Financial Crimes and Institutional Security

[Name of the Instructor]

Financial Crimes and Institutional Security

Assignment 1

Question 1

Development cooperation is the set of actions carried out by public and private actors, between countries of different income levels in order to promote economic and social development of the South so that it is more balanced in relation to the North and sustainable. Regarding the actors, the system of development cooperation consists of players of various types and functions, public and private organizations coexist, generalist and specialist, north and south and with different forms and strategies. Generally one can distinguish between public and private institutions. Among the former are multilateral institutions, governments of donor and recipient countries, regional governments and local authorities, universities, etc. Among the private entities can be distinguished that have profit-and businesses-and without-profit and non-governmental development organizations (NGOs) and other social groups such as unions, grassroots organizations, solidarity committees, etc (Gnyawali, 2007).

The need to tackle corruption and organized crime as a barrier to democratic stability, rule of law and economic and social development in organizations in many times. The American states have taken up this challenge and made ??progress adopting American standards and relevant legislation by joining international monitoring mechanism (i.e., the Group of States against Corruption - GRECO), in developing national strategies to fight against corruption and building services specialized for this purpose (Kreiber, 2007).

The advantages of anti corruption agency is that it helped the government to cut down the corruption among the governmental institutes as well as at private level because these agencies are specialized in their job. However, the disadvantage of anti corruption agency is that government might influence the agency that deviate them from their original role (LaFree, 2004).

Question 2

The advice to travel agency will be that it should concern with the OFAC because the agency is responsible for enforcing the economic and trade sanctions. In this situation, the company must realize the importance of acquisition because comes to purchasing individually marked with the law or the rights of individuals. The effectiveness of this acquisition is considered separately for each of the transferred rights and based on rules regarding the type of law. As it mentioned in the scenario, the traveling agency violated the Cuban sanctions, therefore, it would be quite problematic because the U.S. OFAC regulations strict for the foreign countries because the chances of terrorist activities quite possible.

Assignment 2

Answer 1

Ms. Andra should go for the joint venture because USNPO reputation is very much clear. The organization working for the betterment of the community, therefore, the decision should be that Ms. Andra must go for joint venture because it will help there NGO to serve in a better and productive way. However, to avoid money laundering and corruption Ms. Andra take most important instrument in combating money laundering is to prevent anonymous economic transactions. For this is the "know your customer" principle (Phelps & Lehman, 2005). Banks, insurance companies, lawyers, etc. are committed to their customers before commencing business relationships to identify (for procedure see: verification of identity) and the beneficial owner to ask. Thus, in guiding customers with all first names in order to monitor the ...