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Politically Exposed Person
In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The terms "politically exposed person" and senior foreign political figure are often used interchangeably, particularly in international forums. Definition by the Financial Action Task Force on Money Laundering While there is no global definition of a PEP, most countries have based their definition on the 2003 Financial Action Task Force on Money Laundering (FATF) standard, as for example the Swiss financial market regulator in 2011, which quoted it as "the international standard" or the Australian government in 2015. FATF is an international inter-governmental body, founded in 1989 on the initiative of the G7 and hosted by the OECD, to set standards and promote implementing measures against money lau ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in financial regulation. The first recorded ban (regulation) on short selling was enacted by the Dutch authorities as early as 1610. Aims of regulation The objectives of financial regulators are usually: * market confidence – to maintain confidence in the financial system * financial stability – contributing to the protection a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrutiny
Scrutiny (French: ''scrutin''; Late Latin: ''scrutinium''; from ''scrutari'', meaning "those who search through piles of rubbish in the hope of finding something of value" and originally from the Latin "scruta," meaning "broken things, rags, or rubbish.") is a careful examination or inquiry (often implying the search for a likely mistake or failure). In Roman times, the "scrutari" of cities and towns were those who laboriously searched for valuables amidst the waste and cast-offs of others. The modern English "scrutiny" is derived from this root, indicating a careful examination or inquiry (often implying the search for a hidden mistake, misstatement, or incongruity). The word is specifically applied in the early Roman Catholic Church to the examination of the catechumens or those under instruction in the faith. They were taught the creed and the Lord's Prayer, examined therein, and exorcized prior to baptism. The days of scrutiny varied at different periods from three to se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Media
Social media are interactive media technologies that facilitate the creation and sharing of information, ideas, interests, and other forms of expression through virtual communities and networks. While challenges to the definition of ''social media'' arise due to the variety of stand-alone and built-in social media services currently available, there are some common features: # Social media are interactive Web 2.0 Internet-based applications. # User-generated content—such as text posts or comments, digital photos or videos, and data generated through all online interactions—is the lifeblood of social media. # Users create service-specific profiles for the website or app that are designed and maintained by the social media organization. # Social media helps the development of online social networks by connecting a user's profile with those of other individuals or groups. The term ''social'' in regard to media suggests that platforms are user-centric and enable communal ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standing Committee Of The National People's Congress
The Standing Committee of the National People's Congress of the People's Republic of China (NPCSC) is the permanent body of the National People's Congress (NPC) of the People's Republic of China (PRC), which is the highest organ of state power and the legislature of China. Although the parent NPC has superiority over the Standing Committee, and certain authorities are not delegated, the Standing Committee is generally viewed to have more power, albeit inferior to its parent, as the NPC convenes only once a year for two weeks, leaving its Standing Committee the only body that regularly drafts and approves decisions and laws. History In 1954, the 1st National People's Congress was held in Beijing, which became the statutory parliament of the People's Republic of China. The Standing Committee was established as its permanent body. The 1954 Constitution of the People's Republic of China stipulates that "the National People's Congress is the sole organ that exercises the legisl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong National Security Law
The Hong Kong national security law, officially the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region, is a piece of national security legislation concerning Hong Kong. It was passed on 30 June 2020 by the Standing Committee of the National People's Congress as a means of resolving the anti-extradition bill protests instigated by a bill proposed in 2019 to enable extradition to other territories including the mainland, and came into force the same day. Among others, the national security law established four particular crimes of secession, subversion, terrorism, and collusion with foreign organisations; any open speech, verbal promotion or intention of Hong Kong's secession from China is considered a crime as well. The implementation of the law entitles authorities to surveil, detain, and search persons suspected under its provisions and to require publishers, hosting services, and internet service pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
USA PATRIOT Act
The USA PATRIOT Act (commonly known as the Patriot Act) was a landmark Act of the United States Congress, signed into law by President George W. Bush. The formal name of the statute is the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the commonly used short name is a contrived acronym that is embedded in the name set forth in the statute. The Patriot Act was enacted following the September 11 attacks and the 2001 anthrax attacks with the stated goal of tightening U.S. national security, particularly as it related to foreign terrorism. In general, the act included three main provisions: * expanded surveillance abilities of law enforcement, including by tapping domestic and international phones; * easier interagency communication to allow federal agencies to more effectively use all available resources in counterterrorism efforts; and * increased penalties for terrorism crimes a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suspicious Activity Report
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is unusual for that particular client; or appears to be done only for the purpose of hiding or obfuscating another, separate transaction. The report is filed with that country's financial crime enforcement agency, which is typically a specialist agency designed to collect and analyse transactions and then report these to relevant law enforcement. Front line staff in the financial institution have the responsibility to identify transactions that may be suspicious and these are reported to a designated person that is responsible for reporting the suspicious transaction. This means that the front line staff can a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Mission FinCEN's director expressed its mission in November 2013 as "to safeguard the financial system from illicit use, combat money laundering and promote national security." FinCEN serves as the U.S. Financial Intelligence Unit (FIU) and is one of 147 FIUs making up the Egmont Group of Financial Intelligence Units. FinCEN's self-described motto is "follow the money." The website states: "The primary motive of criminals is financial gain, and they leave financial trails as they try to launder the proceeds of crimes or attempt to spend their ill-gotten profits." It is a network bringing people and information together, by coordinating information sharing with law enforcement agencies, regulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of The Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act of 1977 (FCPA) (, ''et seq.'') is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. The FCPA is applicable worldwide and extends specifically to publicly traded companies and their personnel, including officers, directors, employees, shareholders, and agents. Following amendments made in 1998, the Act also applies to foreign firms and persons who, either directly or through intermediaries, help facilitate or carry out corrupt payments in U.S. territory. Pursuant to its anti-bribery purpose, the FCPA amends the Securities Exchange Act of 1934 to require all companies with securities listed in the U.S. to meet certain accounting provisions, such as ensuring accurate and transparent financial records and maintaining internal accounting controls. The FCPA is jointly enforced by the Department of Justice (DOJ) and the Securities and Exchange Commissi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Official
Foreign official or foreign public official refers to a person who acts in an official capacity for a foreign government. The term is chiefly used in connection with international conventions and national laws against corruption in international trade. International law Members of the ''Organization for Economic Cooperation and Development'' (OECD) agreed the OECD Anti-Bribery Convention in 1999 and this treaty has been ratified by 39 countries.Russia - OECD Anti-Bribery Convention OECD The document [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms.Archived here. Like its predecessor the FSA, the FCA is structured as a company limited by guar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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