will attempt to examine the money laundering activities and the usefulness of prevention and detection techniques by local companies. The method that is to be used is mainly studying available research papers so that we get a maximum of information. The purpose of this study is to provide the general public a broad idea on money laundering with some existed solutions. The research will be in the main interest of financial institution, Government and General Public. 2.0 Literature Review 2.1 What is Money Laundering? Money laundering is the process by which money is obtained illegally. Various types of frauds corruption, cooking the books, involve money which has been preceded by several criminal acts. Individual or groups make illegal gains by carrying out these criminal acts and often swindle high amounts. Money laundering makes it possible to legitimate ill-gotten gains through computer crimes, insider trading, and bribery where these produce large amounts of profits. Money laundering takes place within all types of profit-motivated crime, such as embezzlement, fraud, misappropriation, corruption, robbery, distribution of narcotic drugs, and trafficking in human beings (Økokrim, 2008). 2.2 Characteristics of Money Laundering Money Laundering consists of a series of various transactions used to change the source of financial assets so as these assets can be used without compromising the criminals offences. These transactions involve 3 stages (Billy Steel): 2.2.1 Placement The first stage refers to the physical distribution of financial assets. It is the most dangerous one for the perpetuators as the money from illicit activities are introduces into the financial system. Money laundering is a cash intensive business generating huge amount of cash from unlawful activities (for example street drug dealing, where payment are made in cash). The proceeds are then place into financial institutions, in the retail economy or deposits out of the country. The principal aim of the launder is to deliberately remove the cash from the location of acquisition and to convert it into other assets so as to prevent detection from authorities. 2.2.2 Layering Layering involves creating complex layers of financial transaction designed to cover audit tails and provide secrecy. The first attempt is to disguise the origin and ownership of the funds by creating complex layers of transaction. The idea of the transaction is to disassociate the illegal funds to the source of the offence. Layering is the second stage, in which the funds are moved so as to veil or remove any whatsoever link from the crime committed to obtain the money. During the layering process, a number of accounts, financial institutions, companies, funds as well as the use of professionals such as brokers, lawyers and consultants as intermediaries could be involved   as this is where the money will be channelled. Assets that are bought through unlawful funds can be resold locally or abroad and as a result, the assets become more difficult to map out and seize. 2.2.3 Integration The final stage consists of the integration of the money in the legitimate economic and financial institution. Integration is the stage whereby takes place the creation of a legitimate basis for the asset origin. The launder make the money appear legally earned and cleaned. At this stage it is very difficult to distinguish by authorities the difference between legal and illegal wealth. The money is viewed as being legal, and the criminal can use it for any purpose. Illicit money is often removed from its country of origin to be cycled through the international payment system so as to blur any audit trait (Joyce, 2005). There are different ways in which the third stage of money laundering is done. For example, a credit card might be handed out by offshore banks, casino winning can be cashed out, capital gains on option, and stock trading might follow, and real estate sale might lead to profit. The proceeds of criminal acts could be generated from organized crime such as drug trafficking, people smuggling, people trafficking, proceeds from robberies or money acquired by embezzlement, tax evasion, fraud, abuse of company structures, insider trading, or corruption. Popular Methods of the launders at this part of the game is Sending fake import export invoices and overvaluing the price of the goods. Consequently in allows the launders to more the funds from one company or country to another with the invoices serving as source of the capital place with financial companies. A simpler technique is to shift the money (via EFT) to a rightful bank from a bank owned by the launderers, as off the shelf banks are easily purchased in many tax havens. The establishment of unspecified company in countries where the right to concealment is guaranteed. In such case the launderer is in a position to grant loans from banks to undertake certain future legal transaction. In addition launders can claim tax relief on loan repayments and interest on loan so as to increase their profits. Most criminal acts are motivated by profit, argues Financial Intelligence Unit (2008). When substantial profits are generated from crime, perpetrators have to devise a means to control the assets in such a way that they do not attract attention to themselves or the crime committed. Thus, the money laundering process is crucial in order to enjoy the profit without arousing suspicion. 2.3 Problem statement: 2.3.1 Banking Secrecy: A major drawback of money laundering Banking secrecy is a professional obligation, meaning that financial institutions shall not expose a customers financial information and they even have the right to resist any third partys enquiries in order to protect the customers wellbeing. Secrecy laws have served to safeguard persons from financial failure in countries plagued by unsteadiness, fragile currency and run-away inflation rate. Wealthy individuals and political agents are also protected by allowing them to hide their possessions to avoid the risk of persecution (Savona, E.U, 1997). In some countries, for example in Switzerland, the revelation of secret banking information is punishable by law, whether it is intentional or unintentional (Corrado, M.G, 1988). In the world we are presently living, nobody can deny the fact that banking secrecy is the most significant weapon for money launderers. Some countries like Hong Kong, Switzerland, Panama are even known as notorious banking secrecy heavens. These jurisdictions really make the crime of money laundering more severe and out of control. For instance in Hong Kong, a new regulation was introduced in 2000 which requires banks to report suspicious transactions. This resulted in 6,100 suspicious transactions being reported in 2000 and 95% of them were from banks (www.hongkong.org/press/ny-021400.htm, 15th Aug 2001) 2.4 Combating Money Laundering: The Lifting of Banking Secrecy Despite being an important part of individual privacy, banking secrecy has to be lifted in some cases as it is equally important to fight against money laundering in order to guarantee a protected and safe society. The lifting of bank secrecy has already been embodied in the most vital international documents. Each party should authorize the court or other authority to order that financial or business reports should be made accessible or be seized under the 1988 Vienna UN Convention, the 1990 Strasbourg Convention and the 2000 Palermo US Convention specifically. The FATF recommended that financial institutions should concentrate on all unusual or large transactions, which have no evident economic or lawful purpose. Such transactions should be examined, written and be made available to supervisors, auditors and law enforcement agencies. If financial institutions doubt that proceeds come from a criminal activity, they are required to account for their suspicions to the expert authorities without delay (The FATF Recommendations on Money Laundering, 1996 Art 14, 15). These measures are innovative, modern and extremely different from the conventional banking system. In early times, the relationship between financial institutions and customers were founded on trust and confidence: neither the banker asked questions nor the customers made disclosures. The situation has now changed. Along with that, the way of thinking and attitude of bank directors, staff and that of management authorities have changed (Galvao G, 1997). 3.0 Research Methodology 3.1 Aims and Objective of the research The aim of the research is to identify evidence of banking secrecy and their effectiveness in combating money laundering. Cases of money laundering in Mauritius will be studied and analysed. Key principles from the anti-money laundering act and from regulations imposed by bank regulators (e.g. Financial Services Commission and the Bank of Mauritius) will be outlined. The study will then research on the measures taken by banks to fight against potential cases of money laundering in order to guarantee a protected and safe banking service. The lifting of bank secrecy has already been embodied in the most vital international documents. The objectives of this research are to: 3.2 Research Method A survey with a self-administered questionnaire will be the data collection technique used. The questionnaires will be sent to the senior managers, executives and branch managers of the identified banks in Mauritius. Visits to the company/meeting with the relevant person will be carried out where necessary to ensure maximum response and that questionnaire is being filled up by the addressee. Also, secondary data will be taken from company websites, reports and financial statement to supplement research. 3.3 Statistical Analysis of data After the questionnaire, the response will be input as data so as to make use of specific statistical technique. Thus SPSS statistical package will be used to analyze data for the findings of the research. 3.4 Benefits of the Research The research will be beneficial to: Companies Government Future Research Dissertations 3.4.1 Companies Combating money laundering will have a positive impact on companies: Through integrated management of financial crime operational efficiencies will improve The risk of corruption, identity crime and other criminal crimes will reduced considerably Reduced financial risk, reputational risk and legal risk Bad debts and fraud losses due to customer comprehensiveness 3.4.2 Government Money laundering has a negative effect on the economy, such as loss of control on the economical policy, economic distortion and instability. Moreover, government loss revenue as tax collection becomes more complicated and confusing. Therefore, the research will help to reduce these drawbacks. 3.4.3 Further Research Research will assist other researchers to make further research in the topic. Ghantt Chart Task/activity Mar Apr May Jun Jul Aug Sep Oct Choose topic  ·Ã‚ · Literature search  ·Ã‚ ·  ·Ã‚ ·Ã‚ ·Ã‚ · Developing framework  ·  · Design questionnaire  ·Ã‚ ·Ã‚ ·  · Survey  ·Ã‚ ·Ã‚ ·  ·Ã‚ ·Ã‚ · Data Input  ·  · Analysis  ·Ã‚ ·Ã‚ ·  · Writing up  ·  ·Ã‚ ·Ã‚ ·Ã‚ ·  ·Ã‚ ·Ã‚ · Submit  · Budget Analysis Expenditures Rs Consultants and contracts 1400 Travel 400 Supplies and materials 400 Communications (Telephone, postage, etc.) 150 Equipment (Purchase) 700 Other (Equipment rental, etc.) 400 Total 3450

Of Mice And Men Pee On Crooks Essay

P: Crooks is the one on the ranch who is by himself and is unable to mix in with the others at all because of his colour. E: This is proven through the phrase , Crooks, on a black man’s loneliness: â€Å"S’pose you didn’t have nobody. S’pose you couldn’t go into the bunk house and play rummy ’cause you was black. How’d you like that? S’pose you had to sit out here an’ read books. A: Through the repetition of the conjunction â€Å"s’pose,† a lexical field of isolation is created which further emphasises the sheer hardship he faces being the only black man, which simultaneously provokes the reader to feel empathetic towards him. Another reason that the reader will feel empathetic towards Crooks at this point is because of the fact that he his openly confiding in Lennie which gives the impression that he isn’t able to do this on a normal basis. P: Crooks is aware that not only is his weakness his crooked spine but also his colour. E: â€Å"This is just a nigger talkin’, an’ a busted-back nigger. So it don’t mean nothing, see?† A: The use of alliteration with â€Å"busted-back† suggests how Crooks is emphasizing the fact that he is not only black but is also significantly weak compared to the others because of his back. Through this the double marginalism Crooks faces is emphasised which creates sympathy towards him. This further gives the impression that he is almost purposely trying to devalue himself which implies how he is vulnerable and is almost trying to use this as a privilege as the weak are not listened to and taken account of. P: Even though Crooks is the only Negro at the ranch, Steinbeck displays him as an extremely independent worker. E: This is evident from, â€Å"This room was swept and fairly neat, for Crooks was a proud aloof man. He kept his distance and demanded that others kept theirs. A: From the description of his room which Crooks insists on keeping neat implies that fact that even though he has been degraded to the levels of animals because of his colour, he has come to the realisation that he does not need to live like one. This displays that dignity is an important matter to him. Also the use of the verb â€Å"demanded† suggests that Crooks is determined to have a say in which he talks to if that’s the only thing he can do. This emphasises the fact that he purposely isolates himself, as he is a victim of prejudice. P: Steinbeck deeply describes Crooks facial features, which provide us an insight to Crooks emotions and experiences. E: For example, â€Å"his eyes†¦.. because of their depth seemed to glitter with intensity†¦ he had pain-tightened lips†¦Ã¢â‚¬  implies this. A: The use of the metaphor, â€Å"glitter with intensity† implies that Crooks has many hidden emotions yet he is unable to share them with anyone, as he is not close to anyone due to his colour. Also the use of the pre-modifier, â€Å"pain tightened lips† suggests that Crooks has almost represses his emotions and painful experiences away inside him, as he is unable to find someone to confide in. P: Many other people use his colour as an excuse to overpower him. E: For example Curley’s wife says, â€Å"I can have you canned for this,† A: The fact that Crooks immediately pipes down tells us that even Curley’s wife can use her status as a white woman to get her own way despite it her in the wrong of being in Crooks room. This displays the predatory nature of human existence displayed through all the character on the ranch. P: Crooks lack of dominance in the ranch life is clearly evident through his  description and personality. E: ‘The door opened quietly†¦ a lean negro head, lined with pain, the eye patient’ (Pg. 77) A: As he ‘opened quietly’, can be symbolic of his natural quiet life, which shows that he is in an isolated world with no dreams. The explicit commentary of crooks ‘head’ being black as shown by the word ‘negro’, expresses that being a black person means that you are powerless and segregated in the ranch life. ‘Eye patient’, confirms to the audience that Crooks is awaiting for recognition, and as he is ‘lean’, could possibly mean that he is looking up at the ranch workers as he has no authority over them. P: Crooks craves for some human contact vastly through uttering his feelings. E: ‘a guy goes nuts if he ain’t got nobody†¦books ain’t no good†¦guy gets too lonely an’ sick’ A: Use of hyperbole, ‘nuts’ stresses Crooks abhorrence of his seclusion and that being socially excluded has made him change negatively, by being ‘sick’. The adverbial quantifier intensifier points out that his need for social interaction is literally killing him. Through the use of the words, ‘nuts†¦lonely†¦sick’, creates a semantic field of dehumanisation, as Crooks has no typical lifestyle or feelings in association to the other workers in the ranch. A lexical field of knowledge is made due to the repetition of ‘books’, showing that ‘books’ is his only source of entertainment to fulfil his need to mingle with others in society. P: Crooks despondent state makes him urge to take advantage of the weakest in the ranch, Lennie. E: ‘S’pose George don’t come back no more’ A: Crooks, plays with Lennie’s mind, to torment him, which was deliberately done to make Crook feel better as he doesn’t feel remorseful for himself no  more (schadenfreude). He treats Lennie in this manner, by eradicating the thought of George returning which is significant to Lennie, as they are fraternal bonds. P: Crooks poor physical and emotional injuries are displayed when he is described. E: ‘Pain-tightened lips†¦face lined with pain’ A: Here a semantic field of agony is evident through the words ‘pain†¦ tightened†¦pain’, which suggests that Crooks ranch life underprivileged and too challenging for someone of his figure. The use of pre-modifier ‘pain-tightened’, illustrates the depth of ache within crook, which makes him unable to speak up for himself, due to having no greater dominance in contrast to other ranch workers including Curley’s wife.

Closing Paragraph in Career Essay Samples for Dummies

Closing Paragraph in Career Essay Samples for Dummies Evaluation essays can cover a whole lot of topics that is the reason why it is employed in a variety of industries and processes. Improvement, though, will come. It's extremely important to read carefully essay services reviews, because you wish to avoid low excellent services. The Nuiances of Closing Paragraph in Career Essay Samples Following that, you require laying out a plan about how to fit your ideas into the 2 paragraphs. You have to organize your paper correctly based on the template we listed above. A thesis may also be employed to point out the topic of each body paragraph. You might also see outline examples. In the event you require any changes in your paper after it's completed you can ask for free revision. A format tells you exactly what sentences you need and the way to compose your ideas. Each section should have a well-explained idea. Surprisingly it could turn into the most challenging section, as you will need to earn a quick overview of your paper and make predictions, which can be a true challenge for the majority of the students. In a five paragraph essay, the very first paragraph will become your introduction. The introductory paragraph should also have the thesis statement, a type of mini-outline for the essay. The 5 paragraph essay is regarded as the typical essay writing assignment. Sooner or later, you want to get started writing your 5 paragraph essay! If it's a narrative two-paragraph essay, you need to make certain not to shed the reader with too many or too few specifics. When it has to do with in-text citations and bibliography, they're used in any academic essay to defend the principal ideas. Be certain to note the way that it works here by rereading the introduction to view how it's repeated here. The Chronicles of Closing Paragraph in Career Essay Samples You might also see essay outlines. Since essays are thoughts and thoughts are things, we must know the appropriate category of essay that should be written. Several kinds of essays are made in the previous decades. An essay was defined in a number of means. If you're thinking that you will need someone to compose my essay at the moment, you can just rely on our honest reviews. Take a look at our writing services reviews and find out how top rated essay writing companies get the job done. You wish to draw the reader in your topic by developing a pure curiosity about it. A good idea would be to devise another hook, one which summarizes your essay in just a couple of words. The Upside to Closing Paragraph in Career Essay Samples Before discussing the conclusion, it's essential to take a look at the manner body paragraphs are built. It is crucial to support the arguments in each and every paragraph with the aid of credible evidence. For instance, you can create a mind map by means of your thesis idea or even the entire thesis sentence in the center. Not based on the subject, you need to always continue being creative and have a personal opinion about it. A Secret Weapon for Closing Paragraph in Career Essay Samples Introduce your pr incipal topic and that which you're likely to tell about doing it. You are able to even check out several reviews and after that choose the business that is most suitable for your requirements and reasonably priced budget. The review is going to teach you whatever you want to understand and then it is possible to place your purchase confidently. Our reviews contain information like the score of the clients, our rating, starting prices, Discounts, and caliber of the papers. The Most Popular Closing Paragraph in Career Essay Samples Whether you are in need of a complete essay written from scratch or merely a bit of proofreading, we're always here to assist! Your answers could be different from mine. The best thing of such a paper is that topic selection isn't limited and you're very flexible when deciding on a format and what things to write about. You'll receive your high quality plagiarism-free paper in accordance with your deadline! To do so, you may use a graphic organizer. You examine the computer monitor or white bit of paper. You are able to meet such technique in many kinds of speeches too.

Democracy in Civil Disobedience, Slavery in...

The Oppression of Democracy Exposed in Civil Disobedience, Slavery in Massachusetts, Benito Cereno and Bartleby the Scrivener America has long been recognized as a democratic nation, a nation operating under the will of the people. The forefathers of America fought incessantly against British tyranny to start anew in a land of freedom and opportunity. Because America revived the ancient Greek ideology of democracy, the nation was set apart from the rest of the world and was revered for the freedom and justice it provided its people. However, not everyone thinks that American democracy means freedom and liberty. On the contrary, writers such as Henry David Thoreau in Civil Disobedience and Slavery in Massachusetts, along with†¦show more content†¦He feels that those who belong to a democracy are essentially machines controlled by the majority, lacking in ability to make choices for themselves. He then goes farther to compare the majority to slaves, saying, When the majority shall at length vote for the abolition of slavery, it will be because they are indifferent to slavery, or because there is but little slavery left to be abolished . . . . They will then be the only slaves (Thoreau 70). Thoreau repeatedly condemns the democratic system for its lack of morality and tendency to disempower the individual. In Slavery in Massachusetts, Thoreau offers an analogy that seems convincing, but proves to be inadequate. He argues that in a democracy, if the majority vote the devil to be God, the minority will live and behave accordingly, and obey the successful candidate, trusting that sometime or other . . . they may reinstate God (Thoreau 103). Thoreau clearly neglects the converse scenario. What if the minority votes the devil to be God and the majority live accordingly? Which is more just? These questions seem to be better addressed by a less outspoken writer, Herman Melville. In Benito Cereno, Melville presents several symbolic images of democracy. Amasa Delano, the