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Pages tagged "Money Laundering"


Challenges await Australia’s new Tax Commissioner

by Miranda Stewart

In January 2013, Mr Chris Jordan AO starts as Federal Commissioner of Taxation in charge of the Australian Taxation Office (ATO). He follows Mr Michael D’Ascenzo AO, who was not reappointed after his seven-year term.

Mr Jordan will be only the 12th Commissioner and only the second external appointment in the ATO’s history. All appointments have been male. The first Commissioner, George McKay, appointed from the New South Wales public service in 1910, seems to have died from overwork in 1917 after administering on a shoestring the federal land tax and income tax introduced in 1915 to help fund World War I. The next Commissioner, Robert Ewing, appointed an assistant commissioner to help. In his 22 year innings until 1939, Mr Ewing oversaw a new federal estate tax, payroll tax, and the turbulent time before World War II, when the federal government took over the income taxes of the States.

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The Unrepentant And Unreformed Bankers

By Phil Angelides

Money laundering. Price fixing. Bid rigging. Securities fraud. Talking about the mob? No, unfortunately. Wall Street.

These days, the business sections of newspapers read like rap sheets. GE Capital, JPMorgan Chase, UBS, Wells Fargo and Bank of America [2] tied to a bid-rigging scheme to bilk cities and towns out of interest earnings. ING Direct , HSBC and Standard Chartered Bank  facing charges of money laundering. Barclays caught manipulating a key interest rate, costing savers and investors dearly, with a raft of other big banks also under investigation. Not to speak of the unprecedented wrongdoing that precipitated the financial crisis of 2008.

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Political Corruption in New York: Low Comedy and High Cost

by Dan Collins

It's possible, what with the rush of the holiday season, that you have neglected to pay close attention to the city's latest political corruption trials. I must admit my own attention was wandering until this week, when a Brooklyn Assemblyman was indicted for attempting to solicit bribes so he could pay lawyers to defend from charges of taking bribes in a previous corruption trial.

The star of that saga is William Boyland Jr., who exemplifies all the reasons the words "state legislature" make New Yorkers want to beat their heads against the nearest flat surface.

He has a completely safe seat, which he inherited from his father, William Boyland Sr., who inherited it from his brother. Junior has had a totally undistinguished career in Albany, starring only in the narrow but competitive area of filling out expense forms. But back home he's apparently been very active in a business loosely described as consulting.

In Albany, consulting is generally a euphemism for being paid to get somebody state money.

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Using the Colombia Model in Afghanistan

by Paul Wolfowitz and Michael O'Hanlon

Why the Colombia model -- even if it means drug war and armed rebellion -- is the best chance for U.S. success in Central Asia.

President Barack Obama made clear this week that the remaining troops will soon come home from Iraq. Some 10 years after the first troops landed in Afghanistan, we're now nearly back to a one-front war. But where are we, really? It's clear that both citizens and Washington alike are collectively weary of war and frustrated by this particular mission, with its interminable timelines and uncertain partners in Kabul and Islamabad, even if it has only been three to four years since the United States intensified its collective focus and resources on this mission. 

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Financing terrorists and terrorism post 9/11

As the 10th anniversary approaches of the ‘9/11’ terror attacks on the United States in 2001, a law enforcement  academic at Charles Sturt University (CSU) says terrorists have shown adaptability and opportunism in meeting their funding needs.

Dr Hugh McDermott, senior lecturer in law enforcement at the CSU Australian Graduate School of Policing in Manly, says that while the direct costs of mounting individual attacks have been low relative to the damage they can yield, financing is required not just to fund specific terrorist operations, but to meet the broader organisational costs of developing and maintaining a terrorist organisation, and to create an enabling environment – infrastructure - necessary to sustain their goals and activities over time.

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How Financial Markets Finance Terrorism

by Hugh McDermott

The securities industry is no stranger to terrorists.  While criminals use the markets to launder their funds, terrorists make money by speculating.  If terrorists had ‘inside information’ about an imminent attack, they could purchase financial derivatives before the attack and make millions from the subsequent market movements.

What happens to financial markets after a terrorist attack and how terrorists make money from these market movements if they knew the attacks were about to occur is illustrated by the  suspicious trading that occurred immediately before the successful New York, Madrid and London attacks.

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Cyber-Criminals attacking the Financial Markets

by Hugh McDermott

Cyber criminals are increasingly organised and sophisticated in their exploitation of financial markets. As most investors rely on the internet for market information, criminals abuse this trend to victimise investors and generate significant illegitimate proceeds, destabilising market integrity in the process.

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Major International Leaders Plead for the US and the World to Get Smart and Stop the War on Drugs

The Commission on Drug Policy urged a shift from incarceration to consideration of a full range of alternatives, from decriminalization to legalization and regulation.
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