...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 that two to five percent of the worldwide global economy involved laundered money. However, the Financial Action Task Force on Money Laundering (FATF), an intergovernmental body set up to combat money laundering, admitted that "overall it is absolutely impossible to produce a reliable estimate of the amount of money laundered and therefore the FATF does not publish any figures in this regard".[1] Academic commentators have likewise been unable to estimate the volume of money with any degree of assurance.[2] Regardless of the difficulty in measurement, the amount of money laundered each year is in the billions (US dollars) and poses a significant policy concern for governments.[2] As a result, governments and international bodies have undertaken efforts to deter, prevent and apprehend money launderers. Financial institutions have likewise undertaken efforts to prevent and detect transactions involving dirty money, both as a result of government requirements and to avoid the reputational...
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...NAME OF GROUP MEMBERS: HON HAO KONG TP027895 THOR LIH YIN TP024383 YUVARAJ MURALITHARAN TP028059 GROUP : GROUP C2I INTAKE CODE : UC3F1402IT{FC} MODULE CODE : CT040-3.5-3-LEAFC MODULE TITLE : LEGAL EVIDENTRARY ASPECTS OF FORENSIC COMPUTING, LEAFC PROJECT TITLE : LEAFC 2nd Group Assignment HAND-OUT DATE : 27th MAY 2014 HAND-IN DATE : 16TH JUNE 2014 LECTURER : MR. ALI JAVAN Table of Contents 1.0 Workload Matrix 3 2.0 Executive Summary 4 3.0 Case Detail and Assumptions 5 4.0 First Responder 7 4.1 Overview 7 4.2 First Responder Procedures 7 4.2.1 Securing and evaluating electronic crime scene 7 4.2.2 Documenting electronic crime scene 10 4.2.3 Collecting and preserving electronic evidence 15 4.2.4 Packaging electronic evidence 21 4.2.5 Transporting electronic evidence 22 4.3 Chain of Custody 23 5.0 Critical Analysis 24 5.1 Forensic Analysis 29 6.0 Case Reconstruction 40 6.1 Functional Analysis 40 6.2 Timeline Analysis 42 6.3 Relational Analysis 43 7.0 Apply and Result of Subpoena 44 8.0 Legal Discussion and Implication 45 8.1 Legal Discussion Perspectives 47 9.0 Conclusion and recommendations 51 9.1 Conclusion 51 9.2 Recommendations 51 10.0 References 52 Appendix A– Affadavit 54 Appendix B- Subpoena 59 1.0 Workload Matrix | Thor Lih Yin (TP024383)...
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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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...A Survey of Electronic Cash, Electronic Banking and Internet Gaming 1 2 TABLE OF CONTENTS PREFACE ..........................................................................................................................5 FOREWORD ..........................................................................................................................7 INTRODUCTION ............................................................................................................... 11 ELECTRONIC CASH .......................................................................................................... 15 INTRODUCTION ................................................................................................... SMART CARDS/STORED VALUE CARDS........................................................ The Basics ..................................................................................................... Stored-Value Card Issuers ............................................................................ COMPUTER E-CASH ............................................................................................ The Basics ..................................................................................................... E-Cash Issuers ............................................................................................... REGULATORY POLICY ......................................................................................... SUMMARY OF ELECTRONIC CASH...
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...Having the license for APRA (Australian Prudential Regulation Authority), Victoria bank is an authorised deposit taking institution (ADI). Been a part of APRA, which is needed to operate as a bank legally in Australia, it gives Victoria Bank the licence to undertake ‘business of banking’ which is defined in the Banking Act 1959. This shows that Victoria bank has fulfilled the ADI application requirements including sufficient start-up capital, ownership, sufficient risk management and internal control system, information and accounting system, and fulfilment developments. Addition to APRA, according to corporation act 2001, Victoria Bank also needs to have an AFSL, Australian Financial Service License off ASIC. This license will give the bank the authority to provide different financial services, “provide financial product advice to clients”, “deal in a financial product”, “make a market for a financial product”, “operate a registered scheme”, “provide a custodial or depository service”, and to “provide traditional trustee company services.”. Having fulfilled APRA & AFSL, Victoria bank has accepted the laws controlled by a number of guiding bodies. On top of APRA and AFSL there is the Australian Consumer and competition commission (ACCC), and the Reserve Bank of Australia (RBA). APRA will keep a close eye on the operations that Victoria Bank exercises, to make sure they keep financial promises to their customers and continue been financially established. Under the Banking...
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...| | | | |Categories of Computer Crimes | |Tanga R. Payne | |Professor Nicole Gray | | | |Information Technology in Criminal Justice | | | |10/23/2012 | | | Cybercrime has been an...
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...Cyber Crime Research Presentation by the Australian Institute of Criminology Dr Russell G Smith Principal Criminologist The Australian Institute of Criminology • Australia's national research and knowledge centre on crime and justice • Core funding from the Australian Government, with income for contract research from public and private sectors • Criminology Research Advisory Council representing all jurisdictions • Staff of 30 academic researchers and 25 support staff – total 55 Cyber crime research Research questions • • • • • • • • • • How are cyber crimes committed (e.g. credit cards, internet)? How many crimes are committed and what are the crime trends? Who commits them and why do people commit them? How much money is at stake, lost and recovered? How can such crime be reduced – by prevention or punishment? Online and desk-based reviews of books, reports and articles Legislative and case-law analysis, including sentencing research Consultations with business, government and the community Surveys of households, businesses, offenders and victims Analysis of media reporting of crime Research methods Dissemination of findings • Reports, books, articles, conference papers, roundtables, online, media Cyber crime concepts Organised Crime e.g. OMCGs Identity Crime Cyber Crime e.g. off-line crimes e.g. ID theft Internet Crime e.g. Offensive Content Phishing Financial Crime e.g. Home renovation scams A chronology of cyber crime Cloud...
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...does, play a role in money laundering. In addition to serving as a 'tutorial' on hawala transaction, this paper will also discuss the way in which hawala is used to facilitate money laundering. What is hawala? | | | Hawala (1) is an alternative or parallel remittance system. It exists and operates outside of, or parallel to 'traditional' banking or financial channels. It was developed in India, before the introduction of western banking practices, and is currently a major remittance system used around the world. It is but one of several such systems; another well known example is the 'chop', 'chit' or 'flying money' system indigenous to China, and also, used around the world. These systems are often referred to as 'underground banking'; this term is not always correct, as they often operate in the open with complete legitimacy, and these services are often heavily and effectively advertised. The components of hawala that distinguish it from other remittance systems are trust and the extensive use of connections such as family relationships or regional affiliations. Unlike traditional banking or even the 'chop' system, hawala makes minimal (often no) use of any sort of negotiable instrument. Transfers of money take place based on communications between members of a network of hawaladars, or hawala dealers (2). How does hawala work? | | | Hawala works by transferring money without actually moving it. In fact 'money transfer without money movement' is a definition...
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...Forensic Accounting Forensic Services → are directed to delivering solutions to clients for issues where there is disagreement about facts, or where business-related behavior is not in accordance with expectations or standards. → Forensic means "suitable for use in a court of law" Forensic Accountants → are experienced auditors, accountants, and investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company; or are hired by a company who may just want to prevent fraudulent activities from occurring. HISTORY OF FORENSIC SERVICES • Northern Hemisphere (North America and UK) evolved during late eighties and early nineties. • Australia evolved only during 1998. Before 1998, forensic services were provided by accounting practitioners on an ad hoc basis. TYPES OF FORENSIC SERVICES *Note: Forensic Services have been reactive rather than proactive. • Reactive → Tending to be responsive or to react to a stimulus. • Proactive → Acting in advance to deal with an expected difficulty; anticipatory DISAGREEMENT OVER FACTS – REACTIVE SERVICES o Expert Witness Services → Forensic accountant’s role may be in the capacity of the expert witness. → Expert witness will produce a report that will be filed in court and upon which they will give evidence and be cross-examined. o Valuation Services → Determines the fair value...
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...collaboration. Chapter 3, “Complexity, TOC and Terrorism”, was presented in an embryonic form at the ISA conference in Chicago, USA, March 2007. Chapter 4, “Organised Crime”, is the further elaboration of a chapter of the same title published in 2007 in the Oxford Handbook on the United Nations Statement of Length The dissertation does not exceed the word limit of 80,000 words Fieldwork Thailand (money laundering); Indonesia and Burma (deforestation); New York (US money supply); Washington DC and Fort Worth, Texas (Organised Crime linked to terrorist funding); Australia (Sydney, (APG) and Canberra (money laundering, South Pacific); and Rome, Italy (Chinese organised crime). Contact Frank.Madsen@cantab.net Abstract Through an analysis of the presence and nature of international monetary flows of non-declared origin and their relation to deviant knowledge, the thesis determines that both terrorism and organised crime are nurtured by a constant trickle from minor sources rather than by large financial transfers; and that anti-money laundering provisions are misapplied, taken too far, too expensive, and incapable of demonstrating their effectiveness. In lieu of more traditional policy recommendations, the thesis develops a complexity-theory based...
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...Organized Crime Families: Organized crime is the widespread criminal activities, such as prostitution, interstate theft, or illegal gambling, that occurs within a centrally controlled formal structure. The structure is called organized crime families, gangs or mobs, they are the people and the groups involved in criminal activities and are sometimes called underworld organizations. Their criminal activities are international with members and affiliates in Canada, South America, Australia, and parts of Europe. They are also known to collaborate with other international organized crime groups from all over the world, especially in drug trafficking. The major threats to American society posed by these groups are drug trafficking and money laundering. These groups don’t limit themselves to drug running, though. They’re also involved in illegal gambling, political corruption, extortion, kidnapping, fraud, counterfeiting, and infiltration of legitimate businesses, murders, bombings, and weapons trafficking. These groups are highly organized and everything is built upon structure. The structure of these groups are very complex but easy to understand throughout the remainder of the paper each level of the structure will be described and each position will be explained. The lowest on the scale is the Associates; they have the least amount of power within the group. They do the real dirty work. Associates are not made guys; they just hang around with the crew. They often...
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...WORLD OF BITCOINS ¬¬¬ CONTENTS Page(s) 1. Introduction 3 2. Features of Bitcoin 4-9 3. Bitcoin Mining 10-11 4. Legality of Bitcoins in different countries 12-13 5. Pros and Cons of Recent Developments of Bitcoin 14-15 6. Legal Aspects of Bitcoin in India 16-19 7. Conclusion 20 8. References 21-23 INTRODUCTION We live in a world where transactions are made by traditional methods using separate currencies. This system has been implemented since the dawn of time. But for a more modern approach, a new form of currency called as crypto currency have been introduced by various organizations around the world. The first crypto currency to be introduced is the Bitcoin. Bitcoin is the creation of a computer programmer named using the pseudonym Satoshi Nakamoto that made its debut in January 2009. This is an open source, peer- to-peer, digital currency that has no physical manifestations. Unlike earlier digital currencies that had some central controlling person or entity, the USP of Bitcoin lies in its network being completely decentralized, with all parts of transactions performed by the users of the system. This is similar to the U.S. dollar so, Bitcoin is a fiat currency in that it is not redeemable for some amount of another commodity i.e. Bitcoin in itself...
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...Australian Government Australian Transaction Reports and Analysis Centre Risk management A tool for small-to-medium sized businesses Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Contents Introduction............................................................................................................................................. 2 Scope and limitations ............................................................................................................................. 2 What is risk?........................................................................................................................................... 2 What is risk management?..................................................................................................................... 2 Which risks do you need to manage? .................................................................................................... 2 The risk management framework (or method)....................................................................................... 3 The risk management process............................................................................................................... 4 Risk identification ................................................................................................................................... 4 Business risk .......................................................................................................
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...Executive Summary Feltex Carpets Ltd. is the largest Australian carpet manufacturer. The company has experiences in internationalization in countries such as USA, Japan, Southeast Asia and New Zealand. However, the company is interested in expanding their market power to new destinations, to improve their multinational strategy and to be well-known worldwide. The countries of potential choice are Mexico and Chile. The analysis has been done by comparing the overall information and in-details of each indicator. From evaluation of indicators of both countries, such as economic, social, legal and infrastructure, the analysis has shown that the economy of both countries are quite similar. However, the infrastructure, technological and legal environment seem to be better in Chile. As the Chilean government support the foreign investment in textile sector by promoting the education, technological development and the special policy especially for textile. For instance, tax reduction and promoting education in labour forces. Thus, Chilean labour forces would have the better off in comparison with Mexican labour forces. Another highlighted indicator in the country comparison - which the recommendation has inclined - is infrastructures. Both countries have the similar relative figures in number of infrastructure such as roadway, waterway and airports. But the infrastructure of electricity and internet/telephone networks seems to be at a higher level in Chile. The analysis of relevant...
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...Extra-Credit: Review of the Video "Fahrenheit 911 Full Movie" 1. In the Supreme Court case of “Gore v. Bush,” Bush was declared the President of the United States. Explain what really happened during the election. The Gore v. Bush election in 2000 hinged on the state of Florida, the election was covered in lead by Fox News, ABC, CBS, NBC and CNN all followed Fox’s lead in the announcement of President. The call was made by John Ellis, a freelance political advisor contracted by Fox News to head their election night “decision desk.” Ellis is also first cousin to George W. Bush and Florida governor. By calling the election for his first cousin, Ellis’ involvement was scrutinized for being instrumental in turning Bush’s loss in the popular vote. Furthermore, the Florida election was held under the supervision of Florida Secretary of state, Katherine Harris, a co-chair of the Bush campaign. This and Ellis’ position at Fox presented an interesting campaign issue: fraud. Ellis announced Bush as the winner of Florida; however, the margin of victory triggered a mandatory recount, the litigation ultimately reached the United States Supreme Court. The Courts decision ended the recounts. On the day of the joint session both the house of representatives and the senate was to certify the election results, Al Gore in his dual role as Vice President and President of the Senate presided over the event that would officially anointed George W. Bush as the new President. If any...
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