The effectiveness of the various corporate governance policies and Essay

The effectiveness of the various corporate governance policies and approaches in the USA and United Kingdom - Essay Example The paper tells that during the last two decades, the business world witnessed a number of corporate scandals like the bankruptcy of Allegheny, Enron, Tyco, Global Crossing, WorldCom, and others. The bankruptcy of Lehman Brothers fuelled up the global financial crisis of 2008-09. All these corporate scandals and bankruptcies have raised the importance of corporate governance. The ultimate victim of all these scandals and crisis are the stakeholders who lose a large sum of money invested in the companies involved in these scandals. The investors take their investment decisions based on the information disclosed by the companies. Therefore, any type of wrongdoing or incomplete disclosure can cost a lot to the investors. Thus with every financial crisis and corporate scandals the relevance of corporate has increased largely. Governance refers to governing someone with the help of some specified system, policies and principles. Thus, corporate governance is the principles, specified proc esses, policies, and systems used to govern a company. The principles of corporate governance acts as the guidelines used to control the activities of the company so that it can it can achieve its objectives and at the same time add value to the organisation in such a way so that the stakeholders can be benefited in long run. Thus, corporate governance helps the management to operate in such a way so that not only the shareholders but also the other investors, employees, customer and the society as a whole benefit from the actions of the company. (Centre for International Private Enterprise, 2002, p. 3-4). The basic premise behind the principles of corporate governance is to enable the organisation to conduct its activities with fairness, maintain transparency in its operations and transactions, disclose all the relevant information, comply with all the rules, regulations and laws, be responsible and accountable to all its stakeholders, and maintain the code of ethics while conducti ng its activities. Practice of ethical activities is an important part of the corporate governance. Good corporate governance enables the company to achieve investors’ confidence and achieve goodwill in the industry. Thus, corporate governance is not only important for the stakeholders but also for the company too (Thomson, 2009). The Organisation for Economic Co-operation and Development (OECD) describes corporate governance as a system through which companies and other business organisations can be controlled as well as directed. Corporate governance helps to setup a structure through specifying the responsibilities and the rights of the various members of the companies like the board of directors, employees, and shareholders. Corporate governance sets the rules, regulations and the processes of decision making regarding the activities of the company. The corporate governance helps the company in setting up the companies objectives and goals, as well as enabling the company assess its performance and helps in achieving them.

Analysing the culture of the United Arab Emirates

Analysing the culture of the United Arab Emirates In this research, I will analyze the culture of the United Arab Emirates. I will analyze also aspect of the contemporary U.A.E culture and some challenges that this culture is facing. In this paper, I will give importance on 5 cultural aspects. First, I will discuss the problem of weak identity and heritage collapse. Second, I will discuss social stratification system. Third, I will discuss changes in role of women in the UAE contemporary society. Fourth, I will discuss issues of marriage, and lastly I will discuss family structure in U.A.E. Historically, gender roles and family relationships in Middle Eastern culture have been very Traditional and steeped in beliefs and customs stemming from Islam. With rapid economic development and modernization, changes may be occurring among younger generation. (Questa 1). However, UAE society over the last decade, had experienced a number of social problems, but it has shown more problem in the UAE contemporary society. However, the most important example that sociological and cultural theory can help interpreting them are (1) Social stratification system (2) lost of UAE Identity and culture (3) change in the roles of women in UAE society and (4) marriage (5) family structure. One example of contemporary UAE Society example is social stratification system in UAE society. The UAE or Emirates society consists of two social categories, the UAE National and Foreign immigrants. The UAE nationals are subdivided into four main social classes: (1) The Ruling family, (2) the merchant or business people, (3) the professionals like teachers, engineers are middle class people and (4) Bedouin nomads and pearl divers. On the other hand, the immigrants are also divided into groups. (1)Comes the top professional like doctors and professor at universities , (2) middle class like school teacher , skilled technicians, and other professional (3) semi skilled laborers who mainly work in construction sites, however , this form of classing system in UAE is changing dramatically to a meritocracy system . A classing system that give importance to personal merits, and achievement rather than inequality in society. This dramatic change is mainly due to the notion that meritocracy sy stem will definitely increase productivity, efficiency and, thus economy becomes better. Social mobility will be common in a meritocracy Society. For example, A Bedouin Nomads, who was mainly classified as a low income group, is now one of the ministers in UAE. This proves that equality and reward based on individual effort had motivated all low income groups to study and learn new skills, so that social mobility could happen. In addition to this , immigrants also benefited and felt of this dramatic change in classing system , they also have been more productive , efficient , and UAE economic success story is the prove of this . As to link this contemporary example of social stratification in UAE society to structural functional approach, we can know that social stratification is a must in the operation of society, and meritocracy system is a must in the success of the operation of society and economy in a country like UAE. Further , a manifest function of meritocracy system is that every level of professional need a different knowledge and skills , so meritocracy system has unrecognized and unintended function , which is the Latin function of social stratification or meritocracy system is that it help people link their performance to reward and not social class categories . Finally, in my point of view, Social Stratification has no dysfunction, because it is common in all societies around the world, and has to be there for appropriate function of society. Another example of UAE contemporary society is the lost UAE national identity and lost of culture and heritage. American cars and fast-food, British universities, European stores, the fact that its not compulsory to learn Arabic in many private schools, and some expatriates are encouraged to live in certain areas. If this is the case, then inevitably, elements of the Dubais Arab culture and traditions will be lost(Gulf News 1). The UAE population structure consist of the following percentage of each foreign nationalities (Asian Indians, Pakistanis, Bangladeshis, and Sri Lankiness) account for about 45 percent of the population of the UAE, followed by Arabs (about 33 percent), and Iranians (17 percent). Westerners (Americans and Western Europeans) account for about 5 percent. Jordanians, Palestinians, Egyptians, Iraqis, and Bahrainis are employed throughout the government bureaucracy. As the number of foreigners increases tremendously, making UAE national only 15% percent of the total population, it is worth debating on this phenomenon. (Every culture 1). Multiculturalism and globalization has been encouraged in UAE, and the result is lost of UAE identity. Restaurants, Churches, malls, and all other infrastructure have been designed to accommodate all culture, but not UAE culture. In addition to this, social integration is completely nil; people from every nationality prefer to socialize with their mates from the same nationality, this result in the creation of sub cultures in society. According to Hanna Shaman, a French citizen who lived in UAE has said that this problem was once in French and most Europe country in the industrial revolution, however, government in Germany has forced all foreigners to learn Dutch in the first 2 years they are in Germany, or residence visa will not be given. Such an action, in my point of view, is a must to be implemented in UAE to solve this issue. As a matter of fact, all post industrial societies have faced this problem of g lobalization and multiculturalism. As to link this example of lost of UAE identity and culture to Durkheim theory, as social integration in people of a society is strong, they are likely not commit suicide and die. On the other hand, as member of society strength their social integration, social norm, mores, and culture they are most likely not to commit suicide and live a better life than those, who have less socialization and integration in their society. This theory further illustrates that if social integration in a society is forgotten, the consequences may be hard to the member of that society. As a result of this, I would like government agencies to take this contemporary problem of UAE society in a very serious way. Because as late sheikh Zayed said, who dont know his past is dead for the future. A third example of UAE contemporary society is the change in gender roles of men and women in UAE. Although statistics proven that women are performing better in schools, they are still discriminated in work place. In 1990, only 6% of labor force was women, however, in 2000, it has jumped to 42%. This shows that women in UAE society began to given more importance in work place. But the problem is from men side they believe that women should work in a place where there is no mixing with men, however, in 2006; we can see more 50% of women labor force work in a not segregated work place. This shows further that the cultural point of view of women in UAE society has changed. On the other hand according to feminist movement, working women have double burden in their life. A work at morning, and afternoon being a domestic servant at home. This notion of double burden is spread in UAE, but as matter of fact, most of working women now have an Asian female servant to do the main domestic work at home. As a result, the contemporary UAE society has successfully proven to the world that UAE society is clear from any Social or Gender conflict. A fourth example of UAE contemporary society is Marriage. marriage in the community of the UAE traditions and values, derived from the customs authentic Arab and Islamic concepts of tolerance was characterized by the marriage in the past and free from the complexities and difficulties that were dictated by social and economic conditions present that made the marriage problem and the dilemma facing young couples and threaten the stability of family and social system. Which is the duty urged by Islam religion, is the highest social relations between spouses and in-laws and strangers also within the same society, it is characterized by the status and sanctity of the private in terms of the nature of the procedures and stages of completion. When held parents intention to marry their son, they look to him for a girl belonging to the family of decent folk who show characteristics of religion and morality and a good reputation and the task of searching for the girl sought rests with the mat chmaker or the Prophet, a woman with a mind and thought, tact, have the ability to assess the girl and shown her qualities that the community was still giving special consideration, the ratio of the girl, the beauty, creativity, and religion, Recipes are essential to young people going to get married, and that the reputation of the girls family and lineage, authenticity, and social status of the father or to his creation of decent and good behavior are also the qualities youre looking for the grooms family and require the availability It may not be the matchmaker, a role in the process of the marriage to happen or if the marriage between relatives, the keenness of people formerly on the relative affinity, as his sons married the father of the daughters of his brother, sister or cousins and an increase in family bonding and family cohesion In the case of the use of katapa, theyre a friendly visit to the house of the people of girls, and may you see the girls by surprise because it is difficult to meet the daughter when entering a foreign woman to her family and if I go back matchmaker informed all of the opinions of the people of the groom and the light of that, they make their decision, either to apply for a sermon girl or search for other In the past, the bride price does not exceed in the desert seven twin whereas in the amount of the dowry when the people of the cities between 40 dirhams, and a hundred dirhams and ensures the bridegroom pay (Alqtuap) and it was money specific pay for a daughter of the clothes and decorations and vary according to the case of the people the physical and social status. Also provides for the groom requirements. At the forefront of the wedding banquet. The different marriage customs and manifestations when compared to the people of the desert cities and villages in some of the details. Another example of UAE contemporary society is family structure. Arranged endogamous marriage within the kinship (tribal) units was the preferred pattern in the period, but this pattern has changed somewhat. Individuals now have greater choice, yet many nationals still prefer arranged marriages. Emiratis are strongly discouraged from marrying non nationals, and a young man receives $19,000 from the Marriage Fund if he marries a national. As prescribed by Islam, a man is allowed up to four wives, but most men have only one wife. In UAE the conventional family used to live in extended form of family. But with the development in the economy, this form of family is declining. Recent research found that around 80% of Emirati families live in small family with one or two child (Nuclear). However, due to imbalance population structure in the country. Nuclear families are discouraged and instead government wants their people to have large family with many members. Also, some changes in the role of women as discussed above in this research have changed the role and power of husband in the house. Husband power and authority is declining. In addition to this, due to increase power of women and her responsibly in her work. On average, each household employs two live-in domestic servants, usually Asian. In addition to this, Family and tribal connections form the basis of Emirati social structure. The family and tribe are highly influential and play a role in shaping a persons values and behavior (every culture 2). In UA E culture, tribe and family play an important role in shaping the behavior and customs of the society. It is believe so because It serves to support its members both financially and emotionally and as such, the family comes before anything else and its honors are protected by doing whatever necessary( every culture 2). Furthermore, UAE society and family support kinship too much because many business are run by family members and also same tribe like to live near to each other since they believe that they will support each other. As a result, I will summaries below the changes that might occur in the UAE family structure in the coming decade: 1) One will see the configuration built for the family the UAE has changed in the future in terms of style, size, number of children, and is this change in the predominance of the pattern of the nuclear family (small) on the extended family, and the direction of family size to the average number, and the direction of families to reduce the number of children. 2) One will occur on the marriage process in the future some of the changes is the disappearance of the traditional methods of marriage and was accompanied, to be replaced by modern methods, with the attendant arrangements. 3) One will occur on the network of social relations within the family group of changes, is to chill the relationship between spouses, and the predominance of selfishness, love of self to the members of one family. 4) changes in roles of women within the family in the UAE society, where the wife will put a lot of roles that go beyond the traditional form in parenting and care of home affairs, and exercise of women within the family and the UAE in the future to participate more in decision-making process within the family. 5) There would be some changes in the functions carried out by the Emirati family in the future, especially those related to emotional and psychological function and reproduction. 6) There would be the format of the Family Values in the UAE society in the future to some changes, especially those relating to the value of cooperation and solidarity and obedience, as well as the system of religious values and ethics, and values of consumption. 7) Family in UAE society will face some social problems, some of them did not know before, such as: saturation of Western values, and the entry of innovative patterns of crime, and some other extension of the old problems, but it will worsen in the future, such as family disputes. 8) One will see the Emirati family in the future escalation to divorce. These above changes might occur in the near future. If you open the news paper on daily basis you will see that some of these issues are being discussed. I think there shall be some huge reform from government side and also people to minimize these problems. I would prefer government to establish a strategy to face these problems. In Conclusion, the UAE contemporary society is more likely to face a numbers of social problem and issues due to imbalanced population structure and over speedy construction boom the country is experiencing. As a Solution, government agencies should pay attention to their society and try the limits those issues. In this research paper, I discussed many important aspect of one of the most growing countries in Middle East. I discussed issues that have relationship to cultural studies in Middle East. First, I spoke about the contemporary UAE culture and discussed some of its problems. In that context, I spoke about the national identity issue; also I spoke about how the western society has affected UAE culture. Further, I spoke about marriage in UAE in the past, and the end I spoke about family structure and how that structure is changing from nuclear to extended family. Finally, I gave some recommendation and changes that might occur in UAE society in the near future. Work cited http://www.everyculture.com/To-Z/United-Arab-Emirates.html http://archive.gulfnews.com/articles/06/09/14/10067514.html (2 http://www.communicaid.com/access/pdf/library/culture/doing-business-in/Doing%20Business%20in%20the%20UAE.pdf http://www.lahaonline.com/index.php?option=contenttask=viewid=913 http://www.emartyvision.com/vb/showthread.php?t=26 http://www.questia.com/googleScholar.qst;jsessionid=26C14DDA8FF15E35979E7AED0FAE7FA0.inst2_1a?docId=5010976997

Moving and Literature :: Moving Immigration Essays

Moving and Literature Since I was six, my mother, sister and I have been moving to different places. Whether these were permanent moves or not, they have impacted me. The first of all moves was to an entirely different country, from Peru to U.S.A. I left my extended family, friends and surroundings behind for an unknown place. Although it was a dramatic change for me, I realize now how much that first change has influenced me in many ways. It has changed the way I view myself, and the way I tackle new experiences. A famous man once said, â€Å"America is my country, but Paris is my hometown.† I believe he too shared my feelings, that one can love two places equally yet differently without being partial to either one of them. When I compare all the places I have ever been to, I find that each one has left a unique trace in me. I do not find any one superior although they all stand out in their own way. Richard Ford, author of I Must Be Going, offers a different view to this argument: â€Å"It may simply and finally be the way most people feel when they are settled is the way I feel when I move: safe and in possession of myself†(111). Ford explains to the reader that the way he lives his life, frequently changing locations, is what his life is all about. The restrictions of having to stay in one place for the rest of his life is a frightening thought. Ford presents a good point; he believes that home is literally where the heart is. He feels at home when he is in the company of his family, not when he is in familiar four walls, like many do. I do not believe in Ford’s nomadic lifestyle; I like staying in one place, but I want to visit others and travel as often as possible.

Tradgedy After Winning the Lottery

Annotated Bibliography Topic: Tragedy after Winning the Lottery Emory McClard Nissle, Sonja, and Tom Bschor. â€Å"Winning The Jackpot And Depression: Money Cannot Buy Happiness. † International Journal Of Psychiatry In Clinical Practice 6. 3 (2002): 183-186. Academic Search Premier. Web. 27 Jan. 2012. In the article, Bschor and Nissle claim that desirable or positive life events might influence the course of a psychiatric illness, just as the negative do.The authors discuss how winning the lottery developed the depression of two patients, how hitting the jackpot made them consider suicide, and how receiving over one million dollars has only affected their life negatively. Bschor and Nissle go into a discussion involving ideas about how a positive desired event has hidden risks behind the newly won possibilities, which caused the outbreak in these two cases. Both cases recorded marriage problems, family conflicts, and financial difficulties. Suicidal thoughts were present beca use both patients felt a sense of guilt and inferiority.Bschor and Nissle are organized, knowledgeable, and very clear about their key points. Annin, Peter. â€Å"Big Money, Big Trouble. † Newsweek 133. 16 (1999): 59. Academic Search Premier. Web. 27 Jan. 2012. In this article, Annin states that â€Å"big money brings big problems. † He discusses multiple negative outcomes from a particular case in 1998 such as friends no longer speaking to the jackpot winner, the new found millionaire being banned from particular areas, and former friends filing for law suits against him.Annin discussed further about how the lottery winner has gone into hiding by removing his telephone number from the phone book, buying a shredder for unwanted mail, and doing his from inside his home. Annin is clear about his points, but not very descriptive. The author clearly stated his points, yet wasn’t as detailed about the winner’s story. Ellen Tumposky, et al. â€Å"The High Cost Of Winning. † People 61. 10 (2004): 150-154. Academic Search Premier. Web. 27 Jan. 2012.In â€Å"The High Cost of Winning,† Tumposky’s claim is how millions of Americans wish to win millions of dollars in a jackpot, but there are plenty of cases of the lottery winners have unfortunate cases. She discusses how this sudden burst of money can lead to ironic bankruptcy, nasty divorces, broken families, and even hiring hit men. One case describes how a 36 year old man’s lottery money was stolen, forcing him to file for bankruptcy. Another story talked about how her long term boyfriend took advantage of her. One man was drugged, robbed, and arrested. One man was divorced and eventually committed suicide.Another married man sued his wife for not telling him about the win, she was stripped of her entire winnings. The final tale is of a family issue that resulted in the winner’s brother hiring a hit man. Tumposky’s article is interesting yet also ver y informational. Her summaries of the events told the story, yet cut out all of the unimportant details. Douglas, Geoffrey. â€Å"Fortune's Fool. † Yankee 62. 12 (1998): 76. Academic Search Premier. Web. 27 Jan. 2012. In the article, Douglas tells the reader even the luckiest people can lose it all in the blink of an eye.He discusses the points of error in which this lotto winner was a victim. Things like his sexuality, alcoholism, relationships, and risk-taking personality got him into trouble after he won 5. 86 million dollars. As a boy, Mike Allen was very different. Even his (so-called) friends would tease him. When he won the lottery he began to give and give and give to everyone who asked. His husband ended up filing for divorce and suing him. His money was flashing before his eyes. He ended up in a $30 motel room, dead. All he was left with was a sweatshirt over his beaten face. They took jewelry, a wallet, a car, and his clothes.Douglas’s story was entertaining , but he wasn’t clear about his thesis and main points. Helyar, John. â€Å"Cold Cash. † Money 28. 4 (1999): 144. Academic Search Premier. Web. 27 Jan. 2012. In this story, Helyar’s point is that life after the lottery can be miserable. Helyar tells a story of a two people who tried to win the lottery. He discusses further about their past together, the fortune events, the sad events, and the miserable times that came after winning the lottery. Helyar is a good author and is very descriptive, yet he is extremely verbose. John did tell the entire story, yet he failed to take out the less important events.

Report on Multi User Operating Systems Essay

Resources Sharing – Concepts of Resource Sharing A multi user operating system can support more that one user at a time, this means that multiple users can share the same system resources simultaneously. The users of a multi user operating system can share both hardware and software resources, the operating system carries out complicated routines to manage all the processes that the users are running. – List of shared resources: – * Hardware CPU Power, RAM, Hard drive, Peripherals (printer, Scanner, CD ROM) Other peripherals may be made available in a MUOS for users who require them (Floppy disk drive, Speakers, Head Phones, Video Cameras etc.) * Software – Scheduler Software (needed to manage and prioritise tasks). – Batch Job Some processes take a long time to complete and can often disturb other computer tasks that are important. A Batch Job is a file that does not require any user interaction, so it is set up to run a number of processes at a later time, often late at night. One example is overnight maintenance at a bank when they update all the accounts so it will not disrupt the other processes during the day. Multi-Tasking – Concepts of multi-tasking Multi tasking is when the operating system switches between tasks at a very high speed, it can sometimes seem as though it is performing more than one task at a time. For example, a user could be printing and typing at the same time, and listening to a CD. Many users can access the same resources at (what appears to be) the same time. One disadvantage of this is that it requires a great deal of memory and the processes may run slower. The two types of multi-tasking are co-operative and pre-emptive: * Pre-emptive – This is when the applications are forced to give up the CPU after a certain length of time so that the other processes get an equal share of CPU time. (time-sliced). * Co-operative multi-tasking is when it is the current running tasks responsibility to share the CPU to the other processes. One task must finish before the other starts. It is called Co-operative because all the tasks must co-operate for this type of processing to work and there is no time limit on each task. (Round Robin). – Advantages / Disadvantages An advantage of Pre-emptive multi-tasking is that some important tasks may be allocated a more time slices so it will not be stalled by other smaller tasks. A disadvantage of both types of multi-tasking is that it requires a large amount of memory to work properly. Background Processing – Concepts of background / foreground processing When a task will require a long time to process and requires no user input e.g. downloading a large file from the internet, it can be processed later when the computer is not processing other tasks. Background processing is often used in banks and businesses to process the customer’s accounts at the end of each day, the operating system can be left to run the process overnight or when the CPU is not currently being used by a task that requires a great deal of processing. – Unix command to run background processing Control-Z = Leave process running in background bg = Continue process at background Control-C = move foreground process to background Fg = move the process to foreground – Example of a background process If you need to run a large print job, e.g. printing out one hundred copies of a Workbook for a group of students, it can be set as a background process and will only use CPU power when other tasks are not running. Types of Multi-User Operating System Multi-Processor – More than one CPU Multi user operating systems can sometimes have more that one processor. In some expensive operating systems it is possible to connect more CPUs to the system and have them work together to execute tasks. Multiprocessing can significantly reduce the time taken to execute each process. An operating system with multiple processors can perform different tasks separately or a task can be split up and processed by different CPUs. – Advantages / Disadvantages An advantage is that multi processing systems can be very speedy at completing tasks. A disadvantage is that this type of system is very expensive. Time-Sliced As multi user operating systems share resources, different processes can require different amounts of time. It is possible and to interrupt a large process so that a smaller process to be completed. If you were using a time slicing system then the processor will switch between processes at timed intervals (Pre-emptive). The amount of time allocated to each process is called a time slice. The length of time given for each time-slice is allocated by a program called a scheduler. – An advantage is that larger or more important processes may be given more time slices than a smaller task so it can be completed, however this could also be a disadvantage if there are many users executing smaller tasks as they will take longer to be finished. Distributed The distributed system is where a number of systems are connected through a Local Area Network. This can be more powerful than a single processor system and it is capable of online sharing. Hardware Components Processor – The CPU is the brain of the operating system. It responds to and processes and instructions that control the computer. The control unit in a CPU controls everything which happens within, the ALU does calculations and is responsible for decision making and the accumulator stores the last data that was decoded for future processes. There are various registers within the CPU, they are the instruction register, which holds the instruction that is being decoded, the program counter stores what part of the program we have reached, the memory address register points to the location where data is being fetched or written and the memory data register is a storage area for data that is currently being transferred between the memory and the CPU. – The Fetch-Decode-Execute Cycle has three important stages. * FETCH – The CPU collects an instruction from the RAM * DECODE – The control unit figures out what to do with it. * EXECUTE – The instruction is carried out – The speed of an FDE cycle depends on how fast the processor is (the length of time it takes for the signals to be sent to the control bus, and how many T-cycles each assembly instruction takes to execute. Memory Random Access Memory is sometimes known as ‘main memory’. RAM is volatile, which means it loses all the stored information when the power is cut off. Some computers also use virtual memory, which is stored in the hard drive but acts like RAM, this is much slower than physical memory. Another type of memory is Read Only Memory (ROM) which can be written to but cannot be erased. Data Storage Devices – Floppy disk – can be written to and erased, 1.44Mb – CD ROM – Can be written to but not erased, 700Mb – Hard Drive – stores many Gigabytes, can be written to and erased – Zip Drive – can be written to and erased, 100 – 250Mb Terminals – Dumb Terminal – A dumb terminal has no processing capabilities as they have no memory or processor of their own, it has only a monitor, keyboard and mouse. They are connected to a central processor. – Intelligent Terminal – An intelligent terminal contains memory and a CPU and is a standalone device. It only has to connect to the central processor when needed. – Command to find terminal type – terminfo Input / Output Devices Dumb Terminal – Input – keyboard and mouse. – Output – monitor Intelligent Terminal – Input – keyboard, mouse, scanner, touch screen. – Output – monitor, printer, speakers Software Components Kernel The Kernel is the heart of the operating system, the lowest level or the central part. Communication with the hardware is through the kernel. In multi user operating systems it is the kernel’s job to keep each process and user separate and to organize access to the system hardware, including CPU, memory, disk and other I/O devices. Device Handlers A device is any piece if hardware that is used in an operating system. A device handler is a piece of software within the operating system that communicates with the devices and tells them what to do. This is part of the operating system that is responsible for servicing requests of the device request queue. Spoolers (Simultaneous peripheral operations on-line) Spooling is used when data is waiting to go to an output device after it has been processed. The data is placed into a queue so that the CPU can process something else instead of having to slow down to the speed of the output device. Spoolers are used on mainly old devices e.g. old printers that can only handle one job at a time User Interface This is how the user can view the data within the operating system. The main types of user interfaces are; the graphical user interface e.g. Windows and Command driven interface e.g. MS DOS and standard UNIX. The CDI was more complicated to use than a GUI as you would have to know certain commands to do very basic tasks. Bibliography Index http://physinfo.ulb.ac.be/cit_courseware/opsys/ostart.htm http://electronics.howstuffworks.com/operating-system1.htm http://physinfo.ulb.ac.be/cit_courseware/opsys/ostart.htm http://www.canberra.edu.au/~sam/whp/unix-cmd.html http://cm.bell-labs.com/

Free Essays on Defining Gender Roles And Consequences In The Fairytale World

â€Å"A soldier came marching down the road: Left . . . right! Left . . . right! He had a pack on his back and a sword at his side. He had been in the war and was on his way home.† (pg. 1) â€Å"Once upon a time there was a woman whose only desire was to have a tiny little child.† (pg. 29) The opening lines from The Tinderbox and Inchelina demonstrate that in the world of Andersen’s fairytales, gender is represented with a very clear distinction between masculine and feminine roles. The rules of the fairytale require both male and female characters to make a journey or maturation into adulthood that ends when they marry and start a family of their own, but the rules of how that journey is accomplished differ greatly based on gender. The roles played by each are specific, and there tends to be severe consequences involved whenever a character behaves contrary to their assigned role. Andersen depicts the masculine role as one of action. The goal at the end of his journey is to settle down with a wife and children, often in financial circumstances above where he began. A male character cannot merely sit back and let fate carry him along, however. He is expected to actively strive towards the higher state. This usually requires him to employ exceptional cunning and cleverness to outsmart other characters in order to gain wealth or the privilege of a princess’ hand in marriage. For example, in The Tinderbox, the young soldier does not return home from war and wait for a new life to be handed to him. Instead, he takes an active role in his journey towards maturation. First he gains wealth by bravely entering into a bargain with the witch: â€Å"You climb up to the top of the tree, crawl into the hole, and slide down deep inside it. I’ll tie a rope around your waist, so I can pull you up again when you call me.† (pg. 1) â€Å"That doesn’t sound bad! said the soldier. But what am I to do for you, old witch?† (pg.... Free Essays on Defining Gender Roles And Consequences In The Fairytale World Free Essays on Defining Gender Roles And Consequences In The Fairytale World â€Å"A soldier came marching down the road: Left . . . right! Left . . . right! He had a pack on his back and a sword at his side. He had been in the war and was on his way home.† (pg. 1) â€Å"Once upon a time there was a woman whose only desire was to have a tiny little child.† (pg. 29) The opening lines from The Tinderbox and Inchelina demonstrate that in the world of Andersen’s fairytales, gender is represented with a very clear distinction between masculine and feminine roles. The rules of the fairytale require both male and female characters to make a journey or maturation into adulthood that ends when they marry and start a family of their own, but the rules of how that journey is accomplished differ greatly based on gender. The roles played by each are specific, and there tends to be severe consequences involved whenever a character behaves contrary to their assigned role. Andersen depicts the masculine role as one of action. The goal at the end of his journey is to settle down with a wife and children, often in financial circumstances above where he began. A male character cannot merely sit back and let fate carry him along, however. He is expected to actively strive towards the higher state. This usually requires him to employ exceptional cunning and cleverness to outsmart other characters in order to gain wealth or the privilege of a princess’ hand in marriage. For example, in The Tinderbox, the young soldier does not return home from war and wait for a new life to be handed to him. Instead, he takes an active role in his journey towards maturation. First he gains wealth by bravely entering into a bargain with the witch: â€Å"You climb up to the top of the tree, crawl into the hole, and slide down deep inside it. I’ll tie a rope around your waist, so I can pull you up again when you call me.† (pg. 1) â€Å"That doesn’t sound bad! said the soldier. But what am I to do for you, old witch?† (pg....

Cold Weather Reduces Hybrid Fuel Mileage

Cold Weather Reduces Hybrid Fuel Mileage It’s not just the frozen toes and icy temps that can get ya down at this time of the year. It’s filling up at the pump too. Yet even if you drive a hybrid- and love its feel good fuel mileage, they also take a hit in fuel economy when the mercury dips. Why does hybrid fuel economy drop in winter weather? Well, not only do hybrids suffer many of the same cold weather fuel economy losses of a conventional vehicle, but the hybrid electrical systems lose efficiency toowhich equates to a drop in mileage. Hybrid System Temperature – Just like the vehicles internal combustion engine, its hybrid system components (especially the battery) work best when they are warm. The onboard hybrid battery depends upon a chemical reaction to both release energy to the electric drive motor and accept charge during regenerative braking. This reaction is severely hampered when the battery is cold, so the engine runs longer and more frequently to make up the deficit while the battery warms up. Passenger Compartment Heat - Hybrids, just like conventional cars, rely on hot engine coolant circulating through the heater core (heat exchanger) to keep the cabin warm. Obviously, the engine needs to run more frequently to keep up with heater demand. The higher the heater setting, the longer the engine runs. Heavy Defroster Use - Running the defroster can also pull down the mileage. When the defroster is on, not only is it dispensing heat from the heater core, but it also runs the AC compressor to remove moisture from the air. Though its good for the compressor to run periodic cycles in the colder weather (to preserve the integrity of the internal seals), excessive use does reduce fuel economy. In most hybrids, the compressor is run by its own electric motor instead of a belt from the engine, but this doesnt allow the compressor to run penalty-free. That extra electric discharge will require more frequent recharging of the hybrid battery. Running the compressor does hurt fuel mileage. The following two points hybrids share with conventional vehicles: Unburned Fuel – Gasoline just doesn’t atomize and burn as well in a cold engine- tiny droplets of unburned fuel remaining in the cylinder are evacuated with the exhaust. That unburned fuel tallies up to a loss in power- using more fuel to go the same distance- not to mention, substantially increasing the your engines emissions. Tire Pressure Drops – It’s just a law of physics. Colder temperatures cause the pressure in those tires to drop, about 1 to 2 psi for every 10 degrees in temperature drop. Low tire pressure creates extra rolling resistance and friction, and hence, lost fuel economy. How to Improve Hybrid Fuel Mileage Watch that Thermostat - Just as youd turn down the heat in your house to save fuel, set the vehicles heater to the lowest comfortable level.Heat the Seats - If your hybrid has them, take advantage of the electrically-heated seats. The heat from the seats keeps you comfy and reduces the need to heat the whole cabin.Beat the Defroster Penalty - Setting the heater in defrost mode is the easiest way to quickly clear heavily frosted windows (especially the windshield). However, once the cabin is warm and the windows are clear, turn the defroster offin most cases, cabin heat will keep the windows fairly frost-free. Turn on the defroster and cycle only as needed.Garage It – If it’s available, use it. Even if it entails giving that extra junk to the local thrift shop first, parking your vehicle in a garage will keep it warmerand that means a shorter warm-up to reach optimum operating temperature.Get Your Act Together – Yes, organizing and pre-planning your errands will m aximize your time and fuel, since a warmed up car utilizes fuel more efficiently- in addition to making the most of your time as well. Ease Up With the Lead Foot – With black ice and slushy roadways a wintertime reality, not only is it safer to go easier on the accelerator, it’s a smart (and easy) way to save fuel.Check That Tire Pressure - Keep those tires inflated at (or even a bit above) the recommended range. Many manufacturers recommendations for tire pressure are suited for ride comfort while forsaking fuel economy. We usually run our tires several pounds higher for an extra bit of economy.

Allowances Available to Members of US Congress

Allowances Available to Members of US Congress If they choose to accept them, all members of the United States Congress are given various allowances intended to cover personal expenses related carrying out their duties. The allowances are provided in addition to the members’ salaries, benefits and allowed outside income. The salary for most senators, representatives, delegates, and the resident commissioner from Puerto Rico is $174,000. The Speaker of the House receives a salary of $223,500. The president pro tempore of the Senate and the majority and minority leaders in the House and Senate receive $193,400. The pay of members of Congress has long been a subject of debate, confusion, and misinformation. Members are paid a salary only during the terms for which they are elected. They do not, as has been widely claimed in social media, receive â€Å"their full salaries for life.† In addition, members do not get additional pay for service on committees, and they are not eligible for housing or per diem allowances for expenses incurred in Washington, DC. Lastly, neither the members of Congress nor their families are exempt from having to pay off their student loans. The salaries of members of Congress have not changed since 2009. Article I, Section 6, of the U.S. Constitution, authorizes compensation for members of Congress â€Å"ascertained by law, and paid out of the Treasury of the United States.† Adjustments are governed by the Ethics Reform Act of 1989 and the 27th Amendment to the Constitution. According to the Congressional Research Service (CRS) report,  Congressional Salaries and Allowances, the allowances are provided to cover official office expenses, including staff, mail, travel between a Members district or state and Washington, D.C., and other goods and services. Outside Earned Income Representatives and senators are allowed to accept up to 15% of their base salary in permitted â€Å"outside earned income.† Since 2016, the limit on outside income has been $27,495. Since 1991, representatives and senators have been prohibited from accepting honoraria- payment for professional services that are usually rendered free of charge. In the House of Representatives The Members Representational Allowance (MRA) In the  House of Representatives, the Members Representational Allowance (MRA) is made available to help members defray expenses resulting from three specific components of their representational duties: the personal expenses component, the office expenses component, and the mailing expenses component. Use of the MRA allowance is subject to a number of restrictions. For example, members may not use MRA funds to pay or help pay any personal or campaign-related expenses. Members are also prohibited (unless authorized by the House Ethics Committee) from using campaign funds or committee funds to pay for expenses related to official congressional duties; maintaining an unofficial office account; accepting funds or assistance from a private source for an official activity; or using personal funds to pay for franked mail. In addition, each member is responsible for paying any expenses that are in excess of the authorized MRA level or that are not reimbursable under regulations of the Committee on House Administration. Each member receives the same amount of MRA funds for personal expenses. Allowances for office expenses vary from member to member based on the distance between the members home district and Washington, D.C., and the average rent for office space in the members home district. Allowances for mailing vary based on the number of residential mailing addresses in the members home district as reported by the  U.S. Census Bureau. The House sets the funding levels for the MRA annually as part of the  federal budget process. According to the CRS report, the House-passed fiscal year 2017 legislative branch appropriations bill set this funding at $562.6 million. In 2016, each member’s MRA increased by 1% from the 2015 level, and the  MRAs range from $1,207,510 to $1,383,709, with an average of $1,268,520. Most of each members annual MRA allowance is used to pay their office personnel. In 2016, for example, the office personnel allowance for each member was $944,671. Each member is allowed to use their MRA to employ up to  18 full-time, permanent employees. Some primary responsibilities of the congressional staffs in both the House and Senate include analysis and preparation of proposed legislation, legal research, government policy analysis, scheduling, constituent correspondence, and  speech writing. All members are required to provide a quarterly report detailing exactly how they spent their MRA allowances. All House MRA expenditures are reported in the quarterly  Statement of Disbursements of the House. In the Senate The Senators Official Personnel and Office Expense Account In the  U.S. Senate, the Senators Official Personnel and Office Expense Account (SOPOEA) is made up three separate allowances: the administrative and clerical assistance allowance, the legislative assistance allowance, and the official office expense allowance. All senators receive the same amount for the legislative assistance allowance. The size of the administrative and clerical assistance allowance and the office expense allowance vary based on the population of the state the senators represent, the distance between their Washington, D.C.  office  and their home states, and limits authorized by the Senate Committee on Rules and Administration. The combined total of the three SOPOEA allowances can be used at the discretion of each Senator to pay for any type of official expenses they incur,  including travel, office personnel or office supplies. However, expenses for mailing are currently limited to $50,000 per fiscal year. The size of the SOPOEA allowances is adjusted and authorized within the Contingent Expenses of the Senate account in the annual legislative branch  appropriations bills  enacted as part of the annual federal budget process. The allowance is provided for the fiscal year. The preliminary list of SOPOEA levels contained in the Senate report accompanying the fiscal year 2017 legislative branch appropriations bill shows a range of $3,043,454 to $4,815,203. The average allowance is $3,306,570. Senators are prohibited from using any portion of their SOPOEA allowance for any personal or political purposes, including campaigning. Payment of any amount spent in excess of a senators SOPOEA allowance must be paid by the senator. Unlike in the House, the size of senators administrative and clerical assistance staff is not specified. Instead, senators are free to structure their staffs as they choose, as long as they do not spend more than provided to them in the administrative and clerical assistance component of their SOPOEA allowance. By law, all SOPOEA expenditures of each senator are published in the  Semiannual Report of the Secretary of the Senate,

Luca Signorelli and His Work at Orvieto Essay Example | Topics and Well Written Essays - 1500 words

Luca Signorelli and His Work at Orvieto - Essay Example From this paper it is clear that  every artist reveals a certain theme in any given work. From the works of Luca, themes such as strength of youths, the strict austerity of middle life, and the resolute seriousness of the old age were depicted. He showed dignity in appreciating human life. Among the remarkable works of Luca, only two were executed before Luca approached forty years. These are the Madonna and Flagellation. The execution of Flagellation though done skillfully, it depicted the strength in youths. This vital work inspired the youths and encouraged them to bring out the power in them.This study discusses that later works showed strict austerity in middle age, and the resolute seriousness of the old life. The theme of inspiration came out of all the work that Luca did. For example, in some of the decorations, in the Chapel, Luca showed several famous poets and scenes taken from their work; to clarify the theme of inspiration. In his work, in Orvierto, Luca portrayed them es chosen for decoration of the chapel. The main themes chosen were ruling of the antichrist, last judgment, redemption, damnation, and the resurrection of the dead. These themes helped other artists and readers to fathom the culture of Renaissance.  Luca is known to have done numerous paintings in different cities. It may not be possible to mention all the works that he did, but some of his principal works can be analyzed.... Luca worked in Cortona, where some paintings, which he painted, remains still. He began painting in the Cathedral of Perugia, then Monte Oliveto before being commissioned to undertake the decoration of Cappella Nuova in the Cathedral of Orvieto. In the Cathedral, he represented the prophetic series story of the Anti-Christ; End of the World; Resurrection of the body, Paradise; Inferno, and the Divine comedy (Henry 45). The inferno scenes about End of the World scene indicate tortures of Hell. This layout of work influenced many artists in the field of painting. His later work ended in Vatican, where he sacrificed to make way for Raphael’s work. Luca returned to his native land, Cortona, after the Vatican contract where he continued to do his paintings, but in small bits. His painting career ended in his native land of Cortona (Henry 46). Theology of Luca Signorelli Through the Church art work, an artist portrays religious views or teachings. Most of the art work done by Luca p ortrayed his views regarding Christian teachings. He seemed dedicated in knowing the truth about Christ’s teachings, and described the truth teaching through the paintings, which he created. His desire to enquire the truth about Christ can be seen when he got a contract to paint the Cathedral of Orvieto. In this contract, he sought theological advice from masters of theology. In most of his paintings, he created images representing the true view of the religious books. According to him, true representation of religious matters was a crucial aspect in helping people to discover the truth (Gilbert 55). He represented in art form, the consequences or the end results of preaching and embracing antichrists. In his paintings, he started with

Virtual Reality Research Paper Example | Topics and Well Written Essays - 2500 words

Virtual Reality - Research Paper Example These applications range from educational to health systems. However, the technology also has harbored some disadvantages due to its application. This paper delves into the topic of Virtual Reality. It examines some of its uses, its disadvantages as well as challenges that hinder its effective application. Introduction Virtual reality is a three-dimensional environment. One can only view it on a computer screen or through special goggles. Besides, one can relate with the virtual world as if one is part of it using specially designed equipment (Owens, 2010). According to Isdale (1993), virtual reality is a means for individuals to manipulate, interact and visualize with extremely complex data and computers. In this case, visualization part talks about the computer producing auditory, visual or other sensual outputs to a human being within the computer. This world could be a scientific simulation, a view into a database, or a CAD model. Conversely, the user can relate with the world an d directly and control objects within the world. In addition, other processes like simple animation scripts or physical simulations animate some worlds. With virtual reality, there is a likelihood of custom-designed while the three-dimensional environments permit instinctive â€Å"transparent† boundaries such that the computer interface is imperceptible to the user. In addition, virtual reality allows for considerably improved three-dimensional perception and interaction over conventional three-dimensional computer graphics because of its interaction capabilities and three-dimensional display (Bryson, 1996). On the other hand, VR can also be useful in an advanced user interface to three-dimensional simulation models in simulation terms (Barnes, 1996). Moreover, there are various fields in which VR applications have significant potential including medicine, industry, education and training, commerce, entertainment industry, scientific research and the space. On the other hand, to make innovations that use VR technology effective, there should be a thorough exploration. However, VR is still immature both as a technology and as a field of research. As a result, there should be considerable research to be done to realize the full potential of VR (Barrett, 2004). This is the reason the electronic and computer engineers are pursuing new ways of improving the virtual reality experience. Presently, computer and electronic scientists and engineers are developing a system that will incorporate the sense of taste (Lee, 2011). Applications and equipment for Virtual Reality Several technologies are requisite for the creation of a virtual world each of which, have advanced technologically and independently. The heart of virtual reality is a combination of software, hardware and electronics. These three computers related technologies merge to make virtual reality work. In addition, three imperatives are essential to help virtual reality work including special software , the individual user and a computer. Moreover, there are several input devices to improve the virtual reality experience and enable it to work. These input devices help in recording, measuring electronic signals, and converting them into a physical world. On the other hand, the output devices allow the user's brain to process the computer-generated physical world created. However, the reality engine is the main power of a virtual reality system. This engine helps create the virtual world and process information. It comprises either a group of computers or one powerful computer because the reality engine is supposed to create complex graphics (Lee, 2011). However, the virtual reali

Strategic Management Accounting System Essay Example | Topics and Well Written Essays - 2000 words

Strategic Management Accounting System - Essay Example It further explains the control procedures expected at the three levels of management control (strategic, tactical and operational) and provides a discussion of how control is exercised and information required at each management level, relates to Highline Co. Ltd. The traditional management accounting systems are of minimal use in the preparation of the strategic plans, monitoring of achievement process of predetermined objectives of the organization and performance evaluation of the employees. The failure of traditional accounting systems have triggered the process of research in order to find out the suitable methods which can eke the changing business techniques in order to achieve the organisational objectives in today's global business environment (Ittner & Larker, 1998). According to the evaluation of the manufacturing data in different companies it has been found that the manufacturing has been transformed. Labour cost is no more considered as the significant cost of manufacturing, it has been replaced by the overhead cost which has become a significant cost of manufacturing process. This change has reduced the usefulness of the traditional accounting techniques. By undertaking the examination of the material cost and labour cost data the validity and generality of these claims can be tested. Moreover, the extent to which manufacturing has changed over time and the nature of these changes can also be examined. This can help the management of the company in designing an effective and up to date management accounting system according to the current needs of the company. The changing products and management styles have reduced the usefulness of cost accounting and management control systems in the modern age of information technology which were previo usly used in many organizations. Decline in Direct Labour: The automation of the machinery assembling plant in the company has reduced the number of labour used in the production process. Labour cost constitutes a small portion of the manufacturing costs and the overhead costs have become the major constituent of the manufacturing cost. The changing trend has also raised the level of manufacturing overhead which represents 33% of the total manufacturing cost in the company. Due to the changing pattern of manufacturing process the traditional cost systems also tend to fail in the true valuation of cost. It has been noted that the management has taken inaccurate decisions and adopted strategies which have restrain the manufacturing process. In order to confirm the above assertions the management can gather data to analyze two important issues: 1. The production labour has declined as a percentage of total manufacturing costs. 2. The ratio of the total wage expenditures to production wages has been increased for all, most, or some manufacturing companies over time. (Boer and

Alternative medical practice Essay Example | Topics and Well Written Essays - 750 words

Alternative medical practice - Essay Example The term has been in vogue since the last decade of last century and since then it has been gaining momentum in different patterns (Ockler, 2007). The overall concept has been to familiarize the concept to the masses, familiarize them to the benefits of overall project and provide them with potential guidelines how they may benefit from the entire idea and concept. The documentary explains number of experiences by the people and their approach and acceptability towards the new trend. The documentary focuses on number of people who has had a history of different kinds of problems in form of allergies and other problems. To the alternative fix pattern, the remedy to the allergy is found and suggested in form of bee pollens which can provide a possible solution to the allergies. The video/ documentary focus on the observation, and experience of the senator Tom Harkin who shares his experience and overall views about the entire idea and tells about the positive impacts of alternative fix against all the heavy dose schemes and medicines which are conventionally and other wise taken up by the patients in cases of allergies and other skin and health related issues. All these measures led to the exploration and development of N.C.C.A.M and over period of time it has gained massive support from all over along with the funds being donated in abundance from all corners. The entire budget stands at over a hundred billion dollars, which is invested into multiple projects such as further research, medical treatments, scientific research and various other alternatives and options which may be useful in helping the people in one way or other and in a more affordable and cheaper way. With less than 15 years under its belt (Peterson & Arcangelo, 2006)), the overall idea and project is going at a highly effective rate and has provided dividends in many forms. It is being estimated that around 20 percent of the hospitals in the

Strategic Change Management (Ansewr 6 questions) Assignment

Strategic Change Management (Ansewr 6 questions) - Assignment Example High attrition rate and staff downsizing strategy of Airline company’s crates impact on defence mechanism of Airline staff. Southwest Airlines has applied clarity system as a part of Kurt Lewins Change Management Model to decrease resistance about newly implemented software system. The company has changed existing Microsoft Excel reporting pattern by implementing Hyperion Essbase model of financial budgeting. The company did the change in order to decrease overall reporting cost. The logic model of synergy theory describes sustainable change as participation multi level actors (local and global, top level, mid level and ground level management). This model not only increases communication scope but decreases change resistance also. British Airways used Kurt Lewin’s change management model in order to create positive impact on their business policy. In the unfreeze stage they downsized the workforce in order to decrease hierarchical levels. In the change phase British Airways altered internal system and provided incentives to absorb the shock effect. In the refreeze stage BA integrated customer satisfaction with individual objective of key members of organizational hierarchy. They refurbished uniform of staff and aircraft design as a part of change management process. The market demand for Airline industry has been dented due to sovereign debt crisis and economic recession. Airline industry has lost more than $25bn (Â £16bn) in last ten years (Milmo, Topham, and Roberts, 2012). Companies are competing with each other in order to achieve competitive edge such as low cost service delivery, fast service delivery, expanded destination service, fleet size and many others. For example, Southwest Airlines has achieved the competitive edge of lowest fare in comparison to other players in the market. The new airline group formed by the merger is the sixth largest airline service in the world in terms of

Bankruptcy prediction Research Paper Example | Topics and Well Written Essays - 3250 words

Bankruptcy prediction - Research Paper Example e year correctly classify the dozen or so listed industrial companies which will fail, but will incorrectly identify about 120 of the remaining 600 as likely to go bankrupt. In fact, analysts who might use the models t help them produce their credit ratings are likely to try them out before relying on them and making them self-fulfulling. It therefore seems unlikely that a misclassification error rate of 1 in 5 for surviving listed companies would be acceptable, even allowing for the substantially greater costs of incorrectly identifying a bankrupt company as sound when compared to those of misclassifying a surviving company as a prima facie failure." Richard Morris This paper examines whether accounting based measures effectively capture publicly available information about a firm's probability of bankruptcy. Section 2 Section 3 describes model and research methodology which includes details about the sample selection procedures, variable estimation and descriptive statistics are reported in section 4. Section 5 present and discuss the results, while Section 6 summarizes and concludes the paper. Also include a list of variables in Appendix A. 1. Literature Review 1.1 Accounting ratios Professor Edward Altman invented a model called Z-Scores by applying multivariate formula to forecast bankruptcy probabilities of the firms over 30 years from 1965-1999. In 2000, he extended his research throughout the year 1999 by improving accuracies of 96% one period prior to bankruptcy to 70% five annual reporting periods prior. Ohlson (1980) also developed a bankruptcy prediction model with logit analysis using a number of bankruptcy firms that were traded on NYSE and AMSE during the 1970s. Begley Joy et al (1997) critised the estimation models of Altman (1968) and...In fact, analysts who might use the models t help them produce their credit ratings are likely to try them out before relying on them and making them self-fulfulling. It therefore seems unlikely that a misclassification error rate of 1 in 5 for surviving listed companies would be acceptable, even allowing for the substantially greater costs of incorrectly identifying a bankrupt company as sound when compared to tho se of misclassifying a surviving company as a prima facie failure." Richard Morris Professor Edward Altman invented a model called Z-Scores by applying multivariate formula to forecast bankruptcy probabilities of the firms over 30 years from 1965-1999. In 2000, he extended his research throughout the year 1999 by improving accuracies of 96% one period prior to bankruptcy to 70% five annual reporting periods prior. Ohlson (1980) also developed a bankruptcy prediction model with logit analysis using a number of bankruptcy firms that were traded on NYSE and AMSE during the 1970s. Begley Joy et al (1997) critised the estimation models of Altman (1968) and Ohlson (1980) were not performed well by using 1980's data.

Strategic Change Management (Ansewr 6 questions) Assignment

Strategic Change Management (Ansewr 6 questions) - Assignment Example High attrition rate and staff downsizing strategy of Airline company’s crates impact on defence mechanism of Airline staff. Southwest Airlines has applied clarity system as a part of Kurt Lewins Change Management Model to decrease resistance about newly implemented software system. The company has changed existing Microsoft Excel reporting pattern by implementing Hyperion Essbase model of financial budgeting. The company did the change in order to decrease overall reporting cost. The logic model of synergy theory describes sustainable change as participation multi level actors (local and global, top level, mid level and ground level management). This model not only increases communication scope but decreases change resistance also. British Airways used Kurt Lewin’s change management model in order to create positive impact on their business policy. In the unfreeze stage they downsized the workforce in order to decrease hierarchical levels. In the change phase British Airways altered internal system and provided incentives to absorb the shock effect. In the refreeze stage BA integrated customer satisfaction with individual objective of key members of organizational hierarchy. They refurbished uniform of staff and aircraft design as a part of change management process. The market demand for Airline industry has been dented due to sovereign debt crisis and economic recession. Airline industry has lost more than $25bn (Â £16bn) in last ten years (Milmo, Topham, and Roberts, 2012). Companies are competing with each other in order to achieve competitive edge such as low cost service delivery, fast service delivery, expanded destination service, fleet size and many others. For example, Southwest Airlines has achieved the competitive edge of lowest fare in comparison to other players in the market. The new airline group formed by the merger is the sixth largest airline service in the world in terms of

Analyse the attempts by the EU to allievate the inherent problems of Essay

Analyse the attempts by the EU to allievate the inherent problems of establishing a single market within the Financial Services - Essay Example As a result, the integration process had to take a more heightened effort to ensure it was fruitful. The Commission published a White Paper in 1985, whereby the enabling instrument was the Single European Act (the SEA). The aim of this Act was to remove the non-tariff barriers and to encourage free movement of capital and labor by 1993. It was also agreed that discrimination by all means should cease (House of Lords, 2008, p. 33). The non-tariff barriers Although the European Commission was hell bent on establishing a single market, not much had been achieved by 1980s. Furthermore, by the mid - 1980s, most of the aims of the Rome treaty had not been attained despite the first stage of integration having been completed. Actually, non-tariff barriers were reported to have increased between 1975 and 1985 despite all these efforts. It was thereby realized that a strategy was needed to strengthen the integration among members (Canoy, Liddle and Smith, n.d, p. 3). The Single European Act h ad, in mind, three major types of non-tariff obstacles to factor mobility and trade, which inspired its objectives. The first was the physical barriers, whose formation was as a result of controls and customs formalities (House of Lords, 2008, p. 29). Its aim included moving administrative checks away from the borders and ensuring their processes were simplified, development of a common policy on transport, as well as removal of all internal controls and frontiers on capital and people. The second type was technical barriers, which encompasses the various technical product specifications. Its purpose was to harmonize regulations or to create mutual identification of standards of each member country; to institute the correspondence of qualifications; and to dismantle exchange controls. The third type was fiscal barriers, which was characterized by a very complex process of tax rates harmonization particularly in relation to the corporation and indirect taxes. Also, the SEA placed emp hasis on the suitability of allowing free trade on each member country’s public purchasing, which encompassed incorporation of social charter and application of competition. Nevertheless, there was no reliable arrangement for tackling the differences in respect to the external trade policy and a policy on subsidies was not clearly spelt out. It was also not clear, how harmonization could lead to mutual recognition in regards to the achievement of the single market (Eichacker and Amherst, n.d., p. 4). The banking industry The banking industry, among other financial sectors, was greatly regulated and it was characterized by diversified regulatory practices. Essentially, barriers to the supply of overseas services presented more problems than location-related barriers. In some countries, financial institution and non-resident banks were restricted in their rights to do business with residents, by stringent laws and regulations (House of Lords, 2008, p. 36). The first Banking Dir ective instructed members to set up systems for supervising and authorization of banks as well as other credit institutions. This directive, also, led to the requirement that these financial institutions should get licensed to be recognized. In addition, licensing accorded the financial

Perception of Money Laundering in Mauritian Population

Perception of Money Laundering in Mauritian Population Abstract Money laundering is the worlds third largest industry (Jeffrey Robinson (1995)) and may occur almost anywhere in the world. Given the nature of this phenomenon, money laundering has gained in significant proportion. Be they drug traffickers, terrorists, arm traffickers, blackmailers or credit card swindlers, all criminals demand for money laundering. This criminal activity erodes profits of all financial institutions, increases corruption and fuel social injustice. Money laundering has thus serious social and economic consequences that need to be fought against. Many international authorities have made considerable efforts to set up appropriate AML counter measures. Likewise, Mauritius in preserving its reputation has enacted the FIAMLA (2002) and has enforced the FIU to avoid the country being a vehicle of illegal fund. However, money launderers are always a step forward than any law enforcement agencies and organisations. This has been compounded with globalisation and sophisticated technologies. The aim of this dissertation is to assess the perception of money laundering among the Mauritian population. The result from the question-based data collection method used supported that the population do believe in a money laundering economy in the country. However, few of them do know all matters concerning this crime and therefore, more awareness must be drawn. There is still a long way to go for its elimination but things are being done to improve the effectiveness of its combat. Chapter 1: Introduction Background Money laundering exists for centuries but since the 11th September 2001 events, combating money laundering and terrorist financing has became more important. Countries realised it is urgent to combat this sophisticated criminal activity. Money laundering is the process of disguising illegal profits derived from illicit activities without compromising the criminals for them to enjoy from their proceeds without the authorities being able to detect the activities that produced them. Increasing awareness is being drawn for people realise that money laundering fuels crime. Money laundering erodes the economy of ones country and as mentioned by Quirk (1997) its impacts are more measurable than its figure. Money laundering affects individuals, businesses and countries, thus of global concern. 25 years ago, the international community has done much effort to combat this evil. In many countries, efforts made starts bearing its fruits and are now taking importance in many jurisdictions. In fact, if one country does not take action to combat money laundering, it may find itself lagging behind since it will be difficult for it to trade with the rest of the complying world. The latter may fear to trade with a non-complying country due to this element of non-combating money laundering. In effect, the non-complying countrys economic growth may be far behind as compared to complying countries. Low corruption affects growth positively (Mauros (1995)). However, despite the setting up of international instruments and laws to restrain this crime, its evil activities still exits and are even increasing in most cases. With new advanced technologies compounded with globalisation, it is easier for sophisticated launderers to continuously look for opportunities available worldwide in laundering their proceeds. Although, Briscoe (1999) said that Mauritius is not considered as having a significant money laundering problem, since the island has a developing local drug consumption problem and a vibrant growing offshore financial services sector, it is clear that opportunities exist. Thus, following other countries initiations, Mauritius has set up the necessary infrastructures to combat money laundering and prevent terrorist financing. Actually, to protect itself and to maintain a good reputation, it has promulgated, among others, the FIAMLA (2002) which criminalises money laundering and its offenders. Drug trafficking, terrorist activities and financial crime are examples of illicit activities. The main aim of this study is to assess the perception of money laundering among the Mauritian population. While reviewing the literature, it was noticed that for Mauritius the only local survey done was by the FIU in 2006. This was published in its annual report 2006 and was helpful for this study. Additionally, references from other studies, journals and literatures done on this topic were used. Benefits of the study provide a general idea on the perception of money laundering among the Mauritian population, provide an overview about any research done on this topic, provide an insight whether the population is aware about the laws and institutions combating money laundering in Mauritius. Chapters Outlines Chapter 1 Introduction This chapter provides a brief introduction of the study including a short definition and its benefits. Chapter 2 -Literature review The definition, the process and techniques used to launder ill-gotten money, the importance of combating money laundering, the international actions took and reports done internationally and locally are provided in this chapter. Chapter 3 Methodology This chapter explains the methodology used to collect the data necessary for this study. Chapter 4 Analysis It provides an analysis of the data collected, the interpretation of the results and the hypothesis testing done. Chapter 5 Conclusion This entails the concluding notes of this dissertation and suggests some recommendations. Chapter 2: Literature Review Money laundering has been with us for centuries (Graham (2003)). As Lloyd (1997) said, its origins can be traced since the 1930s, when notable gangsters like Meyer Lansky and Al Capone were prevailing. Their exploits founded money laundering methods still in practice today. Since then, it has gained in proportion and is almost impossible to measure its exact global amount. KPMG (2004) reported that internationally about US$500 billion to $1 trillion is being laundered and it is estimated that annually, in the U.S and in London, about US$100 billion and  £1.8- £2 billion is been laundered respectively. Moreover, IMF estimates that money laundering is about US$500 billion. Nevertheless, Quirk (1997) said that its impacts are more measurable than its figure. Thus, such illegal activities are increasing and have dangerous effects on a countrys financial services sector, thus, being an issue of both national and international security. Quirk (1997), Barrett (1997), Paradise (1998), Masciandaro, and Portolano (2003) mentioned that money laundering threatens the economic and financial systems of countries. 2.1 Definition Money laundering is the process by which criminals try to mask the true origin of ill-gotten money into the stream of lawful commerce and finance. If undertaken successfully, beneficiaries will enjoy and maintain control over their proceeds and ultimately be provided with legitimate cover for the source of their income authorities being unable to detect the activities that produced them. Illegal profits have to be laundered because the money trail is proof of crimes, thus, vulnerable to seizure. AllDridge (2003) said that clean money is worth more than dirty money. Hinterseer (2002) stated that money laundering is criminal finance as it corrupts markets, shifts an unfair economic burden in the legal economy, weakens the universal stability of the international financial markets and raises numerous civil liberty related issues. In Mauritius, the Government enacted the FIAMLA (2002) which gives explicit powers to gather, analyse and disseminate information to the FIU. Section 3: Money Laundering (1) Any person who (a) engages in a transaction that involves property which is, or in whole or in part directly or indirectly represents, the proceeds of any crime; or (b)receives, is in possession of, conceals, disguises, transfers, converts, disposes of, removes from or brings into Mauritius any property which is, or in whole or in part directly or indirectly represents, the proceeds of any crime, where he suspects or has reasonable grounds for suspecting that the property is derived or realized, in whole or in part, directly or indirectly from any crime, shall commit an offence. 2.2 Process of Money Laundering Peltman (1997) has shown that money laundering has three stages. They may occur as separate and distinct stages or as an overlapping phase. Their usage will depend on the criminals accessible laundering mechanisms and requirements. Figure 1: A Typical Money Laundering Scheme Placement Placement is where most efforts are focused to combat money laundering. This involves the breaking up of large deposits into minute deposits for currency transaction reporting avoidance. This involves single or multiple transactions using one or more bank deposits or the purchasing of investments. Michael et al (2002) find that placement is the most risky stage for detection It is where the huge illegal cash profits are presented personally to a financial establishment. This can pose an enormous problem as dealing with cash in bulk and in regularity is difficult. Layering Steel (1998) found that layering stage is the most complex stage and the most international in nature. Graham (2003) said that layering relies on the negotiation of paper, electronic or digital records through a series of transactions which will make it difficult, if not impossible the reconstruction of paper trail detailing previous cash movements. 2.2.3 Integration Integration follows a successful layering process and is the final stage according to Schneider (1994). Moreover, for Graham (2003), transactions can no longer be linked to criminal cash and the secrecy of the source of funding is guaranteed. The criminal cash in the legitimate economy appears as money naturally originated from legal transactions. Araujo and Moreira (2005), Masciandaro (1999) stated that it is expected when cleaning has been done the money is ready to get back into the formal economy, thus, providing funds for investment or consumption. 2.3 Techniques of Money Laundering Briscoe (1999) stated that money laundering is not considered as a significant problem in Mauritius and that the country is not a major narcotics production or trans-shipment centre. Nevertheless, since the island has a developing domestic drug consumption problem and a vibrant growing offshore financial services sector, it is clear that opportunities exist. Results obtained by Mauro, (1995), (1997), Leite and Weidmann, (1999), Alesina and Weder, (2002), Damania, Fredriksson and Muthukumara, (2003) from the World Banks Governance Indicators and Transparency Internationals Corruption Perception Index (CPI) indicate that corruption indexes is now a very profitable source of research. Similar to money laundering has no frontier, money launderers have unlimited originality to launder their money. Hence, launderers will seek where the weakest link in the chain is, targeting the weakest point of defenses and where detection is less likely to arise. Masciandaro (2001) said that financial industries are the major concern of money laundering fighters since money actually needs to pass through them. Money laundering techniques are very long, sophisticated and difficult to determine precisely. Some of them are summarised below. 2.3.1 Banking Services Considering their activities, banks represent a natural and logical vehicle for launderers. Graham, Bell Elliott (2003) stated that cash deposits, basic banking services and wire transfer facilities are the core means of money laundering. The wealthier launderers will look for specialist private bank services and investment houses that offer wealth management services. Following the Basel Committee statement (1988), Johnson and Lim (2002) stated that financial institutions including banks may be willingly or unconsciously be used as intermediaries for money laundering since they remain an important mechanism for its disposal. Mascaindaro (1995) strengthen this theory by stating that money laundering occurs either by passively using bank agents or by actively using criminal banks. In contrast, Quirk (1997) empirically observed a shift in money laundering techniques and concluded that launderers are going away from the banking system. Bauer and Peter (2002) mentioned that banks are actively combating money laundering and these initiatives may well be a model for international cooperation. 2.3.2 Money Services Businesses Graham, Bell Elliott (2003) stated that criminals use ‘bureau de change to convert cash to other currencies or consolidated smaller amounts. Usage of remittance services or giro houses enables criminals to transfer cash between jurisdictions. Duynes empirical findings show that in both Bosphorus case and Mozart case, money launderers involved an extensive network of currency exchange offices. 2.3.3 Lawyers, Accountants and other Intermediaries Graham, Bell Elliott (2003) found that launderers usually use professionals to set up corporate and trustees to act as nominee shareholders or directors. These are of growing international concern. The clients account provides the launderer a hidden vehicle for depositing funds into the banking system. In selling their personal investment products, professionals provide useful means for money laundering. Johnson and Lim (2002) found that money launderers use more non-bank financial institutions and non-financial business like lawyers for money laundering. Their evidence supported that a weakening of the bank/illegal economy relationship, implies a lesser participation of the banking sector for laundering money. 2.3.4 Non-Financial Sector Services Graham, Bell Elliott (2003) also found that casinos, metal dealers and other high valuable goods sellers are money laundering techniques. These are done especially in cash purchase or substantial cash deposits. Distinguishing dirty money from legitimate gambling profits or losses will be quite difficult if the dirty money is changed into casino chips and then back into cash. Lloyd (1997) stated that whatever be the form of the jewelry, its value remains constant. Thus, a single piece of gold can be changed various times to disguise its origins without any significant change in its value. 2.3.5 Alternative Remitting Systems As per Graham, Bell Elliott (2003), popular within some ethnic groups, Hawala or hundi are alternative remittance systems used to transfer funds abroad. These systems function outside the regulated banking sector. Graham, Bell and Elliot (2003) added that it is believed that the Al-Quaeda terrorist organisation have used the hawala for the financing of 11 September 2001 event. 2.3.6 Exploitation of Internet Banking Services Exploitation of banking services and the use of developments in the internet are techniques used for laundering money. Actually, some banks dispense their clients of all contacts, thus no control over transactions exists. Example, the Fortis Bank in Luxembourg, offers complete e-banking services. 2.3.7 Use of Correspondent Banks Several international trustworthy banks have been involved in money laundering due to insufficient controls. Examples: Russian banking (Rawlinson,1996; Burlingame, 1997) Banco Ambrosiano (Cornwell, 1983) BCCI (Adams and Franz, 1992) Banque Crà ©dit Lyonnais: case of Parretti and Fiorini (dAubert, 1993) 2.4 Importance of Combating Money Laundering Over the last 25 years, the international community has made considerable efforts to combat money laundering. Countries realise that if they allow money laundering or fail in adapting correctly the AML procedures and the KYC principles, they run the risk of civil and criminal liability, reputation and regulatory risks. Moreover, Lasco (1997) mention that if governments are reluctant to accept the universal application of money laundering countermeasures, then its ills associated will damage the society. Bauer (2002) and Peter (2002) stated that in some countries like USA, the KYC principle has not been established firmly in legislation as it is under some European rules. Some intermediaries view money laundering regulations and laws as an annoying obstacle for trading. For example, it was feared that recent efforts in the Channel Islands for strict laws would decrease business volumes, but finally, the Channel Islands attracted more businesses. The Commonwealth Model of Best Practice for Combating Money Laundering in the Financial Sector suggests four principle reasons for money laundering (Graham, Bell Elliott (2003)). Failure to prevent money laundering allows criminals enjoying their proceeds, making crimes especially attractive. It also permits criminal organisations to finance other criminal activities, which eventually increase the level of crime. Unchecked use of the financial system has potential powers to weaken individual financial institutions, and finally the reliability of the whole financial sector. Moreover, it has adverse macro-economic effects affecting exchange rates during large capital flows and thus distorts resource allocation. Unchecked laundering may create contempt for the law hence, declining the confidence public has in the legal and financial system, resulting finally in a rise in economic crime. Money laundering eases corruption. Eventually, accumulation of economic and financial powers by immoral politicians or criminal organisations may undermine the country. Below are some summarised reasons why AML laws are required. 2.4.1 Unfair Competition Money launderers often use their proceeds to finance certain companies. This allows them to undercut innocent rivals and force them out of the market. Therefore, if left unchecked, money laundering may unfairly affect the pricing mechanism of the market system and create unnecessary distortion. Quirk (1997) studied that crime highly explains differences among the industrial countries; a 10% raise in crime leads to a 10% reduction in currency demand and a 6% reduction in overall money demand. 2.4.2 One crime generates further crimes Money laundering allows criminals to take full advantage of their crimes if not properly tracked down. This makes such criminal activities more attractive, resulting in its rise. Thus, one crime generates other crimes. Masciandaro (1998) stated that banks in regions of higher criminality have greater association with money laundering than banks in region of low criminality. From his hypothesis, Masciandaro (1998) proved that ‘the positive association observed between the banking sector and the illegal economy allows an assumption of an increase in laundered funds when illegal activities increase. Moreover, Masciandaro (1998) results showed that money laundering is a multiplier of criminal activities by providing criminals with cleaned money for reinvestment in their illicit activities. Masciandaro (1999) results also showed that there is an inverse relationship between the degree of diffusion of money laundering activities and the effectiveness of AML regulation in a given econ omy. 2.4.3 Corruption and Growth With large amount of money involved, money laundering has direct effects on economic crimes. Once corruption infiltrates the system, the whole machinery is affected and functions improperly. Public confidence in some fundamental institutions may be at risk and this can only promote crimes. Obviously, a corrupt society has no great hope for prosperity. Empirical results confirmed Mauros (1995) findings that low corruption affects growth positively. Mauro (1995) himself followed Barro (1991), and Levine and Renelt (1992) specifications which assess investment and growth responses to corruption. Quirk (1996) empirical evidence showed for the period 1983-90, significant reductionsin annual GDP growth rates and increase in money laundering are related. 2.4.4 Social Cost Quirk (1996) found that money laundering has important social costs when it facilitates crimes and corruptions within both the developing and developed countries. The International Narcotics Control Strategy (1998) confirmed that money laundering has devastating social costs and threatens the national security and McDowell and Novis (1998) added that money laundering erodes the confidences in markets. Additionally, Alweendo Tom K (2005) stated that crime and criminal activities work towards eroding these very basic individual rights. 2.5 Criminalising Money Laundering The key to making an impact in money laundering is to get all of the countries of the world to enact and enforce the same laws dealing with money laundering so the criminals have nowhere to go, Interpol expert Brown (1998). With new technologies, it is easier for sophisticated launderers to continuously look for opportunities available worldwide. The loopholes in other jurisdictions can frustrate efforts made by one jurisdiction to combat money laundering. Therefore, it is of global concern since no countrys financial system is protected from it. Quirk (1997) stated that money laundering has a considerable negative impact on the macro-economy, therefore it is urgent to adopt AML measures. 2.5.1 International Actions The international community are more aware of the dangers of money laundering, and many governments and jurisdictions have committed themselves to take international actions to combat money laundering. These began in 1988. 2.5.1.1 Basel Committee This statement they adopted in December 1988 outlined the following initiatives and policies that suggest financial services to implement. need for compliance with legal laws and guidelines, cooperation with national law enforcement authorities, implementation of record-keeping and transaction recording, staff training, KYC approach. 2.5.2 Vienna Convention Ashe and Reid, (1998) stated that the Vienna Convention established in December 1988 was the first treaty of global reach criminalising money laundering which creates an obligation for signatory states to criminalise such evil. It also includes the production, management and financing of trafficking operations as well as facilitating the commission of drug trafficking offences including money laundering. 2.5.3 United Nation (UN) 2.5.3.1 Global Programme against Money Laundering Through the GPML, the UN helps its member states with legal advice and assisting them in drafting appropriate legislation and establishing the necessary administrative structure to combat money laundering. The strategies include: provision of technical assistance to developing countries, organisation of training workshops, provision of training materials, transferring of expertise between jurisdictions, conduction of research, analysis and gathering of data. For its first operating year, the Program aided 20 countries and introduced a global comprehensive database on national money laundering legislation and the International Money Laundering Information Network on the Internet. 2.5.4 Financial Action Task Force FATF with its 34 members is an inter-governmental body which develops and promotes national and international policies to combat money laundering and terrorist financing. Established in 1989, FATF is a â€Å"policy-making body† that works to generate the necessary political willingness to bring about legislative and regulatory reforms. In 1990, it published 40 + 9 recommendations providing a comprehensive framework to fight money laundering. These were revised in 1996 and 2003 to ensure that they remain up-to-date and relevant to the money laundering growing menace. In 1995, the International Narcotic Control Board advised all governments to implement these 40 recommendations. 2.5.4.1 FATF Responsibilities: examination of money laundering techniques and trends, reviewing of action which had already been taken at a national or international level, setting out of measures that need to be taken to combat money laundering, evaluating countries in respect of their AML measures. Therefore, where weaknesses are found, countries are recommended to remedy the shortcomings the soonest. Failing, they are threatened of being blacklisted as non-cooperative jurisdictions. Naming and shaming them, FATF achieves its objectives of bringing countries to adopt appropriate AML measures. 2.5.4.2 The 40 Recommendations Recommendations 1-2: Scope of the criminal offence of money laundering Recommendation 3: Provisional measures and confiscation These are to be taken by financial and non-financial businesses and Professionals to prevent money laundering and terrorist financing Recommendations 4-12: Customer due diligence and record-keeping Recommendations 13-16: Reporting of suspicious transactions and compliance Recommendations 17-20: Other measure to deter money laundering and terrorist financing Recommendations 21-22: Measures to be taken with respect to countries that do not or insufficiently comply with FATF Recommendations Recommendations 23-25: Regulations and Supervision Institutional and other measures necessary in systems for combating money laundering and terrorist financing Recommendations 26-32: Competent authorities, their powers and resources Recommendations 33-34: Transparency of legal persons and arrangements Recommendation 35: International Co-operation Recommendations 36-39: Mutual legal assistance and extradition Recommendation 40: Other forms of co-operation FATF Annual Report 1996-97 added that earnings of offences like fraud and smuggling are also gaining importance. Moreover, commenting on the FATF Annual Reports from 1994, Johnson and Lim (2002) states that AML measures that some governments took, help in minimising money laundering and that with the imposition and enforcement of AML legislation, it will be harder for money launderers to clean their proceeds. Hence, preliminary evidence puts forwards that governments attitudes are important in either restricting or encouraging money laundering. However, Quirk (1997) mentioned that some governments could not implement the FATF â€Å"40 Recommendations† as this would go against the IMFs advice for liberalising financial markets. 2.5.5 International Monetary Fund The IMF has expertise in conducting financial sector assessments, providing technical assistance in the financial sector, and exercising surveillance over members economic systems, which is particularly helpful in evaluating country compliance with the international AML/CFT standards and in developing programs helping them address identified shortcomings. After the 11th September 2001 events, IMF continued to broaden and deepen its engagement in the global fight against money laundering and terrorist financing. March 2004 viewed an important moment. The IMF Executive Board agreed to make AML/CFT assessments and technical assistance a regular part of its work and to expand this work to cover the full scope of FATF 40 recommendations. Other international actions combating money laundering are the Egmont Group, the OECD, the EAG, the Asia-Pacific Group on Anti-Money Laundering and the E.U Directive. 2.5.6 KPMG report on Global Anti-Money Laundering Survey (2004) Aim: Whether the increasing globalisation of banking groups and of international regulatory cooperation resulted in an increase in consistency in the AML approach Methodology: The field research was done from 1st March 2004 to 26th March 2004 and 209 banks based in 41 countries responded. Consensus Research was charged by KPMG to conduct a telephone survey of banks across the main sectors. These banks were the 1,000 best global banks and local banks from seven regions as shown in figure 2 below. Figure 2: Analysis of Respondents by Region The figures 3 4 below are a detailed analysis of the respondents by region and country and an analysis of the respondents by industry. Figure 3: Analysis of Respondents Region by country Figure 4: Analysis of Respondents by Industry Results: high degree of commitment from the banking sector in the AML cause and provide opportunity for banks worldwide to assess and benchmark their own practices with those of their regional and international peer group. most respondents believed that the current AML burden is acceptable they were keen to work with regulators and law enforcements for the system to work more successfully. 2.6 In Mauritius 2.6.1 Financial Intelligence and Anti-Money Laundering Act (2002) The FIAMLA (2002) criminalises money laundering and is the legislation of AML. It provides for the establishment and management of a FIU and a Board to supervise its activities and provides for money laundering offences, reporting of suspicious transactions, gateways for exchange of financial intelligence information and exchange of mutual assistance with overseas bodies, all in relation to money laundering. FIAMLA (2002) under section 8 imposes high criminal penalty for money laundering offences. Any person who commits any money laundering offence shall, on conviction, be liable to a fine not exceeding 2 millions rupees and to penal servitude for a term not exceeding 10 years. Moreover, any property belonging to or in the procession or under the control of any person who is convicted of an offence of money laundering shall be deemed, unless the contrary is proved, to be derived from a crime and the Court may, in addition to any penalty imposed, order that the property be forfeited. It is worth noting that FATF experts concluded that although Mauritius has a regulatory regime for the financial service sector both locally and internationally, certain troubling characteristics were found. These concern the identity of the administrators and the real beneficial owners of offshore companies. However, the law on economic crime and anti-money laundering adopted on 13th June 2000 which has been taken on board in the FIAMLA (2002) has reinforced the existing legislation with regards to prevention and fight money laundering. 2.6.2 Prevention of Corruption Act (2002) The corruption component of the Economic Crime and Anti-Money Laundering Act (2000) was taken on board in the POCA (2002) which provides for the investigation of money laundering offences t