Professional Documents
Culture Documents
mahammad_ali1122@hotmail.com
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Contents
1. Fraud, corruption and the society
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Fraud, Corruption and Society (3)
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Economic Development & Poverty
Alleviation (1)
Recent history of economic development has
revealed that ‘Economic Development’ and
‘Poverty Alleviation’ are not always concurrent.
There could distortions in theoretical ‘Trickle
Down Effect’. There had been instances where
the results are different. One of reason for this
distortion is ‘corruption’ in the system that leads
to disproportion or inequitable flow of the results
of economic development .
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National and International Agenda (1)
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National and International Agenda (2)
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National and International Agenda (3)
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National and International Agenda (4)
Unfortunately till now only 30
country’s ratification has been
received for the ‘UN Convention
Against Corruption’ signed in Mexico
in December 2003. The report
prepared in New Zealand has
provided astonishing low level of
awareness on the convention among
the business community.
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National and International Agenda (5)
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National and International Agenda (6)
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National and International Agenda (7)
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Governance and Corruption (3)
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Governance and Corruption (4)
Ingredients in designing anti-
corruption strategy includes:
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Corporate Governance and its
Challenges (1)
Reduction in the role of government with lesser controls
and regulations and increased role of corporate bodies
requires proper governance models for the corporations.
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Challenges for Corporate
Governance (2)
The challenges for corporate governance are:
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Fraud Detection and Regular
Audit
Audits are perceived to be conducted to
detect frauds. This is the view of an ordinary
man on the street. This implies in a common
mind that an audited financial statement has
been ‘certified’ to be free from fraud and
corruption.
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Anti-money laundering
Regulations and implementation
(2)
Anti-money laundering (AML) is an
activity which prevents or aims to
prevent money laundering from
happening. Such activities include
introduction of a requirement for the
financial institution to identify their
customers, maintaining records of the
customers, cooperation with the law
enforcement agencies and training of the
staff with respect to laws etc the breach
of which result in money to be
laundered. 27
Anti-money laundering
Regulations and implementation
(3)
Anti-money laundering strategy suffers from primary two
challenges:
a) Regulators Gaps:
No International Agency
Hedge Fund business and derivatives having
complex structures encouraging layers; etc.
c) Communication Gap:
Lack of feedback
Lack of publicity 28
Anti-money laundering
Regulations and implementation
(4)
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Anti-money laundering
Regulations and implementation
(5)
This efforts mainly relates to financial institutions
and fiscal authorities. Nevertheless there are
serious issues with regard to the effectiveness of
the AML regulations; The conclusion derived by
one the Senior Partner of law firm are very
relevant:
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Anti-money laundering
Regulations and implementation
(6)
If the effectiveness of AMLR is improved
then money laundering will be increasingly
deterred, prosecution and assets seizures
will become more frequent and can be
made more visible. If these improvements
happen then the cost of implementing
AMLR will be perceived as less of a burden
and more of an acceptable cost of doing
business in a modern , civilized society
and the world.
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The future course of action
International and regional coordination and cooperation in
anti-corruption drive
Thank you
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