This paper tells that forensic accounting is not a new field. In fact, forensic accountants have been aiding the authority, legal institutions and courts in providing their expertise since the 19th century. Investigative organizations like…
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The case R v Ferguson; R v Sadler, R v Cox of the three police officers Cox, Sadler, and Ferguson is one such case. Being in the drug squad, have made it easy for these officers to illegally sell drugs through street dealers who they have caught on the pretext that they were carrying out strategic investigations. In reality, the squad members were benefitting from the drug dealers through cash income, and the only way to justify their benefits was to check on their accounts. This was why the expertise of a forensic accountant, Curtin was necessary.
Although evidence of assumed expert opinions is not admissible in a court of law, in this case, the Court made an exception to accountant Curtins opinions based on the logic that if a person's financial statements were to be produced in court then an expert in the area must be produced to analyze it. However, the expert, the forensic accountant, should merely explain the evidence (which the jury could have interpreted themselves had they the training to do so) but should not influence the jury of its contents. This was why the accountant's evidence became admissible.
The court of appeal also allowed the evidence admissible if Curtin explained the process of arriving at the conclusions. Curtin has used standard accountants methodology as set by the Statement of Forensic Accounting Standards - APS 11. This Standard provides clear guidelines to its members how to seek and utilize financial data and present it incomprehensible manner. Two of the important requirements is that the accountant can only make assumptions about the past or future events or amounts in the absence of the amount. His assumptions should be reasonable under circumstances, and they were suitably qualified and disclosed.
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78). These monies needed a way in which they were going to be presented as legitimate in order to avoid speculation from the government. The most common way that they made their money look legitimate was from the purchase of outwardly legitimate businesses that dealt in cash.
[Your full name] [Instructor’s name] [Course name and code] December 8, 2011 Money Laundering Introduction According to the Article 1 of the 1990 European Communities (EC) Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (Council of Europe), the term money laundering is defined as: The conversion or transfer of property, knowing that such property is derived from serious crime, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in committing such an offence or offences to evade the legal consequences of his action, and the concealment or disguise of the true nature, source, location,
Thus, it involves “turning dirty money into clean money”, “washing drug money”, and “disguising criminal money”. The concept of money laundering has evolved over the years and hence money legitimately earned but not disclosed through above means for avoidance purposes involves money laundering.
Money laundering is the result of various illegal activities. For example, across the US-Mexico border the drug trafficking business and illegal cash transfers from the US to Mexico is estimated at somewhere between $19 and $29 each year. It is difficult and cumbersome to understand how and in what way this cash is collected and delivered.
Money laundering needs to be understood by all those involved in the financial system.
Money laundering is defined as a process which a criminal engages in a series of financial transactions that attempt to hide the origin and ownership of property obtained by illegal acts in an attempt to increase assets under the disguise of legal sources.
The 1990 convention was modeled on the forum of FATF developed by the G-7 countries, but over the years with increasing developments in the tools for fighting money laundering the convention has become increasingly inadequate.
The need for rectification has forced the member states into revisiting the convention and drawing up a protocol that would adapt the effective features of the 1990 convention combined with recent developments in line with current requirements of sophisticated technology and vulnerability of the non financial sector against money laundering.
Criminals and terrorist organisations have a need for hiding funds acquired illegally through morally repugnant means and terrorist organisations need to launder money to hide their sources of finance to ensure that their operatives receive funding without raising
This crime is committed by the drug dealers, Big business men, Politicians, Illegal sales of arms, smuggling, corrupt officials, Mafia and private individuals and even states. This whole concept is basically the conversion of black money
It is funny how such is thought of since philosophy is really about life and existence.
Kit Fine believes that philosophy is itself a huge paradox. Philosophy seeks to find truth, but is sometimes lost in wonder on its path. More importantly,
The coverage of the predicate offense of money laundering in many countries such as United States has been expanded to include all crimes, which seek to launder criminal proceeds. Money laundering comprises of the following undertakings:
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