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    money laundering

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    Money laundering is the routing of illegal profits from bank to bank to disguise its existence. The illegal profits are usually made through activities such as drug trafficking, prostitution rings, illegal arms sales, and various other things. Unfortunately money laundering is a serious crime that is still prevalent in the United States and other countries. The Russian mafia, the Triad or Chinese mafia, and the Columbian drug cartel are just a few of the groups that partake in money laundering. No

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    HSBC Case Study

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    The past few years have been a turbulent time for the international bank causing unparalleled financial and reputational damage as a result of a number of events of severe divergence and fraud on the CSR framework at HSBC and the global standards that HSBC abide by. HSBC was a case study for the United States Senate Permanent Subcommittee on Investigations (PSI) looking at U.S. Vulnerabilities to Money Laundering and Terrorist financing. Described by chairman Douglas Flint as the toughest in HSBC’s

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    Terrorism Financing Through Charities

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    on the financing of terrorism. The passage of the USA Patriot Act in October 2001 was, in part, an attempt by the federal government to disrupt the financing of terrorism and the flow of laundering money. In addition to passing legislation that made it harder to launder money to terrorists, the USA Patriot Act attempted to crack down on non-profit organizations like charities and underground banking systems like “hawalas” (USA Patriot Act). Running a terrorist organization is not cheap, as these organizations

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    Patriot Act Essay

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    The Patriot Act The Patriot Act was signed into law by President George Bush on the 26th October 2001. The act is an Act of congress whose title is a ten letter acronym which stands for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” (USA PATRIOT Act 2001). The Act was enacted 45 days following the September 11 attacks. The September 11 attacks on the world trade center in New York catalyzed the enactment of a legislation that would

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    An Investigation of Wachovia

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         19 5.1.7     Distribution of Money…………………………………     19 5.1.8     Alliances & Partnerships………………………………     20 1.1     Company History Wachovia was formed in 2001 by the merger of Wachovia Corporation and First Union Corporation. Wachovia National Bank was formed in Winston, North Carolina in 1879. The name Wachovia came from the Latin name for the German word Wachau. In the mid eighteenth century Moravian settlers gave the name Wachau to a tract of land in North Carolina because it resembled a piece

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    Value-Belief-Norm Theory The aim of this research paper will be to depict the difference between criminals who engage in money laundering and tax evasion. In this regard, the theory of Value-Belief-Norm can be taken into concern. According to this theory, actions of an individual are directly influenced by his/her moral and personal values that impose considerable impact upon the behavioral attitudes (Boersema & Reijnders, 2008). Hence, these psychological aspects further forms as a difference between

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    its banking-secrecy laws, Swiss private banking is in good shape. Customers value Switzerland for its security, political stability and stable currency, and have continued to pour in new money over the past two years. Tax evasion isn't as important as sometimes supposed; much of the money coming in is from regions with low tax rates, like the Middle East and Asia. With the super-rich likely to see their wealth rise significantly in the coming years, the future is bright for Swiss banks. But, this

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    Swiss Banking Case Study

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    Swiss banks have a reputation as a money havens for illicit money, and tax evasion due to their secrecy laws. Swiss bank secrecy goes back to the middle ages. As early as 1713, the grand council of Genova which established regulations and prohibited the sharing of information. This Swiss law was similar to a doctor/patient or lawyer/client confidentiality agreement. Swiss Law was actually acknowledged in the federal act in banks and savings banks as the banking law of 1934. This law made it a criminal

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    Money Laundering

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    laundering is when funds from criminal activity are converted into “clean money” and cannot be traced back to the criminal activity. The goal is to conceal the criminal activity and the criminals involved. One of the main reasons people commit criminal acts is to make money off of it. Money laundering allows criminals to enjoy these illegal proceeds without law enforcement noticing. Money laundering can be used in drug trafficking, terrorism financing, or tax evasion. Obviously selling drugs is illegal

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    investigation is to analyze the extent of the support of Swiss banks towards the Nazi regime. In the analysis, the role of Swiss banks during World War II as well as the legal action that those banks faced in recent years will be examined. An evaluation of the origin, purpose, value and limitation of two sources used for research will also be provided in this investigation: “How Swiss Bank Accounts Work”- by Lee Ann Orbinger, and “Swiss Banks Settlement: In Re Holocaust Victim Assets Litigation”, an official

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