Monday, July 20, 2009
Balochistan Board of intermediate and Secondary Education has accounced Matric Annual Result 2009
Balochistan Board of intermediate and Secondary Education has accounced Matric Annual Result 2009, Click here to search your result. Best of luck
Sunday, July 12, 2009
Pakistan Electronic Crimes Ordinance, 2008
The President of Pakistan, has Issued a declaration, which makes internet crime liable to be punished with death or imprisonment for life, with huge fines.
Cyber Crime Law
The law states that, any person who commits “cyber terrorism” and causes death of any individual shall be punishable with death or imprisonment for life and will be fined up to Rs 10 million under the deterrence of Electronic Crimes Ordinance, 2008.
According to the law, It shall apply to every person who commits “cyber terrorism” if hr/she access a computer, electronic system or an electronic device with a view to engage in a “terroristic act”, irrespective of his nationality or citizenship whatsoever or in any place outside or inside Pakistan, having harmful effect on the security of Pakistan, its nationals, national harmony, any property, any electronic system, any data located in Pakistan, any electronic system or data capable of being connected, sent to, used by or with any electronic system in Pakistan, will be liable for punishment under the ordinance.
The law defines a terroristic act as an effort to “alarm, terrify, upset, harm, damage or carry out an act of violence” against citizens or the government.
According to the law, “Cyber crime” includes elements and activities like, “Thievery or copying” part or whole of information which is classified or any data/information required for making biological, chemical or nuclear weapon.
The law also highlights certain number of durations of imprisonment and penalties for other crimes, such as cyber fraud, stalking and spamming.
The federal government will institute a dedicated investigation and prosecution cell within Federal Investigation Agency (FIA) to investigate and impeach the offences under the Ordinance. Afterwards, an Information and Communication Technologies Tribunal (ICTT) will be established under the ordinance through a gazette announcement to assume cases pertaining to the above mentioned offences.
The federal government may combine forces with any foreign government, Interpol or any other international agency with whom it has mutual arrangement for investigation or dealings against the offences related to electronic system data, for collection of evidence in electronic form of an offence along-with interception of data.
Any person, group or organization, which uses computer network for broadcast of electronic data having terrorist objectives, will be held accountable for cyber terrorism. The ordinance also reveal that any one who deliberately causes any electronic system or electronic device to carry out any function for the rationale of gaining unauthorized access to any data held in any electronic system or electronic device or on obtaining such unauthorized access shall be punished with imprisonment of either explanation for a term which may extend to three years, or with fine or with both.
Whoever create a website, or sends an electronic message with a phony source proposed to be believed by the recipient or visitor or its electronic system to be a genuine source with plan to gain unauthorized access or obtain precious information which later can be used for any unlawful purposes commits the offence of spoofing.
Cyber Crime Law
The law states that, any person who commits “cyber terrorism” and causes death of any individual shall be punishable with death or imprisonment for life and will be fined up to Rs 10 million under the deterrence of Electronic Crimes Ordinance, 2008.
According to the law, It shall apply to every person who commits “cyber terrorism” if hr/she access a computer, electronic system or an electronic device with a view to engage in a “terroristic act”, irrespective of his nationality or citizenship whatsoever or in any place outside or inside Pakistan, having harmful effect on the security of Pakistan, its nationals, national harmony, any property, any electronic system, any data located in Pakistan, any electronic system or data capable of being connected, sent to, used by or with any electronic system in Pakistan, will be liable for punishment under the ordinance.
The law defines a terroristic act as an effort to “alarm, terrify, upset, harm, damage or carry out an act of violence” against citizens or the government.
According to the law, “Cyber crime” includes elements and activities like, “Thievery or copying” part or whole of information which is classified or any data/information required for making biological, chemical or nuclear weapon.
The law also highlights certain number of durations of imprisonment and penalties for other crimes, such as cyber fraud, stalking and spamming.
The federal government will institute a dedicated investigation and prosecution cell within Federal Investigation Agency (FIA) to investigate and impeach the offences under the Ordinance. Afterwards, an Information and Communication Technologies Tribunal (ICTT) will be established under the ordinance through a gazette announcement to assume cases pertaining to the above mentioned offences.
The federal government may combine forces with any foreign government, Interpol or any other international agency with whom it has mutual arrangement for investigation or dealings against the offences related to electronic system data, for collection of evidence in electronic form of an offence along-with interception of data.
Any person, group or organization, which uses computer network for broadcast of electronic data having terrorist objectives, will be held accountable for cyber terrorism. The ordinance also reveal that any one who deliberately causes any electronic system or electronic device to carry out any function for the rationale of gaining unauthorized access to any data held in any electronic system or electronic device or on obtaining such unauthorized access shall be punished with imprisonment of either explanation for a term which may extend to three years, or with fine or with both.
Whoever create a website, or sends an electronic message with a phony source proposed to be believed by the recipient or visitor or its electronic system to be a genuine source with plan to gain unauthorized access or obtain precious information which later can be used for any unlawful purposes commits the offence of spoofing.
Default judgement in favour of Axact – compensation US $6,000,000
Axact meanwhile adhering to advice form their local legal consul, filed a lawsuit in Pakistan in the High Court of Sind at Karachi, for damages and injunctions amounting US $6million and other remedies. In Pakistan the defendants opted not to join the suit even after served with several court notices/summons and so Axact received a default judgment against SNR.
Default Judgement in favour of SNR – compensation US $694,750
Now as is standard in the US a corporate cannot file pro se, so it appears Axact decided not to proceed with securing other counsel and so a default judgment was entered in favor of SNR. The judgement entered the statutory damages on the Defendants’ copyright claim in the amount of $300,000, attorney fees, other fees and an injunction against Axact and any Internet search engines, Web hosts and domain-name registrars that are provided with notice of the injunction on a restriction from any future copyright violations for the works of SNR (3 copyrighted papers) by Axact.
Beverage industry case- US
In Feb 2008, Law firm McRoberts, Roberts & Rainer LLP had filed a class action lawsuit on behalf of a consumer against In Zone Brands, who make Bellywashers drinks, and also the Talking Rain Beverage Company. The suit claimed independent laboratory tests exposed that both companies had drinks infected with benzene, a known carcinogen, above the five parts per billion legal limits for benzene in tap water across the United States. Benzene lawsuits have now been filed in Kansas, Washington DC, Florida and Boston. This puts soft drinks firms under great pressure to eradicate or control benzene formation in their beverages. The alleged source is two widespread ingredients – sodium benzoate and ascorbic acid (vitamin C) in the drinks, these two ingredients could react to form benzene in drinks, as well as that revealing such a drink to heat could considerably hoist benzene levels.
After having the case strongly followed-up in the courts the agency re-opened its investigation into benzene in soft drinks, after it saw results from lab tests commissioned by lawyer Ross Getman and Larry Alibrandi, a concerned food scientist, who worked on soft drinks industry testing for benzene in soft drinks back in late 2007. To date the court records show that the case is still in proceeding stage and the next hearing is based on the report which is to be filed from the investigation committee.
After having the case strongly followed-up in the courts the agency re-opened its investigation into benzene in soft drinks, after it saw results from lab tests commissioned by lawyer Ross Getman and Larry Alibrandi, a concerned food scientist, who worked on soft drinks industry testing for benzene in soft drinks back in late 2007. To date the court records show that the case is still in proceeding stage and the next hearing is based on the report which is to be filed from the investigation committee.
The case of Air Pollution in USA
Another case emerged in the USA that depicts the impact of pollution and the steps taken by the government in collaboration with the judicial system to overcome it.
In 2008, the Pittsburgh-based U.S. Steel Corporation was ordered to pay $4.45 million to settle a class-action lawsuit by residents of Ecorse and River Rouge over air pollution caused by an Ecorse plant.
The Judge of the U.S. District Court in Detroit approved the settlement and agreed that roughly 7,000 residents were affected by smoke and metallic particle emissions from the U.S. Steel Great Lakes Works plant. The lawsuit disclosed that tests by the Michigan Department of Environmental Quality had found excessive levels of manganese emissions from the plant.
Under the terms of the settlement, the affected residents would receive $300 each, for a cumulative $2.1 million in lawsuit damages payable by the steel company and all funds that go unclaimed
In 2008, the Pittsburgh-based U.S. Steel Corporation was ordered to pay $4.45 million to settle a class-action lawsuit by residents of Ecorse and River Rouge over air pollution caused by an Ecorse plant.
The Judge of the U.S. District Court in Detroit approved the settlement and agreed that roughly 7,000 residents were affected by smoke and metallic particle emissions from the U.S. Steel Great Lakes Works plant. The lawsuit disclosed that tests by the Michigan Department of Environmental Quality had found excessive levels of manganese emissions from the plant.
Under the terms of the settlement, the affected residents would receive $300 each, for a cumulative $2.1 million in lawsuit damages payable by the steel company and all funds that go unclaimed
The Case of Bonded Labor in USA
In the USA, three large scale organizations were sued by a human rights group, in the Federal Court, in the year 2006. The purpose was to force them to implement measures to end bonded labor on farms and distant locations, which are a source of cocoa beans used to make chocolate.
The suit claimed that the entities were involved in transporting, torturing and the unwilling use of labor that were confined to work on distant farms in unbearable conditions.
The corporations refused to exchange a small portion of their massive profits to ensure sufficient return for farmers and workers. The lawsuit claims the workers were beaten and forced to work 12 to 14 hours a day with no pay and little food or sleep.
The rescued bonded labor said they were aged 12 to 14 when they were taken from their homes. The lawsuit also covers thousands of workers who were evidently confined from 1996 until the present day to work on the farms.
As a result of this lawsuit, the entire chocolate industry accepted the legibility and existence of bonded labor and signed an agreement in June 2008 with the International Labor Rights Organization (ILO) to work for the elimination of this factor.
Conclusion
Human rights are of prime importance in the labor laws of any country. The nations must address this issue and put forward structured steps in order to eliminate this factor. The judiciary and the political systems must play their respective roles to enforce measures to eliminate this problem.
The suit claimed that the entities were involved in transporting, torturing and the unwilling use of labor that were confined to work on distant farms in unbearable conditions.
The corporations refused to exchange a small portion of their massive profits to ensure sufficient return for farmers and workers. The lawsuit claims the workers were beaten and forced to work 12 to 14 hours a day with no pay and little food or sleep.
The rescued bonded labor said they were aged 12 to 14 when they were taken from their homes. The lawsuit also covers thousands of workers who were evidently confined from 1996 until the present day to work on the farms.
As a result of this lawsuit, the entire chocolate industry accepted the legibility and existence of bonded labor and signed an agreement in June 2008 with the International Labor Rights Organization (ILO) to work for the elimination of this factor.
Conclusion
Human rights are of prime importance in the labor laws of any country. The nations must address this issue and put forward structured steps in order to eliminate this factor. The judiciary and the political systems must play their respective roles to enforce measures to eliminate this problem.
The Case of Bonded Labor in Pakistan
In 2008 Pakistan’s Supreme Court declared bonded labor to be unconstitutional and initiated steps to abolish it. The National Assembly of the country passed a law abolishing bonded labor and prohibiting the practice. It publicized the official rules outlining how the law was to be implemented. Bonded labor, or “debt bondage” as it is also known, is a practice condemned by the United Nations as being similar to slavery and consequently a violation of human rights. It is considered by the International Labor Organization (ILO) to constitute forced labor and to be a violation of its convention on forced labor.
However, despite the short-term progress following the Supreme Court’s judgment, debt bondage still remains a challenge for the Pakistani Government.
There are NGOs and human rights groups working in the country for the release of the bonded laborers. They have successfully secured the release of about 7,000 to 8,000 bonded laborers in the country this year, by persuading police or local government officials to inspect places where bonded laborers are reported to be held, and ordering them to be released when they are found. However, it is still very difficult, and over the past nine months the principle challenge for them has been to ensure that the freed bonded laborers remain free.
However, despite the short-term progress following the Supreme Court’s judgment, debt bondage still remains a challenge for the Pakistani Government.
There are NGOs and human rights groups working in the country for the release of the bonded laborers. They have successfully secured the release of about 7,000 to 8,000 bonded laborers in the country this year, by persuading police or local government officials to inspect places where bonded laborers are reported to be held, and ordering them to be released when they are found. However, it is still very difficult, and over the past nine months the principle challenge for them has been to ensure that the freed bonded laborers remain free.
Trade Secret Law Developments
The law of trade secrets continues to have strong application in Internet-related industries, but the very nature of the Internet makes maintenance of trade secret information inherently difficult. Since information can be disseminated over the Internet almost effortlessly, once information finds its way onto the Internet it will be extremely difficult to claim trade secrecy for such information.
Patent Law and the Internet
Unlike the copyright and trademark issues brought to the fore by the rising popularity of the Internet, fundamental patent law norms are not subject to challenge by the Internet. The Internet’s popularity has spawned tremendous interest in certain patents related to enabling technology for the Internet. The growth of the Internet has provided certain new tools for patent research and analysis that were not previously available.
Intellectual Property Laws & the Internet
The growth of the Internet has put pressure on traditional intellectual property protections such as copyright and patent. Some forms of information, when made accessible on the Internet, are easily copied. Because the costs of copying are low and because copying is often anonymous, publishers have often responded with more aggressive enforcement of existing intellectual property rights and with calls for extensions of those rights to cover additional content, new media and new forms of access.
Steps to curtail the crisis
The Securities and Exchange Commission of Pakistan (SECP) has attempted to deal with the situation through new ordinances and measures. It amended section 95A of the Companies Ordinance 1984 through Companies (Amendment) Ordinance, 2009 to allow listed companies to buy back their own shares and hold them as treasury shares, which may be re-issued under the regulations being prescribed by the Commission. The amendment states:
The Stock Market Crisis
Pakistan stock exchange has been facing crisis since the last year. The outflow of foreign portfolio investment from the country’s equity market continued as the offshore investors withdrew $36.464 million during the third week January in 2009. The outflow of foreign investment from the country’s equity market started in 2008 due to political uncertainty, weakening economic indicators and the law and order situation in the country. The falling returns in the stock market have also forced many brokers and investment houses to lay off staff.
Overview of the Global Fishing Industry
The fishing industry (or fishing sector) is extraordinarily diverse. At one extreme are large, multinational joint ventures, utilizing large factory trawlers and numerous other vessels, employing thousands of workers on several oceans. At the other are small, wooden canoes and other boats used by individual fishermen to catch sufficient food for their families and perhaps more to sell in their local communities. The technology used can be simple and traditional, or it may be highly sophisticated, incorporating the most advanced electronic and other equipment. Some parts of the fishing industry are under social and economic pressures resulting from declines or sudden disappearances in certain stocks of fish (and other living marine resources) due to over fishing and other reasons and to loss of access to fishing grounds.
Effect of Tax on Consumer Goods
Goods and Service Tax is a tax on goods and services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider can claim the input credit of tax which he has paid while purchasing the goods or procuring the service. The sellers or service providers collect the tax from their customer, who may or may not be the ultimate customer, and before depositing the same to the exchequer, they deduct the tax they have already paid. The net effect is that dealers charge GST but do not keep it, and pay GST but get a credit for it. This means that they act essentially as collecting agents for the Government. The ultimate burden of the tax falls on the last and final consumer of the goods and services, as this person gets no credit for the GST paid by him to his sellers or service providers.
Goods and Services Tax (GST)
It is a consumption tax levied on value added. In contrast to sales tax, VAT is neutral with respect to the number of passages that there are between the producer and the final consumer; where sales tax is levied on total value at each stage, the result is a cascade (downstream taxes levied on upstream taxes). Value added taxation has been gaining favour over traditional sales taxes worldwide. In principle, value added taxes apply to all commercial activities involving the production and distribution of goods and the provision of services. VAT is assessed and collected on the value added to goods in each business transaction. Under this concept the government is paid tax on the gross margin of each transaction. Revenues from a value added tax are frequently lower than expected because they are difficult and costly to administer and collect. In many countries, however, where collection of personal income taxes and corporate profit taxes has been historically weak, VAT collection has been more successful than other types of taxes.
Constitution in Europe
The Treaty establishing a Constitution for Europe (TCE), commonly referred to as the European Constitution, was an international treaty intended to create a constitution for the European Union. It was signed in 2004 by representatives of the then 25 member states of the European Union and needed to be ratified by all member states to enter into force. 13 member states completed the ratification procedure, but the rejection of the Constitution by French and Dutch voters in May and June 2005, called the future of the Constitution into question. In light of these developments three member states, Finland, Germany and Slovakia, abandoned their partially complete ratification procedures and a further seven member states indefinitely postponed consideration.
Following the period of reflection, the European Council meeting in June 2007 decided to start negotiations on a Reform Treaty as a replacement and from this date the Treaty for Constitution for Europe still needs to be finalized.
Following the period of reflection, the European Council meeting in June 2007 decided to start negotiations on a Reform Treaty as a replacement and from this date the Treaty for Constitution for Europe still needs to be finalized.
Constitution of the United States of America
The Constitution of the United States of America is the supreme law of the United States. It provides the framework for the organization of the United States Government. It also reserves numerous rights for the individual states, thereby establishing the United States’ federal system of government. The way the Constitution is understood is also influenced by the decisions of the court system, and especially the Supreme Court. These decisions are referred to, collectively, as precedents.
Understanding a Constitution
A constitution is a system for government which defines the fundamental political principles, and establishes the structure, procedures, powers and duties, of a government. The term constitution can be applied to any overall law that defines the functioning of a government.
Conclusion
Accidents can or may happen at work, and special care must be made to those areas of production where risk to human lives is to a greater extent. All the developed nations of the world have laws binding precautions at work place and is been constantly compliance by the related labor departments. What improvements are suggested to current legislation?
NOTE: I would request that you. Provide your name and email address when posting your comment (only visible to the moderator). This will make it easier for us all to coordinate, discuss and share topics of interest.
NOTE: I would request that you. Provide your name and email address when posting your comment (only visible to the moderator). This will make it easier for us all to coordinate, discuss and share topics of interest.
Cayman Islands Banking Law
Cayman Islands banks need to be licensed under the Banks and Trust Companies Law 1995, as amended in 2001 and 2003.
Banking licenses are Class A, Class B restricted or Class B unrestricted:
Class A licenses permit full domestic and offshore banking;
Unrestricted Class B Trust Licenses permit full offshore banking with an unlimited number of customers and require a minimum net worth of USD 400,000;
Restricted Class B licenses require a minimum net worth of only USD 20,000, but a list must be provided to the Inspector of Financial Services of the clients with which the bank intends to do business, and the list cannot change without further notification to the Inspector. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.
Continuing supervision is exercised by the Monetary Authority. Quarterly returns and audited annual statements must be lodged. Share transfers, and changes to directors and officers must be authorised. Banks with unrestricted licenses are required to adhere to the Basle Convention Rules.
Banking confidentiality is well-established in Cayman through the common law, and is also enshrined both in the Banks and Trust Companies Law 1995 and in the Confidential Relationships (Preservation) Law 1995. Banking staff and government officials face civil and criminal sanctions if information is disclosed without authorisation. A number of laws permit the enforcement of foreign judgements or the disclosure of information in response to a court order, but normally in the context of criminal activity and drug use or dealing.
Despite mutual assistance treaties, the Cayman Islands will not normally co-operate with fiscal investigations, and does not normally respond to requests for assistance on fiscal matters.
The Proceeds of Criminal Conduct Law, originally passed in 1999, was strengthened in 2000, and requires depositors to provide banks with due diligence documentation - a passport or driving license, proof of their physical address, and an outline of their banking activities. Reaction to the new requirements was mixed: in 2003, as a deadline for conformity with the new requirements drew nearer, Tim Godber, President of the Cayman Islands Bankers Association admitted that he was bemused by objections, saying: 'I really don't understand why people think the request is onerous. Account holders who might have obtained their funds illegally would be putting us at risk, so I think it only fair that we are allowed (to) ascertain for certain the identity of our account holders, and other important information about how they will use the account.' But local attorney-at law, Michael Alberga argued that: 'Privacy is the key to democracy, it's what separates democracy from other forms of government. Why should people who have lived and banked here all their lives have to provide more information about themselves?'
A Bill to Repeal and Replace the Proceeds of Criminal Conduct Law (2007 Revision); to Consolidate the Law relating to the Confiscation of the Proceeds of Crime and the Law Relating to the Mutual Legal Assistance in Criminal Matters; and for Incidental and Connected Purposes was tabled in the Legislative Assembly in 2008. This has brought about new Proceeds of Criminal Conduct Law (PCCL), 2008, which was approved in June 2008.
The 208-page law expands the scope of legislation originally enacted in 1996 and revised several times since. It is based largely on the UK Proceeds of Crime Act 2002 and largely incorporates amendments made to the UK's Serious Organised Crimes and Police Act 2005.
It is one of Cayman's two main statutory means of dealing with confiscation of the proceeds of crime, the other being the Misuse of Drugs Law and the related Misuse of Drugs (Drug Trafficking Offences) (Designated Countries) Order 1991.
Attorney General, Samuel Bulgin explained that in addition to consolidating the different money laundering provisions currently found in different pieces of legislation, the revamped PCCL contains, for the first time, a civil forfeiture component. This means that the Attorney General is able to bring civil proceedings in a court to confiscate property that is obtained through unlawful conduct (civil recovery). This is an entirely new provision and makes it less onerous to obtain a confiscation order as there is no need to first obtain a criminal conviction.
According to the Attorney General the harmonised money laundering legislation "is robust and accords with the international standards and best practice". He declared that is generally be equivalent to the money laundering measures of the countries listed in the recently published European Union "White List".
The new law is one of the several recommendations made by the International Monetary Fund (IMF) in its report on the Cayman Islands released in 2005. The new law also contains provisions for the Summary Court, in addition to the Grand Court, to make confiscation orders and to criminalise certain lifestyles.
Provisions governing the powers, duties and functions of the Financial Reporting Authority and the Anti Money Laundering Steering Group remain unchanged.
However, the new legislation strengthens confiscation and restraint orders. Certain confiscation order procedures are now mandatory; the Grand Court must proceed with them when asked by the Attorney General.
A restraint order has the effect of freezing property that may be liable to confiscation following a trial and the making of a confiscation order, the Attorney General said. Currently, a restraint or charging order may be made only by the Grand Court under certain circumstances. The new law abolishes as unnecessary the power of the Grand Court to make a charging order.
Also, the point at which a restraint order may be made is to be brought forward to any time after the start of an investigation. Previously it was possible only where charges were anticipated within a period of 21 days.
Another notable feature is the broadening of compensation provisions under certain conditions. It has also become possible for the Attorney General to request an asset freeze abroad before any restraint order is made in the Islands, should conditions for making such an order be satisfied. Additionally, the definition of criminal conduct has been expanded, with no restriction on the type of criminal offence to be dealt with under the new law. "The Grand Court would only need to consider whether the defendant has benefited from any conduct which is, or would be, contrary to the criminal law of the Islands," the Attorney General explained.
He noted the new law also expanded the scope for international cooperation to a larger number of countries beyond those currently designated. Additionally, the law addresses, "in a comprehensive way, all the weaknesses identified by the IMF and the FATF (Financial Action Task Force) regional offshoot - the Caribbean FATF - in their evaluation report," he added.
The bill underwent extensive public consultation.
Banking licenses are Class A, Class B restricted or Class B unrestricted:
Class A licenses permit full domestic and offshore banking;
Unrestricted Class B Trust Licenses permit full offshore banking with an unlimited number of customers and require a minimum net worth of USD 400,000;
Restricted Class B licenses require a minimum net worth of only USD 20,000, but a list must be provided to the Inspector of Financial Services of the clients with which the bank intends to do business, and the list cannot change without further notification to the Inspector. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.
Continuing supervision is exercised by the Monetary Authority. Quarterly returns and audited annual statements must be lodged. Share transfers, and changes to directors and officers must be authorised. Banks with unrestricted licenses are required to adhere to the Basle Convention Rules.
Banking confidentiality is well-established in Cayman through the common law, and is also enshrined both in the Banks and Trust Companies Law 1995 and in the Confidential Relationships (Preservation) Law 1995. Banking staff and government officials face civil and criminal sanctions if information is disclosed without authorisation. A number of laws permit the enforcement of foreign judgements or the disclosure of information in response to a court order, but normally in the context of criminal activity and drug use or dealing.
Despite mutual assistance treaties, the Cayman Islands will not normally co-operate with fiscal investigations, and does not normally respond to requests for assistance on fiscal matters.
The Proceeds of Criminal Conduct Law, originally passed in 1999, was strengthened in 2000, and requires depositors to provide banks with due diligence documentation - a passport or driving license, proof of their physical address, and an outline of their banking activities. Reaction to the new requirements was mixed: in 2003, as a deadline for conformity with the new requirements drew nearer, Tim Godber, President of the Cayman Islands Bankers Association admitted that he was bemused by objections, saying: 'I really don't understand why people think the request is onerous. Account holders who might have obtained their funds illegally would be putting us at risk, so I think it only fair that we are allowed (to) ascertain for certain the identity of our account holders, and other important information about how they will use the account.' But local attorney-at law, Michael Alberga argued that: 'Privacy is the key to democracy, it's what separates democracy from other forms of government. Why should people who have lived and banked here all their lives have to provide more information about themselves?'
A Bill to Repeal and Replace the Proceeds of Criminal Conduct Law (2007 Revision); to Consolidate the Law relating to the Confiscation of the Proceeds of Crime and the Law Relating to the Mutual Legal Assistance in Criminal Matters; and for Incidental and Connected Purposes was tabled in the Legislative Assembly in 2008. This has brought about new Proceeds of Criminal Conduct Law (PCCL), 2008, which was approved in June 2008.
The 208-page law expands the scope of legislation originally enacted in 1996 and revised several times since. It is based largely on the UK Proceeds of Crime Act 2002 and largely incorporates amendments made to the UK's Serious Organised Crimes and Police Act 2005.
It is one of Cayman's two main statutory means of dealing with confiscation of the proceeds of crime, the other being the Misuse of Drugs Law and the related Misuse of Drugs (Drug Trafficking Offences) (Designated Countries) Order 1991.
Attorney General, Samuel Bulgin explained that in addition to consolidating the different money laundering provisions currently found in different pieces of legislation, the revamped PCCL contains, for the first time, a civil forfeiture component. This means that the Attorney General is able to bring civil proceedings in a court to confiscate property that is obtained through unlawful conduct (civil recovery). This is an entirely new provision and makes it less onerous to obtain a confiscation order as there is no need to first obtain a criminal conviction.
According to the Attorney General the harmonised money laundering legislation "is robust and accords with the international standards and best practice". He declared that is generally be equivalent to the money laundering measures of the countries listed in the recently published European Union "White List".
The new law is one of the several recommendations made by the International Monetary Fund (IMF) in its report on the Cayman Islands released in 2005. The new law also contains provisions for the Summary Court, in addition to the Grand Court, to make confiscation orders and to criminalise certain lifestyles.
Provisions governing the powers, duties and functions of the Financial Reporting Authority and the Anti Money Laundering Steering Group remain unchanged.
However, the new legislation strengthens confiscation and restraint orders. Certain confiscation order procedures are now mandatory; the Grand Court must proceed with them when asked by the Attorney General.
A restraint order has the effect of freezing property that may be liable to confiscation following a trial and the making of a confiscation order, the Attorney General said. Currently, a restraint or charging order may be made only by the Grand Court under certain circumstances. The new law abolishes as unnecessary the power of the Grand Court to make a charging order.
Also, the point at which a restraint order may be made is to be brought forward to any time after the start of an investigation. Previously it was possible only where charges were anticipated within a period of 21 days.
Another notable feature is the broadening of compensation provisions under certain conditions. It has also become possible for the Attorney General to request an asset freeze abroad before any restraint order is made in the Islands, should conditions for making such an order be satisfied. Additionally, the definition of criminal conduct has been expanded, with no restriction on the type of criminal offence to be dealt with under the new law. "The Grand Court would only need to consider whether the defendant has benefited from any conduct which is, or would be, contrary to the criminal law of the Islands," the Attorney General explained.
He noted the new law also expanded the scope for international cooperation to a larger number of countries beyond those currently designated. Additionally, the law addresses, "in a comprehensive way, all the weaknesses identified by the IMF and the FATF (Financial Action Task Force) regional offshoot - the Caribbean FATF - in their evaluation report," he added.
The bill underwent extensive public consultation.
Criminalizing Corporate Governance
Emily Flitter at BankThink concisely summarizes a recent useless contretemps among conservative and liberal bloggers and newspaper columnists over a proposal by leftard Paul Collier of Pravda The Guardian to make bad business decisions by bank managers that lead to the failure of a bank a criminal offense ("bankslaughter"). Collier's idea was promoted by the often-but-apparently-not-always-sensible Felix Salmon, who stoked the ire of Clusterstock's John Carney, who, in turn, drove first-year Yale law student James Kwak to lecture all of us, based upon his vast reservoir of knowledge about the US legal system. Links to all the bloviators are contained in Emily's post.
It makes for "interesting reading," but it's a non-issue. Anyone who knows anything about the current state of the law and regulation that governs the US commercial banking system knows that the banking regulators have all the firepower they need to punish reckless bank management and directors until they cry like little girls, including stripping them naked, tying them to an anthill, cutting off their eyelids, and pouring honey on their private parts. Then, they can get really nasty.
Regulators can issue cease and desist orders, impose civil money penalties of up to $27,500 per day, institute removal and prohibition proceedings against "institution affiliated parties" (including officers and directors), sue directors and officers personally for "gross negligence," and seize assets in prejudgment seizure actions. If an institution fails because of the type of "reckless" conduct that so irks the proponents of criminal penalties, you can bet your bottom dollar that the FDIC and the US Justice Department will be all over the management and directors with as many civil and criminal sanctions as they can concoct. Ask Don Dixon and Woody Lemons.
Any bank officer, director, or professional who survived the last banking crisis knows full well that the government has all the arrows in its enforcement quiver that it needs to theoretically deter and punish every "reckless" officer and director it can lay its hands upon. Adding additional criminal penaltiies at this point makes as much sense as all the current discussions about reducing the US and Russian nuclear weapons stockpiles. What's the difference in deterrence incentive between being able to blow up the world 10 times over versus 15 times over?
Ms. Flitter closes in on the most important aspect of the discussion, however, when she wonders whether additional criminal penalties would actually deter anyone when current penalties do not. The obvious answer is "No." The kind of people who take reckless, bank-destroying risks in one of the most heavily-regulated businesses in the world aren't the type of people who worry about the downside. Again, if you'd actually had experience in this business, and had encountered people like this previously, you'd understand all of this. If you're devoid of such actual experience, however, you can always blog or write a newspaper column about the subject, and readers who are equally ignorant might find your opinions useful.
It makes for "interesting reading," but it's a non-issue. Anyone who knows anything about the current state of the law and regulation that governs the US commercial banking system knows that the banking regulators have all the firepower they need to punish reckless bank management and directors until they cry like little girls, including stripping them naked, tying them to an anthill, cutting off their eyelids, and pouring honey on their private parts. Then, they can get really nasty.
Regulators can issue cease and desist orders, impose civil money penalties of up to $27,500 per day, institute removal and prohibition proceedings against "institution affiliated parties" (including officers and directors), sue directors and officers personally for "gross negligence," and seize assets in prejudgment seizure actions. If an institution fails because of the type of "reckless" conduct that so irks the proponents of criminal penalties, you can bet your bottom dollar that the FDIC and the US Justice Department will be all over the management and directors with as many civil and criminal sanctions as they can concoct. Ask Don Dixon and Woody Lemons.
Any bank officer, director, or professional who survived the last banking crisis knows full well that the government has all the arrows in its enforcement quiver that it needs to theoretically deter and punish every "reckless" officer and director it can lay its hands upon. Adding additional criminal penaltiies at this point makes as much sense as all the current discussions about reducing the US and Russian nuclear weapons stockpiles. What's the difference in deterrence incentive between being able to blow up the world 10 times over versus 15 times over?
Ms. Flitter closes in on the most important aspect of the discussion, however, when she wonders whether additional criminal penalties would actually deter anyone when current penalties do not. The obvious answer is "No." The kind of people who take reckless, bank-destroying risks in one of the most heavily-regulated businesses in the world aren't the type of people who worry about the downside. Again, if you'd actually had experience in this business, and had encountered people like this previously, you'd understand all of this. If you're devoid of such actual experience, however, you can always blog or write a newspaper column about the subject, and readers who are equally ignorant might find your opinions useful.
Limitation periods – proposals for reform
A bill is to be published later this year that will propose a “primary” 3-year period for contract (and other) claims starting from, broadly, the date on which the claimant knows of the facts which give rise to the action and a “longstop” 10-year period starting from, broadly, the date of accrual of the cause of action.
The ‘Limitation Bill’ will be published in draft as part of the provisions of the Civil Law Reform Bill later this year (2009) for pre-legislative scrutiny. The draft Limitation Bill is expected to follow the terms of the draft Bill that was published by the Law Commission in 2001 with their report, following their consultation on reform of the Limitation Act
The ‘Limitation Bill’ will be published in draft as part of the provisions of the Civil Law Reform Bill later this year (2009) for pre-legislative scrutiny. The draft Limitation Bill is expected to follow the terms of the draft Bill that was published by the Law Commission in 2001 with their report, following their consultation on reform of the Limitation Act
Friday, July 10, 2009
Regarding FOREX Market Online
Little Known Ways
Discover Helpful Suggestions Next
FOREX is the Foreign Exchange market also known as FX. All three of these means the same thing, which is the trade of trading between different banks, businesses, companies, and governments that are located in different countries. The financial market is one that is always changing leaving deals that need to be completed through brokers, and banks. Many scams have been emerging in the FOREX business, as companies and people from other countries are setting up on the Web to take cush of persons who don ' t know that foreign trade has to takings place through a broker or a company with manage participation concerning foreign exchanges online. Cash, Stocks and currency is traded throughout the foreign exchange markets. The FOREX market will be in attendance and exist when one exchange is traded for another. Think about a voyage you may take to another country. Latitude can you ' trade your money ' for the value of the other country ' s money? This is FOREX trading basis, and it is not offered in all banks, and it is not available in all financial centers. FOREX is a specialized trading misfortune. When its time to learn about FOREX and the foreign trade markets, small vocation and tribe looking to make big money are generally the victims of scams. As FOREX is recognized as how to make a quick buck or two, individuals don ' t enquiry about their participation in congeneric an adventure, but you could easily nib buildup losing all your investment in the transaction if you are not investing money through a broker in the FOREX market. A FOREX scam is one that involves trading but will turn foreign to be a fraud; you have no materialize of getting your money back once you have invested it. If you were to invest cash with a corporation that states they are involved in FOREX trading you want to read closely to learn if they are permitted to do business in your country. Many companies are not permitted in the FOREX market, as they have defrauded investors in the past. Thanks to Internet, in the past five years, FOREX trading and the awareness of FOREX trading has become the hole to invest. Banks are the number one source for FOREX trading to take place, where a trained and able broker is going to undocked transactions and requirements you recognize emanate. Commissions are paid on the business deal and this is the standard. Another bunch of scam that is prevalent One of the Golden rules of Forex trading I was told is Never, but never, trade without a stoploss in the FOREX markets online is software that will help you to make trades, to learn about the foreign markets and in practicing so you can initiate yourself for following and making trades. You need to rely on a program or software that is really going to make a difference. Consult with your financial broker or your bank to know more about FOREX trading, the FX markets and how you can avoid being the victim while investing in these markets.
Discover Helpful Suggestions Next
FOREX is the Foreign Exchange market also known as FX. All three of these means the same thing, which is the trade of trading between different banks, businesses, companies, and governments that are located in different countries. The financial market is one that is always changing leaving deals that need to be completed through brokers, and banks. Many scams have been emerging in the FOREX business, as companies and people from other countries are setting up on the Web to take cush of persons who don ' t know that foreign trade has to takings place through a broker or a company with manage participation concerning foreign exchanges online. Cash, Stocks and currency is traded throughout the foreign exchange markets. The FOREX market will be in attendance and exist when one exchange is traded for another. Think about a voyage you may take to another country. Latitude can you ' trade your money ' for the value of the other country ' s money? This is FOREX trading basis, and it is not offered in all banks, and it is not available in all financial centers. FOREX is a specialized trading misfortune. When its time to learn about FOREX and the foreign trade markets, small vocation and tribe looking to make big money are generally the victims of scams. As FOREX is recognized as how to make a quick buck or two, individuals don ' t enquiry about their participation in congeneric an adventure, but you could easily nib buildup losing all your investment in the transaction if you are not investing money through a broker in the FOREX market. A FOREX scam is one that involves trading but will turn foreign to be a fraud; you have no materialize of getting your money back once you have invested it. If you were to invest cash with a corporation that states they are involved in FOREX trading you want to read closely to learn if they are permitted to do business in your country. Many companies are not permitted in the FOREX market, as they have defrauded investors in the past. Thanks to Internet, in the past five years, FOREX trading and the awareness of FOREX trading has become the hole to invest. Banks are the number one source for FOREX trading to take place, where a trained and able broker is going to undocked transactions and requirements you recognize emanate. Commissions are paid on the business deal and this is the standard. Another bunch of scam that is prevalent One of the Golden rules of Forex trading I was told is Never, but never, trade without a stoploss in the FOREX markets online is software that will help you to make trades, to learn about the foreign markets and in practicing so you can initiate yourself for following and making trades. You need to rely on a program or software that is really going to make a difference. Consult with your financial broker or your bank to know more about FOREX trading, the FX markets and how you can avoid being the victim while investing in these markets.
Professional and financial institutions of the world
I have got a very important link which can provide contact details / email addresses of professional bodies and other financial instituaitons of the world.
Associate PRM Certificate Exam Registration
The Associate Professional Risk Manager (Associate PRM) is a new PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. Designed to be mathematically and theoretically less detailed than the Professional Risk Manager (PRM™) certification, the new program will cover the core concepts allowing non-specialists to interpret risk management information and reports, make critical assessments and evaluate the implications and the limitations of such results.
Only successful candidates of the PRM designation are entitled to use the PRM title. Associate PRM members will receive a certificate but will not be entitled to use the PRM title.
Only successful candidates of the PRM designation are entitled to use the PRM title. Associate PRM members will receive a certificate but will not be entitled to use the PRM title.
Jobs in Zong
Industry: Telecommunication/ISP
Category: Customer Support
Total Position: 2
Job Type: Full Time ( firstshift )
Job Location: Islamabad
Gender: Doesn't Matter
Minimum Education Bachelor's Degree
Degree Title: Minimum Bachelors, Preferably Masters
Career Level: Experienced (Non-Manager)
Minimum Experience: 2 Years(1-2 Years of experience of Call Centre Operations)
Apply here By: Sep 9, 2009
Labels: Jobs
Category: Customer Support
Total Position: 2
Job Type: Full Time ( firstshift )
Job Location: Islamabad
Gender: Doesn't Matter
Minimum Education Bachelor's Degree
Degree Title: Minimum Bachelors, Preferably Masters
Career Level: Experienced (Non-Manager)
Minimum Experience: 2 Years(1-2 Years of experience of Call Centre Operations)
Apply here By: Sep 9, 2009
Labels: Jobs
Collection of Tax by A Stock Exchange
The reference has been made to the Board to clarify that who will take the credit of the tax withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001. Whether the Member of the Stock Exchange or the seller of shares who did the trading of shares through the said Member?
2. The matter has been considered. Though the tax in respect of trading of shares is deducted from the member by the stock exchange yet the tax so withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001, does not pertain to him exclusively. He is only an intermediary and the tax withheld under the aforesaid provisions of law, belongs to the seller of shares also who traded through him. Legally speaking, the seller is entitled to take the credit of the tax so withheld as well as the member in respect of the shares owned by him. The member of the stock exchange is the custodian of the record,as the transactions of shares are made through him on the stock exchange.
3. It is, therefore, clarified that the Member would certify the quantum of tax withheld from each person traded through him and shall furnish a statement, to the concerned Director General, RTO, for the verification of claim of the taxpayers who traded the shares through him.
2. The matter has been considered. Though the tax in respect of trading of shares is deducted from the member by the stock exchange yet the tax so withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001, does not pertain to him exclusively. He is only an intermediary and the tax withheld under the aforesaid provisions of law, belongs to the seller of shares also who traded through him. Legally speaking, the seller is entitled to take the credit of the tax so withheld as well as the member in respect of the shares owned by him. The member of the stock exchange is the custodian of the record,as the transactions of shares are made through him on the stock exchange.
3. It is, therefore, clarified that the Member would certify the quantum of tax withheld from each person traded through him and shall furnish a statement, to the concerned Director General, RTO, for the verification of claim of the taxpayers who traded the shares through him.
GENERAL NEWS
Pakistan has been ranked 100 among 121 world economies featured in ‘The Global Enabling Trade Report 2009’– a drop of 16 places.
Pakistan’s neighbors secured slightly better positions even though their ranking deteriorated, India placed 76 and Sri Lanka 78 compared to 71 & 70 last year. Bangladesh slipped one spot to 111 while Nepal improved to 110 from 116. East Asian economies - Hong Kong and Singapore - occupy the top two positions in the Enabling Trade Index ranking, followed by Switzerland, Denmark and Sweden, according to The Global Enabling Trade Report 2009, released by the World Economic Forum. The Report, second edition, aims at presenting a cross-country analysis of the large number of measures facilitating trade.
The Enabling Trade Index captures the free flow of goods over borders and to destination.
The index breaks the enablers into four overall issue areas: market access, border administration, transport and communications infrastructure and the busines environment.
Pakistan ranked 111 in the market access pillar, 63rd in business administration, 80 in transport and communications infrastructure and 102 in business environment.
Pakistan’s neighbors secured slightly better positions even though their ranking deteriorated, India placed 76 and Sri Lanka 78 compared to 71 & 70 last year. Bangladesh slipped one spot to 111 while Nepal improved to 110 from 116. East Asian economies - Hong Kong and Singapore - occupy the top two positions in the Enabling Trade Index ranking, followed by Switzerland, Denmark and Sweden, according to The Global Enabling Trade Report 2009, released by the World Economic Forum. The Report, second edition, aims at presenting a cross-country analysis of the large number of measures facilitating trade.
The Enabling Trade Index captures the free flow of goods over borders and to destination.
The index breaks the enablers into four overall issue areas: market access, border administration, transport and communications infrastructure and the busines environment.
Pakistan ranked 111 in the market access pillar, 63rd in business administration, 80 in transport and communications infrastructure and 102 in business environment.
MONEY MARKET
Money market opened at 12.50%. Overnight repo rates topped at 12.50% as well before market declined and closed at 10.35%.Market is functioning at decent pace and no liquidity crunch has been witnessed in last few days.
Subscribe to:
Posts (Atom)
