“A change in my life that has been for better”

Ten years ago, I married my beauteous wife and that was genius of the best amours that could ever happen to me. Marriage all(prenominal) in all changed my emotional state for the better and I am grateful for that.When I offset printing came to the United States at the age of 14, with no parents with me except one babe I was alone. Overwhelming with her own responsibilities, my sister could not care for me, so I had to care for myself. That is one of the reasons why I was married at an early age of 22. Married to my wife changed me for better in many another(prenominal) ways.Firstly, as my wife she cares for me in way which my mother would. For example, she washes my clothes for me, cooks for me and some basic things that my mother would gull done for me in a timed basis.As a custom in my culture, when a man choosing a wife, she must be able to do everything that a mother would do for a son and more, such as prepare a good repast for the husband, make sure that he has clea n clothes and be a shoulder for him to cry on if he need to. Another thing a mother would do is to give advice when needed.Secondly, she hunch overs me, because of her love I have sex what love is. I never knew real love before I met my wife. I never thought that I would be able to love or trust someone. She shows me that I was able to love and that completely changed my life certainly for the better.I feel free now that I know that someone loves and cares for me. She gives me hope to forward in life. She made me feel like all things are possible for me. Thats alone making me want to leave.Finally, her lodge is also as important. Since were married I am never by myself except in school or unless we are at work. We have never spent a week away from each other. That is how much(prenominal) we love being together. She makes me feel safe when I am with her. I can remember vividly, we were having a conversation, and then she told me you know Man, I am your protector, I was sent by G od to protect you.I also see that being married saves me from many diseases out there. Without being married, I in all likelihood would date as many women possible until I find the powerful one. Because now that I am married, I have to stay with one woman therefore, that saves me.Marriage could have both negative and positive effects on ones life, but for me marriage was positively changed my life. I never imagine my life to be better except through marriage.

Reaction Paper to Pre-Spanish Colonization

Reaction Paper to Pre-Spanish Colonization When I chose to enroll into the PHST 30 course, I really only had ace intention for being in this class, and that is it is a CSU transferable class. All of my life I experience considered myself to be a Filipino-American, although I was born and raised here in the United States. I never really knew much about Philippine history and I am actually glad that I am learning a little bit more in each class session.During Pre-Spanish colonization, I found some major concerns regarding my feelings towards some of the laws that were in effect in those days. For example with the poor people who were not allowed to have more than one child and if they did, their newborn baby would be thrown into the river. What gives the government the right to make a decisi on for a couple who want to have a bigger family? Back wherefore people also could not be lazy if they chose to be lazy, they were severely punished. If that were the case now, millions of peop le would be punished a day.Another example is that men drank back then to prove their masculinity to women. It was really amusing to me that a popular hard liquor back then was Lambanoag because I have drank that now, and it is no longer ripe for men to drink. Another aspect of Pre-Spanish colonization was that men were to work magic spell the women stayed home and took c be of all of the household duties. It is really unfair to women that they are obligated to stay home because what if they wanted to work, they just couldnt.

Vietnam War and its Impact on Subsequent American Foreign Policy

hike to globalism is an enlightened work by Stephen Ambrose that relates to information of the Statesn foreign indemnity from atomic number 16 field state of war through Reagan administration. The password by Stephen Ambrose provides an overview the Statesn foreign polity evolution from 1938 to the present powerful status of America.Stephen Ambrose tries to beg off the trends in foreign insurance policy adapted by America from isolationistic attitude to global power redact America holds instantly. He focuses on events that related to Second world War, Vietnam, Cuban missile crisis and to large result SALT treaties.The world today is faced with major problems such as communism, conflicts between Arabs and Israel, and third world nurture. These problems are attributed with Second World War and had an conflict on American foreign policies.The policies adopted by America had an impact on versatile countries around the world. Stephen Ambrose work tries to explain the con temporary American foreign policy as a development since the Second World War Foreign policy of United States is a policy through which the United States interacts with foreign provinces.United States has a green goddess of influence in the world through its economy and defense mechanism. Other character traits in America such racism, sparing aggressiveness and fear of communism prolong shaped the countries emerging foreign policy.The overview of events in America led to a rise of globalism which is a major development in American history. The World War II had a lot of influence in development of America which shaped its foreign policy. Liberation by Russia incorporated east europiuman states into satellite states which became the Soviet Union.An new(prenominal) impact of the war was formation of internal governments which changed the status of the nations. Ambrose in his work showed each stage of the cold war, course of instruction of europiuman continent and the arms race could have been avoided.A major impact of the Vietnam War as was reflected in the cold war is the financial and economic disaster which related to the arms race. It is a situation that compromised the financial position of many nations involved in the war. The development of American foreign policy is a thorny issue which resulted from the cold war.Incorporation of many countries in various treaties took a lot of time and forced nations to spend a lot of money so as to end such conflicts. The United States and other members of the Soviet Union were not willing to compromise their position in relation to minor matters.This is because committing a lot of their time and finances in such petty issues could cost them a big deal in resolving major problems. For instance, involving in activities such as partitioning Berlin would be met with a lot of resistance and unnecessary demands.On the other side, once the U.S.S.R tried and true to compromise, United States would seizure control of the situation so as to induce stipulations on proposed engagements. One important and major concept during this period is that, in that location was no any meaningful agreement that sailed through.Former United States presidents had the opportunities and chances to come to an agreement that would end the cold war but this never succeeded. In a few(prenominal) instances that saw some of the head of state try to reach an agreement, participants were unwilled to come to a consensus.As per Stephen Ambrose, resolution to legitimate problems during that period came after the book was written. Communism was replaced by democracy throughout most parts of Europe while in 1989 it was a time when U.S.S.R fell.Most of the countries in Western Europe who constituted the satellite nations were liberated by United States and Great Britain which formally make democratic governments. Split of east and west Europe as the beginning of the cold war. The acting presidents during this period late Jimmy Carter acted in respect to expectations of many Americans to achieve a peace agreement.The agreement had minuscular influence in resolving such conflicts but several treaties were formed which addressed the demand for concerned parties. Accomplishment of various agreements had impact on U. S whereby Arab-Israel hostilities were negotiated.This was a major development in the history of America and it fits in the foreign policy. The impact of such agreement is seen in todays policies developed by United States to extend their powers in severe to help create nations. United States is a very powerful nation in the world and its strength can be attributed with agreements that resulted from the cold war.Most of the developing nations have benefited from financial aid offered by United States of America. Signing certain treaties during the period of cold war was a very tough because neither side wanted to compromise their position which led to disagreement.The subsequent American foreign policy has seen several nations, individuals and governments benefit. It is a very important development in the history of America since the Second World War to the menses powerful situation in America. Work Cited Ambrose Stephen, Rise to Globalism, (American Foreign insurance policy since 1938), Douglas Brinkley book.

Portrayal Of Religion In Literature

Religion plays an important economic consumption in either globes life. Its impact is manifested on e actually soulfulness fooling affairs and his or her behavior. Hundreds of literatures that explicitly tackle religion have already been written. While the list may be inexhaustible, the Metamorphoses, Aeneid, loony bin and Odyssey serve as some of the popular literary works where a religious maroon can be looked into.The fact that the Metamorphoses by Ovid composed of mythological stories printed in the form of poetry gives one the first depressive disorder that forebode beings argon already incorporated into the book and that, consequently, the myth in these literary forgather may have someaffair to do with religion. True enough, the various sections found at bottom the book have a common subject the occasion of a divine entity and how such power determines the great deal of men. Most of the transformations that happen in the stories be of people being punished for the sins they have breakted (Ovid, p.171).This penalisation of sins can be taken to mean as one centering of reflecting justice in the sense that the action of man is essentially incorporated with a corresponding responsibility and that divinity fudgeor religionhas a corresponding role in the provision of these sanctions. By focusing on the relationship between the individuals and God in the Metamorphoses, one can straightaway draw the idea that religion is the binding force between the two, bridging the unseeableand perhaps inconceivabledistance that separates the mortal from the immortal.Metamorphoses scans spectacular article of belief in the power of God such as the instance of creation where the fagot of the gods divided the year into four new seasons (Ovid, p. 10) and the belief that every someone committing a sin should undergo a punishment such as impiety and its awful punishment (Ovid, p. 293). All his stories tell us widely of the power and influence that God and r eligion has on people. Dante Alighieris Inferno begins on Good Friday and ends on Easter day showing the cognisance of the reason on these two crucial Christian doctrines that focus on God.Dante tries to create a creative connection between a persons sins on Earth and the sentence the man or fair sex gets in brilliance such as the case when people are condemned for gullet sins (Alighieri, p. 51) and for carnal sin (Alighieri, p. 41). The angry people are do to stifle on mud, the enraged people assault each other, the jealous people are forcefully made to eat human body waste etc. All these inspirations grant the majority of Infernos moments of immobilise descriptions and representational power, and also provide to shed light on the immemorial theme of Dantethe flawlessness of Gods fairness.Readers might feel that the torments that Dante underwent were very harsh, yet the author justifies the fact that sinners are punished according to the rigor of their sins. According to Dante, Gods justice appears as strictly purposeful, unthinking, and remote, and that divine justice searches the moral character of all created beings (Alighieri, p. 324). There appears to be no mitigating situations in hellhole, and punishment is a must for every sinner. People who show sympathy to the people suffering have a lack of thoughtfulness.Taking into cypher his Inferno, Dante appears to be a strict follower of Christian principles, or at least a literary author who employs the Christian conception of Hell in order to amplify the main contentions behind Inferno (Sanders, p. 112). As Dante feels that fraud is a greater evil compared to violence, the main intention of the author is not to think about evil precisely to teach and upkeep the importance of Christian principles. It can also be observed that Dantes intention in writing Inferno is to show a truncated picture of the terrible political activities in the fourteenth-century of Florence.This has a major role in the religious conception of Inferno because, by the literary work, Dante stresses his own(prenominal) view that Church and the State are not different but identical authorities on Earth. This reflects the idea that religion should take an significant role in the context of the larger society. Dante also gives many references to the Hellenic and Roman community. According to Dante, religion and faith takes the top most(prenominal) place in a persons life and religion has its impact on any person who has faith in God and believes in Hell and being punished for the evils and sins he has committed.Dante illustrates this point by stating the instance where nonesuch Paul, the chosen Vessel, came to carry back a strengthening of that faith from which repurchase always must begin (Alighieri, p. 13). On the other hand, The Aeneid tells the yarn of how something great got started, how Aeneas had to let go Troy to form a new Rome. virtuoso of the most unforgettable incidents is when Aeneas weeps on leaving Carthage. Virgil shows how the messenger of the gods indirectly asks Aeneas to cash in ones chips Troy (Virgil, p. 140).It is perhaps a manifestation of divine intervention, as most people call it, which leads one into the realization that a ecclesiastic entity manifested through religion has a lot to do with the affairs of human beings. Since the stock and purpose of Aeneass path are destined and that the pain and fame he had to face in combat as the story continues cannot change his fate, God would have certainly have had a huge role in changing Aenas fate. It tells us that The Aeneid is inclined to relating how a manufacturing business authority has the power to greatly alter the lives of men.In essence, The Aeneid shows consideration for the belief in gods in the exploits of ancient kingdoms, such as the passage the King of the Gods has sorted out your fate, so rolls your life, as the world rolls through its changes (Virgil, p. 116) The Trojans moving from T roy to Italy are shown in the first part of Aeneid. Dido the Queen wishes Aeneas, but destiny rejects her, and the desire for Aeneas makes her commit suicide. Virgil wrote the Aeneid in a period of the Golden age of Roman conglomerate when Caesar Augustus was the emperor.Virgil compares the biased and communal circumstances of his period with the hereditary custom of the idols and Greek gods, to show that the political rule under Augustus was traditionally resulting from the gods. Since The Aeneid is filled with prevision and mystical calculations, with dreams, strange visits from people who are dead, puzzling omens, and messengers from God, it can barely be denied that the story itself is filled with religious precepts that correspond to contemporary society.The atmospheric condition is used as a power to express Gods will. The storm at the start represents the fury when Juno sends it. The Goddess Venus protects the Trojans by call the God Neptune. All these instances show fai thfulness in the context of the literary piece inasmuch as it reveals the significance of a deep faith and belief in God and religion. Meanwhile, Homers Odyssey is the story of a man with many complications surrounding him.In this literary piece, the power of God and faith in religion is shown when Greek gods come in various forms to relate with humans. The story also reveals that the gods show compassion to mortals such as the instance when genus Athene said that her heart breaks for Odysseus, that seasoned veteran cursed by fate so long (Homer, p. 79). It tells us that, although gods have superior power to a higher place all mortals, they nevertheless have (or at least some of them do have) a sense of pity and remorse for the wretched conditions of humanity.It gives us the impression that gods do have a definitive role in the lives of mortals at least in the context of Odyssey. All these literatures have one thing in commonreligion or religions have implied meanings and consequen ces to the life of the characters. The characters in the literary works are widely influenced by their corresponding Divine Beings and their religion and that the differing status between the struggling individual and the powerful Divine Beings shows how one is subordinated before the other.

Pho 24 – Vietnamese Franchise System

MODULE 1 1. Brief autobiography of the chosen company. 2. The companys rush statement thrill, Vision, Major Goals, impression Values. 3. more or less preliminary evaluation of the chief executive officers leadership capabilities in equation with key characteristics of good strategic leaders. Question 1. Brief annals of the chosen company. 1. Introduction PHO24 used to be a Vietnamese domed stadium eating house chain belonging to Nam An mathematical group, the biggest F&B Corporation in the country.Apart from PHO24, Nam An sort out has owned and operated many other different F&B brands including An Vien Restaurant, truisms Nam An Restaurant, ThanhNien Restaurant, An Restaurant, Goody methamphetamine Cream, Goody Plus Ice Cream, Ibox Cafe, etc. The initiative PHO24 outlet was up to(p)ed in June 2003 on Nguyen Thiep Street, foe to the prime landmark Saigon Sheraton Hotel. By June 2010, PHO24 has opened 77 outlets in Ho khi Minh City, Ha Noi, Da Nang, Vung Tau, NhaTran g, Binh Duong, Jakarta (Indonesia), Manila (Philippines), Seoul (Korea), Phnom Penh (Cambodia), Sydney (Australia) and Hong Kong.PHO24 plans to open more submits in all major cities of Vietnam as well as in overseas markets, where there ar extensive Asian populations. The founders call back that PHO24s duty concept is unique but easy to manifold due to its small space requirement, low investment, standardized operational procedures, and more or less importantly, the top quality of the victuals. Now, PHO24 noggin restaurant chain belongs to VTI, owner of Highlands Coffee, touchy Rock Cafe, Emporio Armani, Swarovski, Aldo, La Vie En Rose, Debenhams, Coorslight, Orangina 2.Brand name PHO has been the most notable dish of Vietnam but it was wholly known as street intellectual nourishment for many decades. Therefore, the founders of PHO24 saw this is an excellent opportunity to create a pertly business concept that meets the high standards but sleek over preserving the tra ditional value. later on nearly two years of market research especially the clients taste PHO24 has invented a unique feel for PHOs gillyflower derived from 24 top-quality ingredients and spices. The occur24ismeaningfulforPho24 * Pho24 locationsopen24hours. Pho24 alsousesatotalof24ingredientsandspicesinitsphobroth * Diligentlystewedfor24hoursbeforeitisserved. * The24ingredientsplusthethoroughpreparationprocessensuresthatthephobrothat Pho24hasarichandsumptuousflavor,accordingtothecompany. * Thebrothrecipeisthe selfsame(prenominal)inallPho24locations,asisexpectedforanyfood privilege. SowhereverPho24takesitsphodishes,youshouldgetthesamerichflavorandtasteofitspho. Thisiskeytoasuccessful libertyanditswhythephoexperienceofferedbyPho24isfastpickingupinworldwide normality.PHO24 has been consecutively the winner of The Guide Awards voted by readers of Vietnam Economics Times, ThoiBaoKinhTe Viet Nam and Tu cutting edge Tieu Dung magazine during 6 years from 2004 to 2009. In 2008 Pho24 was voted as an world-wide Franchiser of the Year, accepted by FLA Singapore. In 2010, PHO24 is one of the top 10 Ho Chi Minh City One Hundred Excitements which voted by travelers. 3. The Milestone of The social club 2012 target to reach 200 outlets total 2010 target began to open shops in China and Japan. 12/2009Franchise stores open at No. southwest Korea and Hong Kong, bringing its total stores to 73rd (more than 57 stores in the city. HCMC),with16 stores in foreign countries (Indonesia, Cambodia, Korea, Philippines, and Hong Kong). 8 / 2009 New privilege agreements in Hong Kong and Macau. Will open its get-go store in Hong Kong and Macau in October 10/2009 3 / 2009 Total weigh of noodle shops in Vietnam and 24 foreign countries has reached number 70 after half-dozen years in operation 9 / 2006 Pho 24 and VinaCapital the leading fiscal companies in Vietnam officially signed a cooperation and investment. / 2005Open the prototypic certification in foreign countries (J akarta, Indonesia). We have 6 noodle shop in Jakarta on 24 November 2008. 1 / 2005Open the first franchise store in Ho Chi Minh district, followed by a a couple of(prenominal) other shops in the major cities of Vietnam like Da Nang, NhaTrang,Vung Tau, BinhDuong 12/2004Opens first store in Hanoi, the capital ofVietnam and also the capital of pho 6 / 2003Opens first store at No. 5 Nguyen cards, district 1, Ho Chi Minh City. Shop quickly became popular destinations for tourists and residents. Question 2.The companys mission statement Mission, Vision, Major Goals, Core Values. Pho24s Vision To be the number one Vietnamese Pho and noodle Brand in the world. Pho24s Mission To be the Global Category Developer for Chain Pho with the Objective of being the first mover in each market we enter. Pho24s major goals strain PHO24 become the number one and the most famous Vietnamese Pho and Noodle Brand in the world. Pho24s core values Always shuffle customers come to PHO24 with great expec tations and to leave with full satisfaction. Business Philosophy Everything we do is based on quality, customer service and integrity. We believe that repeat customers are the lifeblood of our business. We also trust that new customers are valuable energy for our business development. Therefore, we invite our guests to come to any PHO24 outlets with great expectations and to leave with full satisfaction. We besides select franchisees that can share and convey our high standards to our customers Question 3. Some preliminary evaluation of the CEOs leadership capabilities in comparison with key characteristics of good strategic leaders. Ly Quy Trung was born in 1966 in SaiGon.He founded Nam An Group. accessory Pho24 noodle soup chain is the largest chain restaurant in Vietnam. Nam An Group also acts as general distributor for foreign food brands much(prenominal) as Australian franchise Gloria Jeans Coffees, Canadian crisp yogurt vendor Yogen Fruz and Singaporean bakery chain Bread Talk. The Group wholly owns a dozen restaurant chains in Vietnam, including Maxim Nam An gourmet restaurants and Cafe Terrace bistros. According to the aforementioned qualifications, we can set some key features which all converge in Ly QuyTrung, the successful CEO of Pho24Firstly, he has very good vision and wide perspective. In tack together to develop Pho24 to be the world wide branch to rival with McDonalds or KFC, from the very first days, Ly QuyTrung has invested in R&D or qualification testing, while other people said that they are not necessary for such a Vietnamese restaurant. He is a conformable leader. Being well aware of his companys position in the market, in spite of the fact that there are a caboodle of new competitors like Pho Vuong, Pho Cali, etc. Ly Quy Trung believed that they are not his main rivals. He was confident to claim that the quality of the foods and services, along with the prestigious branch are not something that we can create in the short term o f time. He was cared about the domestic market. But that is not everything, his main strategy is to strain traditional dish of Vietnam pho become a fast food franchise appeared over the world. It is clearly shown in the vision of Pho 24 To be the number one Vietnamese Pho and Noodle Brand in the world.Finally, he has willingness to delegate and empower, which is needed to be a good leader. By choosing franchise business model, Ly Quy Trung made decision of building a chain of restaurant about traditional food, spreading it over the world. He built the riddle recipe for his dish, created the dining environment and other differentiation factors for his brand names. Then, he didnt have to control all the chain but only be the managers and controllers, taking care about the quality of products and services in chain restaurants.Empowering people like that, he has created jobs for thousands people, changed the habit of the Vietnamese of eating n sidewalk not good for health, as well a s made a nice appearance of traditional food for the foreigners an high-octane way to represent our culture and promote Vietnamese tourism. In conclusion, Ly Quy Trung is a successful talented leader. Although there has been more and more difficulties, Pho 24 still strives to contribute for Vietnam economic development and make their brand famous and popular in over the world.

Justice with Michel Sandel

jurist with Michel Sandel Silvia Molina University of Texas at El Paso Justice with Michel Sandel Harvard university professor Dr. Michel Sandel introduces devil torment instalments that discuss a routine of philosophy related issues. In the first episode The Moral Principles Dr. Sandel begins the lecture with a story of a trolley car cart in a path that may lead bug out nonp aril, or fin people. The end to kill the unrivalled person in oppose to five, is left to a show of hands by take time officipating students. The conjectural scenario he injurets in the story is to introduce moral causationing.The students then participate in a critical sentiment discussion to conclude what would be morality correct, whether to kill the one person so that five should live or bench vise versa. His story quickly unfolds to introduce two moral principles, one cosmos consequentialist moral reason out and the sustain is categorical moral reasoning. In the second part of his first l ecture, Dr. Sandel discusses a very popular nineteenth ascorbic acid law campaign involving an ocean stranded gang of four. Sandel proceeds to school the discussion of the principles of utilitarian philosopher, Jeremy Bentham.The inauguration of arguments of utilitarianism follows what is discussed in the second episode lay a Price Tag on Life/How to Measure cheer. The lecture in episode two excessively includes discussions of critical thinking and arguments by the students to support their contrasting views. Part one of the second episode discusses the follow eudaimonia abridgment that companies follow to put a worth on gracious life. The second part in episode two introduces British philosopher John Stuart hoagy who argues that utilitarian, those who film experienced high entertainment and lower delights will desire the higher(prenominal)(prenominal) amusement.Utilitarianism is further debated in the lectures of Dr. Sandel as he goes in to details showing how uti litarianism plays a large bureau in everyday life circumstances as well as in economic situations. The Moral Principal Episode part one opens up with Michel Sandel sharing a story about a trolley cart. The story is as follows, a trolley cart is on a deadly path headed to the fatal crash that will kill five people. The wheel on the trolley cart works and can be steered to kill only one person. The students argon asked their educated opinions on what is the right field social occasion to do pay upn the circumstances of the story.Most students answered saving five humane lives with the expense of one human life would be the right thing to do. When the story is changed by Dr. Sandel and the human that is to save the lives of the five others is murdered the students opinions change. Sandel then proceeds to introduce the two moral principles that take place which are cosequentialist and categorical. Consequential moral reasoning is one that locates morality in the consequences of an act. level locates morality in certain(p) duties and rights. Both these moral principals where greatly debated by the students. On the second part Dr.Sandel gives a brief introduction to utilitarianism and the British philosopher Jeremy Bentham. It describes Benthams view on the balance of pleasure over pain and the belief of the delight or well being of the greatest number. The literal life case presented, describes four sailors that survive after a immense shipwreck and are now fighting for survival at sea. angiotensin converting enzyme of the four sailors gets sick and the others decide to kill him to feed of his body. One of the students finds the stem of cannibalism in the case of necessity mor solelyy wrong and that it should not disengage murder even though it would take note the rest of the three crew men alive. rough other student defended the opposing view, by saying that as gentlemans gentleman in a situation like such we got to do what we boast to do to surviv e. Other circumstances are debated and the positions of the students change to be morally ok to have eaten the fourth member of the crew to keep the greater grave for the greater number. In the opposing view many students still hope that it is morally wrong to not value human life as equally as the weaker sailor. The thoughts of this very famous case are the debates of categorical morality and of Benthams idea of the greater correct for the greater number.Michel Sandel opens the second episode with a brief history on philosopher Jeremy Bentham. Benthams views on utilitarianism is that the highest principal of morality whether personal or policy- make it is to maximize the general welfare or improvement. Bentham states that we are all governed by pain and pleasure and must(prenominal) find a balance to turn over the greater good for the greatest number. Maximized utility(prenominal) is best attained when all the benefits are added up and all the be are subtracted and the e nd is that happiness is greater than woeful. Dr. Sandel describes utilitarian logic as a cost benefit epitome that many plentys as well as overnments use to give measure to human life usually in a pecuniary figure. A cost summary example is based on a proposal to increase sales tax to cigarette sales in the Czech Republic. The summary concludes that the Czech government benefits more from smokers. The cost abbreviation conducted states that the benefits of smoking are greater because smoking increases tax revenue, increases health mete out savings when people die early, and no more pension payments to those aged that die early. Therefore the only costs would be an increase health care, which in this case does not outweigh the benefits of smoking.In a delegacy the analysis are giving a monetary value to human life. Another view point by Dr. Sandel, is the Pinto case where a cost analysis was conducted to see if the benefits of adding a protective musical scale to the car we re lower than the costs of human lives affected by not adding a protective plate to the fuel tank of the Pinto car. In argument, the utilitarian principle is discussed by some students that those lives and opinions of the minority should not be less valu fit-bodied than those of the bulk. Some students believe that no monetary value should be fit(p) on human lives.In other circumstances the students think someone has to make those decisions to be able to adequately take risks in certain situations. The monetary value that is placed on a human life by conducting cost analysis is done for the well being of the greater good to conclude into making important decisions by companies as well as governments. The second part in episode two Dr. Sandel mentions a personal experience that raises the research if all values can be turned into utilitarian terms. The protest to transform all values in to a single consistent measure such as utilitarian is objected by John custodian Mill.Mill bel ieved that utilitarianism can be aligned with defending human rights. Mill besides reasons that utilitarianism can distinguish higher pleasures from lower pleasures. The distinction of the lower and higher pleasure can be distinguished by having experienced both(prenominal) pleasures and one who has experienced both will choose the higher pleasure always. Dr. Sandel proves his point by showing the class three videos in which they must choose one that can be described as the higher pleasure. After the viewing all three videos which were a clip by Hamlet, the other by fear factor, and finally The Simpsons.The class greatly agrees that the majority would pick the highest pleasure to be the clip by Hamlet and that Shakespeare is the highest pleasure out of all three. Exploring further the idea of utilitarianism a series of theoretical moral reasoning situations can occur in the brother cities of El Paso, TX and Juarez, MX. The medicine war happening in the city of Juarez is cruciall y bear upon a developing economy that participates in the NFATA trade agreement. Large corporations have positioned its manufacturing plants to operate in the city of Juarez.With Juarez and El Paso trading goods and money extensively among countries raises the idea of the following hypothetical scenario. In this hypothetical scenario involves a schoolmaster chief operating officer of a major corporation residing in Juarez. The CEO of the corporation lives in El Paso and has to cross the international border to Juarez to be able to attend work on a daily basis. Sadly on any given day the CEO finds himself kidnapped by one of the drug cartels that are at war in Juarez. The drug cartel is postulation for five million dollars in ransom for the CEO of the conjunction.Therefore the company is suffering 10 million in losses a day without its CEO leader that conducts all major profitable operations run by him in the company. This scenario brings up the use of cost benefit analysis or ut ility discussed by Bentham. What would the company do in this situation? What is greater good for the greatest number is the question that should be asked? Would it be worth it to the company to pay the ransom or would the death of the CEO result in greater profit of interest to the company. This example shows how a cost benefit analysis that can be conducted by the company in which it gives a monetary value to human life.It can be argued that in that respect are other moral benefits to saving the CEO not rightful(prenominal) for the company simply maybe because his family needs him. In a way it can also be argued that it is morally wrong to put a price on human life and that no matter what the company should pay a ransom no matter the amount. It can also be said that the CEO can easily be replaced in less than half a day and that the company could save its 10 million dollar losses for the day. Whatever the decision in the hypothetical scenario might turn out to be, the idea of c ost benefit analysis is one that is used by all companies and business around the world.One, especially in business must sometimes come across unwieldy decisions and it is then when all theories moral reasoning and utilitarian must be applied to come to a conclusion. In sum, the discussion of the two episodes concludes that utility is applied to most certainly justice but to everyday decisions that are made by businesses around the world. Utilitarianism is referred by Bentham as the greater good for the greatest number in episode one of Justice with Michel Sandel.Last but not least in episode two, John Stuart Mill defends the concept of human rights in these words Justice is a name for certain moral requirements, which, regarded collectively, stand higher in the score of social utility and are therefore of more paramount obligation than any others. This quote, Mill says that it is ok to keep the laws and rules that exist only if there is a much greater reason for breaking them. T herefore utilitarians reason could be that saving a human life is a separate reason in comparison to the loss of millions of dollars a company could sustain.Mill and Bentham departure significantly ideas and create extensive room to ponder, but it is in our reasoning that these ideas can be concluded and interpreted only by ones own moral reasoning. References Episode 01 Justice with Michael Sandel. (n. d. ). Justice with Michael Sandel Online Harvard line of achievement Exploring Justice, Equality, Democracy, and Citizenship. Retrieved June 12, 2012, from http//www. justiceharvard. org/2011/03/episode-01/watch Episode 02 Justice with Michael Sandel. (n. d. ). Justice with Michael Sandel Online Harvard Course Exploring Justice, Equality, Democracy, and Citizenship.Retrieved June 12, 2012, from http//www. justiceharvard. org/2011/02/episode-two/watch Jeremy Bentham, Principles of morality and Legislation (1780) Justice with Michael Sandel. (n. d. ). Justice with Michael Sand el Online Harvard Course Exploring Justice, Equality, Democracy, and Citizenship. Retrieved June 13, 2012, from http//www. justiceharvard. org/resources/jeremy-bentham-principles-of-morals-and-legislation-1780/ The Queen vs Dudley and Stephens (1884) (The Lifeboat Case) Justice with Michael Sandel. (n. d. ). Justice with Michael

Givenchy

Luxury mode brands that were established three or four decades ago were born egress of passion formulate and to crap a legacy that could be passed down from one generation to another. The items from the other(prenominal) speak of opulence, culture and status that t remain ever customary in the present days some call it reals while others number it as collectors items. Whatever one chooses to name it, fashion houses are capitalising on fashion trends of today and bringing the trends from the past tail end to the runmodal value. A fashion house that is creating ripples of admiration is Givenchy with its Fall/Winter 2013 collection for women.Hubert de Givenchy, one of the initial and most important haute couture designers worldwide, bushel the trends of Parisian fashion and defined elegance worldwide and fast forward to the present and the Parisian luxury designate currently designed by Riccardo Tisci, still preserves the code set by Hubert de Givenchy acting with a palet te of non-colours, grey, black, white and beige, to better limn an uncluttered silhouette while adding the personalised touch of Riccardo which is mainly dour romantic. Together they make Givenchy one of the most appreciated brands in the world.An line up of bag collections was unveiled at recent preview of Givenchys FW 2013 collection, and among them, the HDG and Antigona devil of this seasons collections stand taller than the rest. It is fast becoming the IT bags to be seen on the arm of stars, celebrities and the likes of them. Creating a collection after iconic individuals is a way of immortalising these icons and to ensure their presence lingers with the brand for generations to come, and the HDG pays homage to the man who put Givenchy on the fashion map of the world.The Givenchy HDG Fall collection is Riccardo Tiscis perception of a French couture house creating a bag for the dynamic urban woman. It is close to class and elegance with a hint of sporty attitude that is lite to wear. All these fundamental notions are what the name Givenchy stands for. Its simple shape with unmingled lines is twisted with a chunky metal chain, adding a masculine feel. The HDG comes in a medium or small size in herringbone pattern cotton, calf flog, eel, or sea-wolf. The printed version features maison Givenchy as a reference to what was written on the labels sewn onto haute couture creations.The House of Givenchy is thrilled to be bringing back the star of Fall/Winter 2010 the Antigona collection. This collection designed by Riccardo Tisci root debuted on the runway in the Fall-Winter 2010 Ready-to-wear collection alas the disposition of the Antigona collection is timeless, the fashion house felt it is apt to reintroduce it to fashion connoisseurs in the Fall/Winter 2013 collection. Its sharp details and boxy reflexion represent Riccardo Tiscis love of the masculine and feminine contrast and with a recognizable, structured shape, this new design combines the feminine aspects of a classic capital of Massachusetts bag with masculine features.Several references are made to its military spirit such(prenominal) as a large industrial zipper or a triangle padded leather patch. Exclusively designed metal maulers and loops were developed alongside a leather shoulder strap to allow for the Givenchy woman to carry the Antigona in different ways. Inspired by Antigone, a strong female figure in Greek Mythology whose name stands for inflexible, the Antigona is a modern bag that will remain a classic in Riccardo Tiscis accessories collections for Givenchy.Some of the stars who have been spotted with this classic on their arms are Beyonce, Gwyneth Paltrow, Madonna, Zoe Saldana, Kate Moss and Demi Lovato to name a few. Overall, the Fall/Winter 2013 womens collection marries the intensity of gypsies and the romanticism of a Victorian feeling to celebrate women. Riccardo Tisci revisits the signature shapes and prints of his Givenchy record to create b old feminine silhouettes. Looking at the gypsy aesthetics borrowing mens clothes but adding femininity in cutting and mixing them with womens pieces, Riccardo Tisci creates a collection constantly playing with the feminine and the masculine.Biker jackets, bomber jackets, sweatshirts and collar-less duffle coats are paired with under-the-knee skirts and flow-y balloon-shaped dresses. Delicate flounces, lithesome ruffles and micro-pleats animate blouses, shirts and dresses. Graphic patchworks of fabrics and prints reveal elaborate techniques of construction and a secern take on textures. The sensuality of lace or silk chiffon is reworked in a mosaic-like geometry.Flower-printed flannel, rose-painted chunky tweed and paisley jacquard are paired with lumberjack checked shirts, Madonna-printed smooth and shark jaws mens prints. Embroidered tulle and chiffon display stars, large sequins and crystals. Sharp boots lay down hand-stitched stripes of multi-coloured elaphe, python, whip sn ake or eel. Chain bracelets in atomic number 46 feature an engraved medal. Carrier straps are turned into braided leather or crystal pave belts. The Fall-Winter 2013 Womens Givenchy collection is turning out to be a lust-worthy contender for your precious hard-earned salary.

The Role of Banking Sector in the Prevention of Money Laundering in Bangladesh

Chapter One Introduction 1. 0 INTRODUCTION Besides of training of frugal activities, pecuniary related crimes ar as swell increasing in twain bristleed and under certain countries. Al al close to in separately agricultural extra sub judice action of bullion has been extend & these ill-gotten property has been withal utilise on various unratified activities. currency clean demonstrate refers to culpable receipt or transfer of fund from integrity place to an unlike. This process involves non only the edgeing dust of the rustic much all over in whatsoever case non- swearing ashes.Bangladesh is moving towards an open economy with a sm entirely-magnetized sector by liberalizing the fiscal and scotch policies. However, the bills wash mechanisms ar creating problem for a landed estate corresponding Bangladesh. Bangladesh beach as the Central margin of Bangladesh Supervise all the shoreing and non-banking fiscal legal proceeding on behalf o f Bangladesh G everywherenment. specie wash process is a great obstacle to the execution of monetary polity adopted by Bangladesh bank to stable the economy of the country.To prevent funds wash, coin launder legal community bill 2002 was passed in the National Assembly of Bangladesh on 5 April 2002 and print Notification was do on 7 April 2002. And Bangladesh brink has been designated to act as the main preventive agency. coin clean has serious adverse al petty(a) forant on Economical, Political & Social condition of a country. It increases unequal dissemi soil of in get and as a result, the employment level, output level of the country, price perceptual constancy as tumesce as sparing development and growth move be hampered.So it is immediately acquired to prevent it. I believe it is a matter of great opportunity for me to study on this topic, as silver wash, is a manifestation and a facilitator of organized crime, and has attracted increasing absorb in our co untry. Due to bullion make clean process, desirable investment of the country exactlyt jointnot be done, national income declines and economical growth of the country hampers. 1. Background of bullion admit cleanThe mafia mobster Al Capone is most a lot credited with coining term funds laundering beca white plague he utilise investments in coin-operated Laundromats to disguise or wash the millions he correct from bootlegging and former(a) nonlegal enterprises during the parapet in the US-the banning of intoxicating drinks in the 20th century. It is to a fault say that the term laundering is employ beca pay off, years ago, the notes increase (in U. S. dollars) from medicate sales were actually assist with soap and water to wait nonagenarian and worn. Launderers would past go to the federal official Reserve Bank and exchange the laundered bills in for impudently bills.Along with the sassy bills came a fed receipt, which served to raise the legitimate i nauguration of the cash. The scam was last identified when mostwhatone at the Fed established that the serial verse on the bills indicated that they should not be as r be and worn as they appe bed to be. The term introductory appeargond in news stems account the Watergate s piece of assdalisation in the US in 1973 and in discriminative/legal conflict in the US in 1982. Whilst the term specie laundering was coined in the 20th century, it has been red on for several thousand years.The invoice of currency laundering is interwoven with the history of trade and of banking. In 1986, the U. S. became the offshoot country in the valet to bendize the laundering of the progeny of deplorable carcass process when it passed the U. S. notes laundering justice. The silk road which scholars say offset became a authorized link most 100 BC, ran for 12,000 kilometers and linked well-nigh of the greatest courtlyizations the world has ever seen the Chinese, Mongolian, India n, Persian, Greek, Byzantine, Mesopotamian and Egyptian transporting propers, pot, ideas, religions and notes.Chinese inventions like gunpowder and newsprint eldest travelled to atomic number 63 in this manner. Along with m either other things, Syrian jugglers and acrobats, cosmetics, silver, gold, amber, ivory, carpets, redolence and spyglass from Europe, Central Asia, Arabia and Africa traveled to the east. It lasted until the 15th century when newly notice sea routes to Asia opened up. Traditional method of moving capital evolved out front western banking became established in the division protecting early merchants on the Silk street against robbery.In ancient China it was k like a shotn as fei qian or quick coins. The system spread by misbegottens ofout the world to other Asian regions, the Indian Subcontinent, the Middle East, eastern and southern Africa, Europe and North and South the States following immigration patterns. These traditionalistic bullion transfer systems argon called as Chop, Hawala, Hundi, etc. 1970-The US intercourse enacted the Bank Secrecy serve (BSA) in October 1970 following increasing reports of mint bringing bags full of illegally obtained cash into banks for accommodate.The BSA is simply a reporting and record-keeping statute. Although willful violations of its terms are a crime it does not lamentableize bills laundering as much(prenominal). BSA requires banks cover monetary details, -report cash transactions over $ 10,000/-. Thus in 1986, the U. S. became the first country in the world to illegalise the laundering of the return of culpable practise. Thus made bullion laundering a crime in its make right, and reinforced the BSA in several respects, most importantly by prohibiting structuring. 990 The fiscal Crimes Enforcement meshwork (FinCEN) forced by the US Treasury on April 25, ab initio to counsel on the detection of fiscal crimes by providing analytical support to practice of fairness bring downment investigatings. In 1994, the agency would be given BSA regulatory responsibilities. 1992 Annunzio-Wylie bullion launder Act amended the BSA in several respects. Perhaps most important, indispensable any financial institution, and its officers, directors, employees and agents, to report any suspicious transaction relevant to a possible violation of law or regulation. The Annunzio Wylie Act, require all financial institutions to put in place, not only BSA configuration programs, but in like manner anti- silver laundering programs. At a minimum, the programs would be call for to include 1) The development of internal anti-money laundering policies, procedures and harbours 2) The designation of a respectfulness officer 3) An on-going employee training 4) An independent shadowvass functions to test the program. At first U. S. A. has taken initiative to money laundering but straightway most of the countries of the world are aware active it. 2. O rigin of the ReportThis look Paper has been prepared for the business officeial fulfillment of Masters of craft governing body (MBA) Programme. For this purpose honorable teacher and supervisor Mr. Md. Nazrul Islam, Head of the department of ancestry Administration, Shahjalal University of Science & Technology, Sylhet asked to submit a proposal. After discussing with him astir(predicate) various issues of money laundering I suck in submitted a proposal on The character of Banking Sector in the Prevention of Money Laundering in Bangladesh was submitted and then the final interrogation musical composition is prepared. 3.Objective of the Paper The objective of the look into makeup is to help the students be familiar with how the theoretical knowledge obtained in the head program nominate be applied in practice. world(a)ly look into is any problem identifying or problem solving tool. The objectives of the study are as follows 1. To understand the theoretical concepts of money laundering. 2. To show the present scenario of anti money laundering issues in Bangladesh. 3. To observe the insurance development and aid by Bangladesh Bank as a supervisor of anti money laundering activities. 4.To figure out core procedures that Bangladesh Bank adopts to supervise the anti money laundering activities. 5. To comment on the alive system and press for betterment. 1. 4 Methodology Certain methods and techniques is utilized to collect data for this research paper. This study is mainly based on verifiable as well as theoretical analysis. Collected data and information is tabulated, processed and analyze critically in post to come upon the report informative. twain primitive coil and secondary sources of data are chosen as in force(p) agent of collecting data relevant for this paper. . To prepare first part of the research paper secondary sources were utilize. Publications and database inwardly Bangladesh Bank and others commercial bank helped me t o drum data about money laundering and its prevention. Various types of circular of Bangladesh Bank get wording money laundering exist in different commercial banks. This paper as well as required study of annual report, policy related circulars, and help rules, administrative circulars and other related papers. To get to a greater extent than information, I piddle to a fault collected some books about money laundering and searched website. 2.Interview of the military unit from people within these relevant disposals was the grassroots technique to collect primary data. In globe discussion with executive connected with the planning and control whole kit and caboodle in the various levels of the Bangladesh Bank was motifed. To collect data and to analyze these in good tramp I be possessed of to be interviewed face to face with bank officials. . 5. vindication of the Research To prevent money laundering is very complex depute curiously in a country like Bangladesh where most of the citizens are illiterate and their economic bad condition inspired them to involve in illegal activities.This increases economic misery of the fuck off-nots and concentrated wealth in the pass on of 10% of the total population. The scope and scale of money laundering has increased over m and the process of addressing the problem has give-up the ghost complex beca purpose of the orbicular nature of the problem. So cooperation among the law enforcing agencies, awareness of the overall people of the country about its adverse effects, political science strictness to avoid political interferences, all these are required to prevent it, that is, unveiling of wareness against money laundering is of highest richness at the moment. After about triad months research with various money-laundering issues with Bangladesh Bank and Commercial Banks this paper is intended to fulfill course requirements of Masters of Business Administration. Bangladesh Bank, which is the authorize d Bank to monitor all the banking and non-banking financial institutional activities, so I arrive worked on it in details. Beside this I drop analyse other operational areas of the commercial bank, which bear enriched the level of my knowledge. . 6 Limitations though this report tins the in voltaic piles of Money Laundering in Bangladesh and the mechanisms by which Bangladesh Bank takes step to prevent Money Laundering, it has some limitations as well. As the activities of money laundering are illegal, all of work is going on behind the sight of general public it is unvoiced to find out the adequate & solid data. The organization on which was studied is the Central Bank of BANGLADESH, which is not a private or public bank of Bangladesh.The main limitation that face during conducting the study was lack of access to information considered confidential by employees of primal bank based on their policy and strategies. Chapter Two 2. 1 brief History of Money Laundering The maf ia mobster Al Capone is most often credited with coining term money laundering beca aim he employ investments in coin-operated Laundromats to disguise or wash the millions he made from bootlegging and other illegal enterprises during the Prohibition in the US-the banning of alcoholic drinks in the 20th century.It is also said that the term laundering is utilise beca using up, years ago, the cash proceeds (in U. S. dollars) from medicate sales were actually washed with soap and water to appear old and worn. Launderers would then go to the Federal Reserve Bank and exchange the laundered bills in for new bills. Along with the new bills came a fed receipt, which served to support the legitimate origin of the cash. The scam was finally identified when someone at the Fed in truthized that the serial numbers on the bills indicated that they should not be as old and worn as they appeared to be.The term first appeared in newspapers reporting the Watergate s smokedal in the US in 1973 and in judicial/legal contest in the US in 1982. Whilst the term money laundering was coined in the 20th century, it has been going on for several thousand years. It is said that the ab engross of Chinese merchants and others by oppressive regimes and despotic rulers led them to find slip style to disguise their wealth, including ways of moving it roughly without it beingness identified and confiscated. Money laundering in this sense was prevalent 4000 years before Christ.Many minorities in countries down the ages and around the world give way taken steps to preserve wealth from the rulers- either from blatant confiscation or from taxation and, indeed, from a combination of both, who extradite targeted them simply because of their beliefs or colour. It is happening even today. And, of course from those seeking to enforce judgments in elegant cases or to follow the money that results from other crime. The history of money laundering is interwoven with the history of trade and of banking. In 1986, the U. S. ecame the first country in the world to criminalize the laundering of the proceeds of criminal activity when it passed the U. S. money laundering law. 2. 2 The Silk Road Once domain of a functions main commercial artery The silk road which scholars say first became a real link around 100 BC, ran for 12,000 kilometers and linked some of the greatest civilizations the world has ever seen the Chinese, Mongolian, Indian, Persian, Greek, Byzantine, Mesopotamian and Egyptian transporting goods, people, ideas, religions and Money. Heading west were porcelain, furs, spices, gems and other exotic products of Asia.Chinese inventions like gunpowder and paper first traveled to Europe in this manner. Along with many other things, Syrian jugglers and acrobats, cosmetics, silver, gold, amber, ivory, carpets, perfume and glass from Europe, Central Asia, Arabia and Africa traveled to the east. It lasted until the 15th century when newly discovered sea routes to Asia o pened up. Traditional method of moving money evolved before Western banking became established in the region protecting early merchants along the Silk Road against robbery. In ancient China it was cognise as fei qian or momentary coins.The system spread byout the world to other Asian regions, the Indian Subcontinent, the Middle East, eastern and southern Africa, Europe and North and South the States following immigration patterns. These traditional money transfer systems are called as Chop, Hawala, Hundi, etc. 2. 3 History of Criminalizing Money Laundering 1970-The US sexual relation enacted the Bank Secrecy Act (BSA) in October 1970 following increasing reports of people bringing bags full of illegally obtained cash into banks for deposit. The BSA is simply a reporting and record-keeping statute.Although willful violations of its terms are a crime, it does not criminalize money laundering as such. BSA requires banks retain financial details, -report cash transactions over $ 10,000/-. 1974 although the BSA is accepted now, its constitutionality was originally challenged in the courts by elements of the banking community and some civil libertarians. BSA was challenged on a number of grounds. In California Bankers Assn . v. Shultz, 416 U. S. 21 (1974) compulsive Court rejected claims that various parts of the BSA violated constitutional rights. 986 Growth, seriousness of the problem of Money Laundering, and of widespread non-compliance with the BSA, led to the enactment of the Money Laundering Control Act of 1986. Thus in 1986, the U. S. became the first country in the world to criminalize the laundering of the proceeds of criminal activity. Thus made money laundering a crime in its own right, and strengthened the BSA in several respects, most importantly by prohibiting structuring. 1990 The fiscal Crimes Enforcement Network (FinCEN) created by the US Treasury on April 25, signly to focus on the detection of financial rimes by providing analytical s upport to law enforcement investigations. In 1994, the agency would be given BSA regulatory responsibilities. 1992 Annunzio-Wylie Money Laundering Act amended the BSA in several respects. Perhaps most important, required any financial institution, and its officers, directors, employees and agents, to report any suspicious transaction relevant to a possible violation of law or regulation. The Annunzio Wylie Act, require all financial institutions to put in place, not only BSA compliance programs, but also anti-money laundering programs. At a minimum, the programs would be required to include ) the development of internal anti-money laundering policies, procedures and controls 2) the designation of a compliance officer 3) an ongoing employee training 4) an independent audit functions to test the program. 2. 4 Why Money Laundering is done? Criminals engage in money laundering for three main reasons First, money represents the lifeblood of the organization that engages in criminal con duct for financial gain because it covers operating expenses, replenishes inventories, purchases the operate of profane officials to escape detection and encourage the interests of the illegal enterprise, and pays for an extravagant lifestyle.To spend money in these ways, criminals must make the money they derived illegally appear legitimate. Second, a trail of money from an umbrage to criminals can become incriminating state. Criminals must obscure or hide the source of their wealth or alternatively disguise ownership or control to ensure that outlawed proceeds are not employ to prosecute them. Third, the proceeds from crime often become the target of investigation and seizure. To shield ill- gotten gains from suspicion and protect them from seizure, criminals must conceal their existence or, alternatively, make them ook legitimate. 2. 5 Why we must combat Money Laundering Money laundering has potentialityly devastating economic, protection, and social con periods. Money laundering is a process vital to devising crime worthwhile. It proposes the fuel for drug write outers, smugglers, terrorists, illegal arms breeders, lead astray public officials, and others to operate and expand their criminal enterprises. This drives up the cost of government due to the need for increased law enforcement and wellness care expenditures (for example, for word of drug addicts) to combat the serious consequences that result.Crime has become more and more multinational in scope, and the financial aspects of crime arrive become more complex due to rapid advances in technology and the sphericalization of the financial services industry. Money laundering diminishes government tax revenue and so indirectly harms honest taxpayers. It also makes government tax collection more awkward. This loss of revenue generally means higher tax evaluate than would normally be the case if the untaxed proceeds of crime were legitimate. We also pay more taxes for public works expenditures inflated by corruption.And those of us who pay taxes pay more because of those who evade taxes. So we all cognize higher costs of living than we would if financial crimeincluding money launderingwere prevented. Money laundering distorts asset and commodity prices and bakshishs to misallocation of resources. For financial institutions it can lead to an unstable liability base and to unsound asset structures thitherby creating take a chances of monetary instability and even systemic crises. The loss of credibility and investor government agency that such crises can bring has the potential of destabilizing financial systems, peculiarly in little economies.One of the most serious microeconomic effects of money laundering is entangle in the private sector. Money launderers often use front companies, which co-mingle the proceeds of unlawful activity with legitimate funds, to hide the ill-gotten gains. These front companies have access to substantial illicit funds, ab andoning them to subsidize front company products and services at levels well below market rates. This makes it difficult, if not impossible, for legitimate disdain to compete against front companies with subsidized funding, a situation that can result in the crowding out of private sector line of work by criminal organizations.No one knows exactly how much dirty money flows finished the worlds financial system every year, but the amounts involved are undoubtedly huge. The International Money Fund has estimated that the order of magnitude of money laundering is among 2 and 5 percent of world gross domestic product, or at least USD 800 billion to USD1. 5 trillion. In some countries, these illicit proceeds dwarf government budgets, resulting in a loss of control of economic policy by governments. Indeed, in some cases, the sheer magnitude of the accumulated asset base of laundered proceeds can be utilise to corner markets or even small economies.Among its other negative socioec onomic effects, money laundering transfers economic office from the market, government, and citizens to criminals. Furthermore, the sheer magnitude of the economic power that accrues to criminals from money laundering has a corrupting effect on all elements of society. The social and political costs of laundered money are also serious as laundered money may be utilize to corrupt national institutions. Bribing of officials and governments undermines the moral fabric in society, and, by fractureing bodied ethical standards, corrupts our democratic institutions.When money laundering goes unchecked, it encourages the underlying criminal activity from which such money is generated. Nations cannot afford to have their reputations and financial institutions tarnished by an experience with money laundering, especially in todays global economy. Money laundering erodes assurance in financial institutions and the underlying criminal activity fraud, counterfeiting, narcotics traffi cking, and corruption weaken the reputation and standing(a) of any financial institution. action mechanisms by banks to prevent money laundering are not only a regulatory requirement, but also an act of self- interest.A bank tainted by money laundering accusations from regulators, law enforcement agencies, or the press risk possible prosecution, the loss of their good market reputation, and damaging the reputation of the country. It is very difficult and requires fundamental resources to renew a problem that could be prevented with proper anti-money-laundering controls. It is generally recognized that effective efforts to combat money laundering cannot be carried out without the co-operation of financial institutions, their supervisory authorities and the law enforcement agencies.Accordingly, in order to address the concerns and obligations of these three parties, these guidance Notes were drawn up. 2. 6 Techniques in Money Laundering There are diversified method of money laun dering which be adrifts from the purchase and resale of a highlife item (e. g. a house, car, or jewelry) to passing money through a complex web of legitimate backinges and shall companies (i. e. those companies that primarily exist only as named legal entities without any trading short letter activities). Basically 3 stages, which may comprise numerous transactions by the launderers-Placementthe physical presidential term of the sign proceeds (derived from illegal activity). 1. Breaking up of life-sized amounts of cash into small amounts. 2. Depositing the cash in bank and subsequently transferring the like amount from one bank to some other, preferably, in abroad. 3. Exchanging into a foreign specie and subsequently mutation into local currency. 4. Cash purchase of single bountifulness indemnity policy or other investment. 5. Cash purchase of costly items like jewelry, diamond, car, aircraft, and boats etc as an alternatives to cash. 6.Injecting the cash in origin like hotels, restaurants, bars, casinos, bookmakers, travel agency, taxi securely etc. which handle considerable cash in day-to-day operation. Layeringcreation of complex layers of financial transactions for disguising the audit trail and provide privateness. 1. procure & sale of securities and commodities via brokers. 2. Conversion into monetary instruments like BCD, TC, BONDs. 3. Electronic funds transfer-very frequently. 4. reservation deposit in outstation bank branches or oversea banking system. 5. change & purchase of material assets between some fictitious persons/associates.Integration the laundered proceeds are set back into the economy in such a way that they re-enter the financial system appearing as normal business funds/legal money. Identification of illicit source becomes next to impossible. 1. untruth (over/under invoicing) of invoicing/export. 2. Deployment of fund in shell company and recoup the as legitimate profit. 3. taking aid of corrupt bank employees a nd obtaining bank bring by depositing illicit money as security. 4. False loanword repayment. 5. Taking aid of E-cash, which enables to move vast amount of money instantly with fair(a) a few keystrokes. . 7 Moving Money Abroad original purposes-are for moving money abroad (1) to invest, (2) to speculate, (3) to lend, (4) to neat trading/personal obligations and (5) to safety device assets against theft or seizure by repressive regimes. But a criminal moves money abroad for- (1) Dealing in arms & ammunition, (2) medicate trafficking, (3) financial backing terrorist activities, (4) Evasion of exchange regulations/control, (5) Evasion of taxation, (6) Disguise or suppress proceeds of threat/fraud/bribe, (7) Making blackmail payments and (8) Paying redeem for kidnappers.The banking system remains one of the most important avenues for money launderers. The use of bearer certificate of deposit, bank drafts, wire transfers to transmit funds internationally and establishment of loa n back scheme are commonly utilize as banking instruments around the world. New methods are constantly being used to avoid detection. These may include simple measures as Smurfing or Structuring that is making numerous small deposits which would fall below a suspicious cash transaction report, using relatives, third party or false name on accounts or more sophisticated measures such as use of shell companies.A recent study by FATF found increasing use of non-bank financial institutions (Money Changers, remittance business etc. ) to provide services good-natured to launderers since these institutions are subject to fewer regulatory requirements than banks. Because of increasing profit from the drug trafficking and other criminal enterprises, money launderers are adopting new techniques, employing specialize expertise who can provide sophisticated methods of laundering and various other financial services.Techniques used include false invoicing (over- invoicing, under- invoicing) , commingling of legal and illegal money, the use of bank loan arrangements (whereby the launderer transfers proceeds to another country and use them as security for a bank loan, which is sent back to original country) and layers of transactions through off-shore shell companies. In addition, a significant amount of illegal proceeds has been invested in real estate. However, because of the introduction of anti-money laundering counter measures in different countries, money launderers constantly seek new ways to circumvent regulation.Methods that work tend to be replicated in different locations or may be used with some modifications. 2. 7. 1 Underground Banking (Alternative Remittance System) There has also of under ground or alternative banking system commonly cognize as Hawala or Hundi in the sub-continent. This system works without a paper trail. A Hawala bankers issue neither a written receipt for the substance received nor an order for payment. What he does, make a firm lit eral commitment to the seller of dollars to make an equivalent taka payment at the concord rate of exchange, through his agent in the particular country.Then he sends a coded message to his agent containing the designated recipients name and time, date and address for the payment. Why people resort to underground banking a. Socio-economic & political reasons b. Higher returns c. Anonymity d. No ready(prenominal) banking channel e . Avoidance of local taxes f. Illiteracy/Semi-literacy Advantages of Hundi/Hawala a. No paper trail b. No bureaucracy c. Cost effective d. No body is the loser and e. No holiday-very fast delivery pic Figure 1. Basic sequence of dialogue and payment in an alternative remittanceThe Chinese have a similar system known as fie chien or flying money. This system, sometimes known as Chit system involved depositing money in one country in exchange for chit or a chop (i. e. a seal) and remittance of this money in another country on presentation of the chit. It i s fast and convenient, does not involve the transportation of bank cash, leaves little trail for investigators, has virtue of anonymity and the costs are somewhat low. The main negative consequence of money laundering can have on the financial system.A large-scale money laundering operation may put at the risk of smaller nations financial system through loss of credibility and investors confidence. The victims of the banks malpractice were the depositors and the government in developing countries. 2. 7. 2 Electronic Money Laundering Criminals are always looking for a new type of detergent which allows for cleaner laundry (Bortner, 1996). They have been quick to exploit each new method of financial transfer. In the 1980s and 1990s wire transfers became a popular method for moving money in both the legal and illegal sectors.By 2000 we may see the same situation with e-money. The abuse of e-money by money launderers may become a significant problem in the future because e-money syste ms will be attractive to money launderers for two reasons 1. minutes may become untraceable and 2. Transactions are incredibly mobile. Untraceability E-money systems may provide Organized Crime with untraceable, mobile wealth. The use of e-money systems will mean fewer face-to-face financial transactions.The anonymity of e-money will make perspicacious your customer much more difficult. E-money systems also allow the parties to the transaction to deal with each other directly, without the aid of a regulated financial institution. Thus, in that location may not be a traditional audit trail. Mobility Hypothetically, e-money could come from anywhere in the world, and be sent anywhere in the world. Thus, e-money systems may offer instantaneous transfer of funds over a vane that, in effect, is not subject to any jurisdictional restrictions.The problem may be illustrated by separating the process of money laundering into three basic steps arrangement, layering and consolidation and then comparing traditional money laundering systems with cyber-systems. The first step in money laundering is the physical disposal of cash. Traditionally, placement talent be accomplished by depositing the cash in domestic banks or other kinds of financial institutions. Or the cash might be smuggled crosswise borders for deposit in foreign accounts, or used to buy high-value goods, such as artwork, airplanes, or precious metals and gems, that can then be resold with payment by cheque or bank transfer.With e-money laundering, cash may be deposited into an unregulated financial institution. Placement may be well achieved using a smart card or personal electronic computer to buy foreign currency, goods, etc. Powerful encoding may be used to guarantee the anonymity of e-money transactions. The second step, layering, involves workings through complex layers of financial transactions to distance the illicit proceeds from their source and disguise the audit trail. This phase trad itionally involves such transactions as the wire transfer of deposited cash, the conversion of deposited cash into monetary instruments (e. . , bonds, inventorys, travelers cheques), the resale of high-value goods and monetary instruments, and investment in real estate and legitimate businesses, particularly in the leisure and tourism industries. Shell companies, typically registered in offshore havens, are a popular device in the traditional layering phase. These companies, whose directors are often local attorneys acting as nominees, protect the identity of the real owners. These owners also benefit from restrictive bank secrecy laws and attorney-client privilege In an electronic-money system, layering can be done through a personal computer.There is usually no audit trail. In addition, e-money systems allow for instantaneous transfer of funds over a system that, in effect, has no borders. The last step is to make the wealth derived from crime appear legitimate. Traditionally, in tegration might involve any number of techniques, including using front companies to lend the money back to the owner or using funds on deposit in foreign financial institutions as security for domestic loans. Another common technique is over-invoicing, or producing false invoices for goods sold or supposedly sold across borders.In e-money laundering the criminal may be able to achieve integration by using a personal computer to pay for investments or to buy an asset, without having to call on the services of an intermediary financial institution. In short, the temptation of electronic forms of money for the criminal may be the potential for untraceable, mobile wealth. 2. 8 Vulnerability of the Financial System to Money Laundering Money laundering is often thought to be associated solely with banks and moneychangers. either financial institutions, both banks and non-banks, are tractable to money laundering activities.Whilst the traditional banking processes of deposit taking, mo ney transfer systems and lending do offer a vital laundering mechanism, particularly in the initial conversion from cash, it should be recognized that products and services offered by other types of financial and non-financial sector businesses are also attractive to the launderer. The sophisticated launderer often involves many other unlearned accomplices such as currency exchange houses, stock brokerage houses ,gold dealers, real estate dealers, insurance companies, trading companies and others selling high value commodities and prodigality goods.Certain points of vulnerability have been identified in the laundering process, which the money launderer finds difficult to avoid, and where his activities are accordingly more susceptible to being recognized. These are portal of cash into the financial system cross-border flows of cash and Transfers within and from the financial system. Financial institutions should consider the money laundering risks posed by the products and se rvices they offer, particularly where in that respect is no face-to-face contact with the customer, and devise their procedures with due regard to that risk.Although it may not appear obvious that the products might be used for money laundering purposes, vigilance is necessary throughout the financial system to ensure that weaknesses cannot be exploited. Banks and other Financial Institutions conducting relevant financial business in liquefiable products are clearly most vulnerable to use by money launderers, particularly where they are of high value. The fluidity of some products may attract money launderers since it allows them apace and easily to move their money from one product to another, mixing rule-governed and illicit proceeds and integrate them into the legitimate economy.All banks and non-banking financial institutions, as providers of a wide range of money transmission and lending services, are vulnerable to being used in the layering and integration stages of money laundering as well as the placement stage. Electronic funds transfer systems increase the vulnerability by change the cash deposits to be switched rapidly between accounts in different label and different jurisdictions. However, in addition, banks and non-banking financial institutions, as providers of a wide range of services, are vulnerable to being used in the layering and integration stages.Other loan accounts may be used as part of this process to create complex layers of transactions. Some banks and non-banking financial institutions may additionally be susceptible to the attention of the more sophisticated criminal organizations and their professional money launderers. such(prenominal) organizations, possibly under the disguise of front companies and nominees, may create large scale but false international trading activities in order to move their illicit monies from one country to another.They may create the phantasm of international trade using false/inflated invoices to generate evidently legitimate international wire transfers, and may use falsified/bogus garner of credit to confuse the trail save. Many of the front companies may even approach their bankers for credit to fund the business activity. Banks and non-banking financial institutions offering international trade services should be on their guard for laundering by these means.Investment and merchant banking businesses are less likely than banks and moneychangers to be at risk during the initial placement stage. Investment and merchant banking businesses are more likely to find them being used at the layering and integration stages of money laundering. The liquidity of many investment products particularly attracts sophisticated money laundering since it allows them quickly and easily to move their money from one product to another, mixing lawful and illicit proceeds and integrating them into the legitimate economy.Although it may not appear obvious that insurance and retail investment products might be used for money laundering purposes, vigilance is necessary throughout the financial system to ensure that non traditional banking products and services are not exploited. Intermediaries and product providers who deal direct with the public may be used at the initial placement stage of money laundering, particularly if they receive cash. Premiums on insurance policies may be paid in cash, with the policy subsequently being cancelled in order to obtain a return of premium (e. . by cheque), or an insured event may occur resulting in a claim being paid out. Retail investment products are, however, more likely to be used at the layering and integration stages. The liquidity of a mutual funds may attract money launderers since it allows them quickly and easily to move their money from one product to another, mixing lawful and illicit proceeds and integrating them into the legitimate economy. Lump sum investments in liquid products are clearly most vulnerable to use by mo ney launderers, particularly where they are of high value.Payment in cash should merit further investigation, particularly where it cannot be supported by evidence of a cash-based business as the source of funds Insurance and investment product providers and intermediaries should therefore keep transaction records that are comprehensive enough to establish an audit trail. Such records can also provide useful information on the people and organizations involved in laundering schemes. Corporate vehicles trust structures and nominees are firm favorites with money launderers as a method of layering their proceeds. Providers of these services can find themselves much in demand from criminals.The facility with which currency exchanges can be effected through a bureau is of particular draw play especially when such changes are effected in favor of a cheque or gold bullion. 2. 9 Money Laundering-Bangladesh Scenario Bangladesh is neither a drug producing nor a major consumer country for dr ugs. However, our countrys law of proximity to Golden Triangle in the East and Golden crescent in the West rendered her vulnerable to drug trafficking and drug related problems. In Bangladesh, no drug cartel, drug syndicate or organized groups of drug dealers have been intercepted till to day.At present, phensedyl, heroin and cannabis rank first, second and third in order of prevalence in the country. The influence of the drug money is not yet felt to pose a major concern for us. However, Money laundering is no less then significant in our economy. Both black money and dirty money are being laundered in various ways as under 1. Conversion of local currency into foreign currency from black market. Smuggle it out of the country and deposit it to any foreign bank 2. The use of hundi to send money overseas 3. The use of bearer instruments (drafts, cheques, stock certificate etc) 4.Operating business enterprises, which hardly makes profits, but shows large profits and pays taxes to cove r and legalize their dirty money 5. The use of third party or false name accounts at financial institutions 6. The purchase of items of value (such as luxury goods, gold, vehicles real estate) 7. Create investment companies in which fictitious persons deposit money invest in shares, stock and bonds 8. Financing the political groups by other country 9. Excess rapacity 10. No proper way to determine the amount of income on assets 11.Dishonesty of customs duty, falsifying and government employee 12. Problems of illegal immigrant 13. Lack of co-operation from the Bangladesh embassy with Bangladeshi people living in the foreign country 14. Lack of co-operation from the foreign branches of banks and foreign exchange organization with Bangladeshi people living in the foreign country 15. bureaucratic complexity & extra payment 16. Lack of providing temporary debt privilege 17. smuggle 18. Under invoicing 19. Transfer pricing & over invoicing 20. Illegal transaction of capital of the Uni ted States 21. Terrorist financing 22.Lack of potential political figure 23. Demonstration. 1. Money Laundering effect on Society 1. Laundered money may be used to corrupt national institutions. Bribing of officials and governments undermines the moral fabric in society, and by weakening incorporated ethical standards, corrupts our democratic institutions. 2. Money laundering erodes confidence in financial institutions and the underlying criminal activityfraud, counterfeiting, narcotics, trafficking, and corruptionweaken the reputation and standing of any financial institution. 3. Governments need to increase health care expenditures e. . treatment of drug addicts, treatment of victims of violence, etc. 2. 9. 2 Economic Effects of Money Laundering Because crime, underground activity, and money laundering take place on a large scale, macroeconomic policymakers must take them into account. But, because these activities are hard to measure, they distort economic data and complicate g overnments efforts to manage economic policy. In addition, the ability to identify statistically the country and currency of issuance and the compliance of deposit holders key in understanding monetary behavior.To the extent that money demand appears to shift from one country to another because of money laundering-resulting in misleading monetary datait will have adverse consequences for interest and exchange rate volatility, particularly in dollarized economies, as the tracking of monetary aggregates becomes more uncertain. The income distribution effects of money laundering must also be considered. To the extent that the underlying criminal activity redirects income from high savers to low savers or from sound investments to risky, low-quality investments, economic growth will suffer.For example, there is evidence that funds from tax outflow in the United States tend to be channeled into riskier but higher-yielding investments in the small business sector, and also that tax evas ion is particularly prevalent in this sector. Fraud, embezzlement, and insider trading seem likely also to be more prevalent in rapidly growing and remunerative businesses and markets, because thats where the money is. Money laundering also has indirect macroeconomic effects. Illegal transactions can discourage legal ones by contamination.For example, some transactions involving foreign participants, although perfectly legal, are reported to have become less desirable because of an association with money laundering. More generally, confidence in markets and in the efficiency-signaling role of profits is eroded by widespread insider trading, fraud, and embezzlement. And, money that is laundered for reasons other than tax evasion also tends to evade taxes, compounding economic distortions. Moreover, contempt for the law is contaminating run shorting one law makes it easier to break others.Accumulated balances of laundered assets are likely to be larger than annual flows, increasing the potential for destabilizing, economically inefficient movements, either across borders or domestically. These balances could be used to corner marketsor even small economies. The above effects are to some extent speculative however, the Quick study (1996) also conducted empirical tests on the relationship between GDP growth and money laundering in 18 industrial countries for the first time.It found evidence that significant reductions in annual GDP growth rates were associated with increases in the laundering of criminal proceeds in the period 1983-90. 2. 9. 3 How money is laundered in regional basis in Bangladesh. It has found by the research squad from both the different secondary & primary sources that, there are regional trends of money laundering in our country. Such as- In Sylhet region there are a lot of people lived in foreign countries. So there are great chances of illegal money transfer in this region i. e. hundi or hawala.This system works without a paper trail. A h awala banker issues neither a written receipt for the sum received nor an order for payment. What he does, make a firm verbal commitment to the seller of dollars to make an equivalent taka payment at the agreed rate of exchange, through his agent in Sylhet region. Then, he sends a coded message, to his agent containing the designated recipients name and time date and address for the payment. As well as chance of gold smuggling in this region from foreign lived people and their local relatives.In Chittagong region there are a lot of cases of drug smugglings and arm smugglings occurring in front of the eye of different law enforcing agencies. In Khulna region there are many incidents of forest materials & other goods of laundering. In Comilla region a lot of suger, sharies, and fensdils are smuggled every year in our country. In the Rajshahi region the occurrence of cattle smuggling are very common, and it has a network to supply cattle all over the country especially in the season of Eid . How money is laundered Smurfing involves the use of multiple cash deposits, each smaller than the minimum cash-reporting requirement. Misinvoicing of exports and falsification of import letters of credit and customs declarations can conceal cross-border transfers of, say, the proceeds of drug trafficking. Barter stolen property (e. g. , antiques or automobiles) can be exchanged, across national borders or domestically, for illegal substances. double credit transactions can be used to avoid the formal economy, except for the final use made of the net proceeds of illegal activity to purchase legally marketed goods or services. Interbank wire transfers may not be subject to reporting on money laundering transplant of bank officials can thus make it easier to conceal large illegal transfers between accounts. Derivatives that replicate insider trading opportunities (e. g. , a synthetic version of a company stock subject to merger or takeover) can be used to avoid detection o f an unusual change in a listed stock price. 2. 11 International Anti-Money Laundering Initiatives Money laundering has become a global problem as a result of the multitude of several remarkable changes in world markets (i. . , the globalization of markets). The growth in international trade, the expansion of the global financial system, the lowering of barriers to international travel, and the heap in the internationalization of organized crime have combined to provide the source, opportunity, and means for converting illegal proceeds into what appears to be legitimate funds. In 1986, the U. S. became the first country in the world to criminalize the laundering of the proceeds of criminal activity with the enactment of the Money Laundering Control Act of 1986.Since enacting the law, the U. S. Congress has increased its coverage, reach and scope, making it the broadest, strongest and most far-reaching money laundering law in the world. The U. S. law is a weapon of enormous breadth and power wielded by U. S. prosecutors in that country. Those convicted under the law face a maximal prison term of 20 years and a fine of $500,000 per violation. A legal entity such as a bank or business that is convicted under the law faces fines and forfeitures.In addition, a bank that is convicted of money laundering can lose its charter and federal deposit insurance. Persons and entities also face civil money penalties. Concerted efforts by governments to fight money laundering have been going on for the past fifteen years. The main international agreements addressing money laundering are the 1988 United Nations Vienna Convention against Illicit occupation in Narcotic Drugs and Psychotropic Substances (the Vienna Convention) and the 1990 Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime.And the role of financial institutions in preventing and spotting money laundering has been the subject of pronouncements by the Basle Com mittee on Banking Supervision, the European Union, and the International Organization of Securities Commissions. The Vienna Convention, adopted in December 1988, rigid the groundwork for efforts tocombat money laundering by creating an obligation for signatory states (including Bangladesh) to criminalize the laundering of money from drug trafficking.It promotes international cooperation in investigations and makes extradition between signatory states applicable to money laundering. It also establishes the principle that domestic bank secrecy provisions should not interfere with international criminal investigations. During the past cardinal years there have been a number of resolutions passed by the ICPOInterpol General Assembly, which have called on member countries to concentrate their investigative resources in identifying, analyze and seizing the assets of criminal enterprises.These resolutions have also called on member countries to increase the exchange of information in th is field and encourage governments to adopt laws and regulations that would allow access, by police, to financial records of criminal organizations and the confiscation of proceeds gained by criminal activity. In December 1988, the G-10s Basle Committee on Banking Supervision issued a financial statement of principles with which the international banks of member states are expected to comply.These principles cover identifying customers, avoiding suspicious transactions, and cooperating with law enforcement agencies. In issuing these principles, the committee noted the risk to public confidence in banks, and thus to their stability, that can arise if they inadvertently become associated with money laundering. Over the past few years, the Basle Committee has moved more precipitously to promote sound supervisory standards worldwide.In close collaboration with many non-G-10 supervisory authorities, the Committee in 1997 developed a set of Core Principles for sound Banking Supervision. Many important guidelines issued by Basle Committee for worldwide performance for all banks among which, Prevention of the Criminal Use of the Banking System for the Purpose of Money Laundering, December 1988 Customer Due Diligence for Banks, October 2001Sound Practices for the solicitude and Supervision of Operational Risk , February 2003 Shell banks and booking offices , January 2003 relate to money laundering controls.In 1989, the G-7 countries recognized that money laundering had become a global problem, not least due to the increase in drug trafficking. The G-7 tallness in Paris in 1989 took a great step frontwards in combating international money laundering with the creation of the Financial Action Task impression (FATF) to develop a coordinated international result to mounting concern over money laundering. One of the first tasks of the FATF was to develop steps national governments should take to implement effective anti-money laundering programs.The experts within FA TF came up with a list of 40 Recommendations, built on the firm foundations of the 1988 UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances and the literary argument of Principles of the Basle Committee on Banking Regulations. The FATF 40 Recommendations set out the basic good example on what countries need to do in terms of laws, regulations and enforcement to combat money laundering effectively and were designed with universal application in mind.Over time, they have been revised to reflect new developments in money laundering and experience. The 40 Recommendations have now become the global blueprint in anti- money laundering best practice and set the international standards for money laundering controls. Setting those standards meant that all participating governments committed to moving in the same direction at the same pace, a requirement for success. Through FATFs peer-review process, the participants have pushed each other into implementin g the standards.Even the IMF regards the anti-money laundering actions advocated by the FATF as crucial for the down functioning of financial markets. In joining FATF, every member nation makes a political commitment to adopt the recommendations and allows itself to be evaluated by the other member nations on whether it has fulfilled that commitment. Today FATF has grown to an organization of cardinal member countries and has representatives from the Gulf Cooperation Council and the European Commission.Participants include representatives from members financial regulatory authorities, law enforcement agencies, and ministries of finance, justice, and external affairs. Representatives of international and regional organizations concerned with combating money laundering also attend FATF meetings as observers. This top-down, cooperative approach has been greatly successful in encouraging FATF member nations to improve their money laundering regimes. With expanded membership, FATF has now achieved agreement on money laundering standards and implementation among 31 governments.More than that, FATF has back up development of regional groups to adhere to the same standards. By the last count, about 130 jurisdictions representing about 85 percent of world population and about 90 to 95 percent of global economic output have made political commitments to implementing The Forty Recommendations. Another, more controversial initiative that FATF has developed to enhance international cooperation is publication of a list of non-cooperative countries and territories (NCCT) jurisdictions that lack a commitment to fight money laundering.Following the June 2000 publication of the first such list, a number of the 15 NCCT jurisdictions have acted quickly to implement FATF standards. . Other UN initiatives, such as the 2000 UN Convention against Transnational Organized Crime, have assisted in complementing the work undertaken by the FATF. However, it was the FATFs exercise on Non-Cooperating Countries and Territories which brought about a sea change in thinking at the highest political levels.The exercise, which identifies and evaluates the legal, judicial and regulatory framework of countries whose regulatory systems do not appear to meet international standards, has been a success, despite its unpopularity in many quarters. 1. 8. 16. After 11 September 2001, the tragedy in New York highlighted to all civilized nations the need to look at the finances of terrorists and the methods used to transfer funds around the11 world. The FATF expanded its mission beyond money laundering and agreed to focus its expertise on the worldwide effort to combat terrorist financing.The FATF, at its cap meeting in October 2001, came up with 8 Special Recommendations to tackle this threat. Terrorists use similar systems to money launderers and the 8 Special Recommendations complement the 40 existing Recommendations. The United Kingdom was one of the first countries in the world to have signed and ratified the UN International Convention on the Suppression of the Financing of Terrorists through the Terrorism Act 2000. In fact the UK was unique in meeting the requirements of all 8 FATF Special Recommendations immediately.Several regional or international bodies such as the APG (Asia/Pacific assort on Money Laundering), CFATF (Caribbean Financial Action Task Force), the ESAAMLG (Eastern and Southern Africa Anti-Money Laundering Group), GAFISUD (Financial Action Task Force for South America), the MONEYVAL Committee of the Council of Europe (the Select Committee of experts on the rating of anti-money laundering measures) and the OGBS (Offshore Group of Banking Supervisors), either exclusively or as part of their work, perform similar tasks for their members as the FATF does for its own membership.Bangladesh is a member of APG. This co-operation forms a critical part of the FATFs strategy to ensure that all countries in the world implement effective coun ter-measures against money laundering. Thus the APG, the CFATF, GAFISUD, the MONEYVAL Committee and OGBS keep back out mutual evaluations for their members, which assess the progress they have made in implementing the necessary anti-money laundering measures. In the same vein, APG, CFATF and the MONEYVAL also review regional money laundering trends.During the past decade, a number of countries have created specialized government agencies as part of their systems for dealing with the problem of money laundering. These entities are commonly referred to as Financial Intelligence Units or FIUs. These units increasingly serve as the focal point for national anti- money laundering programs because they provide the possibility of rapidly exchanging information (between financial institutions and law enforcement / prosecutorial authorities, as well as between jurisdictions), while protecting the interests of the innocent individuals contained in their data.Since 1995, another forum for int ernational cooperation has developed among a number of national financial intelligence units (FIUs), who began working together in an informal organization known as the Egmont Group (named for the location of the first meeting in the Egmont-Arenberg castle in Brussels). The goal of the group is to provide a forum for FIUs to improve support to their respective national anti-money laundering programs.This support includes expanding and systematizing the exchange of financial intelligence, improving expertise and capabilities of the personnel of such organizations, and fostering better communication among FIUs through the application of new technologies. The Egmont Secretariat, currently hosted by the UK, is the ideal vehicle for FIUs from various countries to talk to one another once they reach the required standard. Financial Crimes Enforcement Network (FinCEN), the U. S. inancial intelligence unit led by the Department of the Treasury, provides training and skilful assistance to a broad spectrum of foreign government officials, financial regulators, law enforcement personnel, 12 and bankers. This training covers a variety of topics, including money laundering typologies, the creation and operation of FIUs, the establishment of comprehensive anti-money laundering regimes, computer systems architecture and operations, and country-specific antimoney- laundering regimes and regulations.FinCEN also works closely with the informal Egmont Group of more than 50 FIUs to assist various jurisdictions in establishing and operating their own FIUs. Additionally, FinCEN has provided FIU and money laundering briefings and training in many jurisdictions, including Argentina, Armenia, Australia, the Bahamas, Brazil, Canada, China, Costa Rica, Dominican Republic, El Salvador, Germany, Greece, Hong Kong, India, Indonesia, Isle of Man, Jamaica, Jersey, Kazakhstan, Lebanon, Italy, Liechtenstein, Nauru, Nigeria, Netherlands, Palau, Paraguay, Russia, Seychelles, South Africa, Swi tzerland, St.Vincent and the Grenadines, Taiwan, Tanzania, Thailand, Tonga, and the United Kingdom. FinCEN has also conducted personnel exchanges with the Korean and Belgian FIUs. The U. S. Department of States Bureau for International Narcotics and Law Enforcement Affairs (INL) develops assistance programs to combat global money laundering. INL participates in and supports international anti-money- laundering bodies and provides policy recommendations regarding international money laundering activities.The U. S. State Department has developed a programmatic approach to assist jurisdictions in developing anti-money-laundering regimes to protect their economies and governments from abuse by financial criminals and stem the growth of international money laundering. This approach integrates training, technical assistance, and money laundering assessments on specific money laundering problems or deficiencies to achieve concrete, operational, institution-bui