money laundering
It is nearly 3 years to the day since the U.K anti-money laundering legislation was significantly amended and consolidated with the implementation of the Proceeds of Crimes Act 2002(POCA).It is only a matter of days before the 2nd European Directive, the so called EUgatekeepers initiative, will be implemented in the United Kingdom by the much Money Laundering Regulations 2003.The few years consultation and implementation period ends on the 1st March. There is little doubt that the impetus behind the drive of governments worldwide to implement legislation to combat money laundering was given extra force by the events of September 11 2001.To this end attention has increasingly focused non gatekeepers the professionals such as lawyers, tax advisers and accountants who have become as essential resource to the criminals who nee to clean huge sums of money made from the proceeds of crime. All EU members will have to implement the directive, including the new members joining the Union last year. At the time of writing, the following countries have fully implemented the second directive; Austria, Belgium, Finland, Germany, Ireland, Spain, the Netherlands and the U.K.Member states have a level of discretion in implementing the directive. It is important, therefore, that regulated UK professionals and business ensure that their own procedures are independently compliant with the 2003
Union Carbide & Bhopal Case
The University of Hong Kong BUSI3012 International and Cross-boundary Trade Law Case Report: Union Carbide and the Bhopal Disaster Chan Chiu Tung Carmen 2008677665 Hung Wing Yan Trista 2008241387 So Kam Ying Heather 2008206832 So Yat Hin Edwin 2008404056 November 30, 2010 Content . Background..............................................Trista Hung 2. Major issues A. Investigation of the cause of the accident... Edwin So B. Litigation setting................................. C. Legal arguments................................. Heather So D. Settlement of the disaster........................ 3. Implications of the disaster.........................Carmen Chan . Background Focus of this paper The case discusses the issues that multinational companies may face as it carries business in the developing world, where legal infrastructure is way under development. Through the study of this case we explore and dissect the dimensions of the legal procedures put forward to the foreign company by a developing country in case of a controversial dispute. We also study the influence and implications of the legal issues involved to suggest for both sides the possible attitude and action needed in any future dispute. The Bhopal Disaster- Introduction The Bhopal Disaster gives us a good view of the potential risk of conducting business in a developing country. The
Reform of the ultra vires rule.
Company Lawyer 987 Article REFORM OF THE ULTRA VIRES RULE Robert R. Pennington. Abstract: Prentice report. *103 In the following article Robert Pennington [FNa1] examines the proposals for reform of the ultra vires rule as put forward by Dr D Prentice in the consultative document commissioned by the DTI. Background In October 1986 the Department of Trade and Industry published a consultative document on the desirability and practicability of reforming the ultra vires rule as applied to companies registered under the Companies Acts. The greater part of the consultative document consists of a report on the present state of the law and proposals for its reform by Dr Daniel Prentice of Pembroke College, Oxford, who was commissioned by the Department to prepare the report. In his report Dr Prentice surveys the origin, development and changing content of the rule as elaborated by judicial decisions over the last 120 years, and he comes to the conclusion that the rule should be modified in several important respects, along with rules which are ancillary to it, such as the rule relating to constructive notice of matters required or filed in respect of a company at the Companies Registry. Dr Prentice also recommends that in the context of modern business it should also be made possible to incorporate at least private companies empowered to carry on any kind of business
Law on Affairs
A DISASTER ON THE TIP OF CUPID'S ARROW : A Legal Review of the Affair-After Effect at the Workplace Prologue People who live in 21st century have spend one-third of their life in the area called "the office". Back to 1980's people traditionally meet each other at school, family events, religious service, neighborhood or even at leisure time. There were where men and women built relationship, date and turned to marriage. Nowadays, when most people spending 40 hours per week working, workplace become a natural place where person can meet other individuals that share similar backgrounds and interests. As a result, many end-up dating people they work with, which certainly comes as no surprise. The workplace also has become the first place for married people who engage in infidelity to meet the other person. As women make advances everywhere in society, the old cliché about the boss and the young secretary carrying on an affair has been overshadowed by an increase in the number of men and women who work together - by means being peer, subordinate and superior or a colleague in the same industry, was equals becoming romantically involved1. The old separation of the sexes has passed and old boundaries to interaction have been replaced by no boundaries. Hearing about the "guys from work" or the "girls at the office" has transformed in the "gang at work". As we all know, people
Limited liability
TABLE OF CONTENTS I. INTRODUCTION 2 II. THE CONCEPT OF LIMITED LIABILITY 3 III. WHY LIMITED LIABILITY? 3 IV. AREAS OF CONCERN 3 I) MORAL HAZARD 3 II) IMMORALITY 3 III) CLOSELY HELD COMPANIES 3 IV) GROUPS OF COMPANIES 3 V) TORT CREDITORS 3 V. CURRENT REGULATION AND THE NEED FOR REFORM 3 I) RULES RELATED TO SHARE CAPITAL 3 II) IMPOSING LIABILITIES ON MANAGERS OR SHAREHOLDERS 3 III) JUDICIAL VEIL PIERCING AND GROUP OF COMPANIES 3 IV) SMALL BUSINESSES, TORT CREDITORS: REVOLUTIONARY REFORMS? 3 VI. THE WAY AHEAD 3 I. Introduction The institution of limited liability for companies has typically been regarded as one of the most important innovations of the late industrial revolution period. This view was appropriately expressed by one early commentator, who stated: "The limited liability corporation is the greatest single discovery of modern times... Even steam and electricity are less important than the limited liability company"1. Commentators generally consider that limited liability has been proved a vital instrument in the attainment of economic growth. However, recent analysis of the limited liability principle have questioned its potential advantages and have argued for adoption of a more restrictive approach by the regulation. It is the aim of this paper to analyze the importance of the existence of limited liability companies in the 21st century, as a means
Property in Oneself
PROPERTY IN ONESELF 'Every [person] has a property in [their] own person. This nobody has a right to, but [them]self.'1 I INTRODUCTION The statement '[t]o be a person is to be a proprietor and also to be property - the property of oneself',2 reflects the dualism of self dominion espoused by John Locke and William Blackstone in the 18th Century;3 that a person - as a person - is naturally vested with absolute and inalienable rights over their own body,4 as provided by the '[i]mmutable laws of nature'.5 Whilst Anglo-western legal systems have afforded recognition of property rights in the product of 'one's labour',6 it has consistently avoided such recognition in the human body itself,7 instead preferring to express 'rights' through separate areas of law.8 In this easily quantifiable 'macroscopic' world, the human body was either: an indivisible living person, a corpse or dead body parts. 9 In modern times, technological advancements in the fields of human biology have complicated matters because the traditional law is now confronted with human derived 'property' on multiple scales and dimensions.10 The division and use of human biological material such as DNA and stem cells has expanded the use of human tissue beyond the macroscopic scale,11 raising confronting moral, ethical and cultural questions,12 and resulted in calls for the recognition of self ownership and
UK Commercial Law has responded well to the needs of the international business community by facilitating international trade. Analyse
"UK Commercial Law has responded well to the needs of the international business community by facilitating international trade". Analyse. Through the course of this essay it will be shown that the above statement can be partially supported and disagreed with. On the one hand it is true to say that UK Commercial Law facilitates international trade by having straightforward rules that are strictly applied by the English courts in relation to "free on board" and "cost, insurance and fright" contracts. On the other hand such treatment did not follow as a response to the needs of the international business community. This hypothesis will be proved by outlining the needs of the international business community. Followed by an outline of the rules and duties applicable to the seller and buyer under both "free on board" and "cost, insurance and freight" contracts. The examination will include the relevant case law, Acts of Parliament and Conventions. Lastly, some criticisms and analysis of problems, if they exist, that arise with interpreting and consequently applying international trade terms in relation to FOB and CIF contracts under Convention of Contracts for the International Sale of Goods 1980, Hague-Visby Rules 1924, the Sale of Goods Act 1979 and the Carriage of Goods by Sea Act 1971 and 1992, will be presented. First of all it is important to outline the needs of the
Business Law Case Analysis
Mr. Sparkles Laundry-mat: Laundry and dry cleaning services The following areas are important to the success of our small business such as properly trained and motivated employees, clean and appropriate looking business, quality products and pricing, choice of location as well as proper promotion and customer service. Although there are also many pitfalls to operating our own business and there are many reasons for why we could fail. Some pitfalls may include a lack of skill required to manage a business in both a professional and personal level. An insufficient business plan, no financing and improper records of sales may also lead to failure. If the location you choose is not busy or suitable for our business it can affect sales and therefore force us to close due to low volume of customers. Employees are also a huge part of every business and can seriously determine the quality of customer service and sales. If we run into problems the best thing to do is to ask for help from professionals who understand the business and can lead us into the right direction so we may have a proper understanding of what we should do. There are many professionals and business management experts as well as other professionals in the entrepreneurship fields and law fields that we will want to establish relationships with and create an appropriate network. An accountant may be contacted to
To what extent is the rule contained in the Salomon v. Salomon & Co. Ltd judgement open to abuse?
To what extent is the rule contained in the Salomon v. Salomon & Co. Ltd judgement open to abuse? The company as a separate legal personality from that of its members as defined by the Companies Act 1862 was established in common law by the House of Lords in 1879 when they delivered their judgement in the case of Salomon v. Salomon & Co. Ltd. Indeed, this case is now seminal, with both practitioners and students of the law referring to it as the foundation upon which modern company law is based. However, although the outcome of Salomon v Salomon & Co. Ltd is now firmly embedded that is not to say it has not been prone to the effects of the occasional tremor. Since this ruling and some might argue prior to this ruling by the House of Lords questions relating to the interpretation of the act and its scope have been hotly debated. While some see this ruling as clearly interpreting the 1862 act at common law others contend that such an interpretation is too rigid and clearly open to abuse. It would be argued that a separate legal personality in conjunction with limited liability offered the nineteenth century entrepreneur the protection they desperately needed if their business ventures were to grow and expand beyond their personal resources. Others would contend that this ruling was to the detriment of the company's creditors, allowing the unscrupulous individual or
The academic debate concerning on the directors duties is one of the oldest issues in company law and the corporate governance. The common law gave the directors a large degree of latitude in terms of standard of care expected of them. Before Re City Equi
The academic debate concerning on the directors duties is one of the oldest issues in company law and the corporate governance. The common law gave the directors a large degree of latitude in terms of standard of care expected of them. Before Re City Equitable Fire Insurance Co. Ltd1, the duty was that "directors are bound to use fair and reasonable diligence in the management of their company affairs and to act honestly". After Re City Equitable Fire Insurance Co. Ltd, Romer J stated that a "director must act honestly and must also exercise some degree of both skill and diligence". Romer J added three guidelines to determine the director's duty of care. Firstly there is "no duty on a director to exhibit in the performance of the duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience". Secondly "a director is not bound to give continuous attention to the affairs of his company". Thirdly "in respect of all duties that, having regard to the exigencies of business, and the articles of association, may properly be left to some other official, a director is, in the absence of grounds for suspicion, justified in trusting that official to perform such duties honestly". In Norman v Theodore Goddard2, Hoffmann J accepted that the appropriate test was accurately stated in s 214(4) of the Insolvency Act 1986, which defines