A Review of An Occurrence at Owl Creek Bridge Essay Example for Free

A Review of An Occurrence at Owl Creek Bridge Essay In all honesty, An Occurrence at Owl Creek Bridge was a bit confusing to read. It was not only confusing, but the ending was a surprise to the reader. In the story, we got to see many different aspects of the life of Peyton Farquhar. This story shows the difference that times were back then compared to now. In today’s would, a man would not be hung, let alone executed for tampering with a bridge. I also liked the part in the story of the betrayal of the soldier that appeared to be in the confederate army. This showed that Farquhar was gullible and would do anything to get involved in the army, since he was not able to fight in it. At the end of the story, I was very surprised in finding out that Farquhar was really dead and his escape was just a figment of his imagination. The escape that he had watched in his mind showed how eager Farquhar was to get back to his home and his family. I enjoyed the narrative style the story was written/told in. I thought that since the story was split into three different sections, it was easier to read, and all around understand. The narrator made the beginning of the story suspenseful because the reader wants to know why Farquhar was going to be executed. This technique wants us to keep reading on to find out the terrible thing that Farquhar did. In the middle of the story, we learn the reason he was to be executed was because he tampered with the confederate bridge, thinking it was going to help them. The narrator did a good job of explaining what Farquhar was like and gave the readers a good mental picture of the situation he was in on the bridge. There are several possible themes that could go along with this story. The specific theme that I would choose for this story would be the difference between reality and fantasy. The difference between reality and fantasy go hand-in-hand throughout this story. It is not until the end of the story that we see the difference of them in Farquhar’s life. When Farquhar describes his escape, we believe that this is really happening. Farquhar describes his escape in a lot of detail and talks about his desire to be back with his family and back at home. The difference between reality and fantasy also is seen with the soldier that pretends to be a Confederate. Farquhar believes that the soldier is a Confederate, therefore plans the hurting of the bridge. This ends up being the illusion that leads him to his execution. This illusion of the soldier caused Farquhar to damage the bridge was the reason of his demise. This story did a great job of making you ask yourself, â€Å"what just happened† after reading the last few sentences. The narrators’ creation of Farquhar’s escape confused the reader, yet made it more interesting in the greater scheme of the story.

Starbucks Pricing and Promotion Strategies

Starbucks Pricing and Promotion Strategies Starbucks has always been the venue one would receive the best coffees. However, in the 1970s, one had to travel all the way to their one and only store in Seattle Historic Pike Place Market. The name Starbucks rose from the classic American novel, Herman Melvilles Moby Dick. Thanks to Howard Schultz, Starbucks eventually expanded out of Seattle in the 1990s. First to the United States and eventually out to the rest of the world. Now, Starbucks has more than 9000 locations in over 30 countries. Not only that, Starbucks now serves espresso, lattes, Frappucino and many other interesting beverages. MARKET TARGETING Starbucks initially targeted young college students, social classes, and neighborhoods that would be ready to the idea of buying a $6 coffee and spending time with friends at their stores. With rapid growth and expansion, Starbucks target market expanded rapidly to include every individual of every age. In the foreign countries, they began targeting small towns, rural communities, ethnic neighborhoods, highway rest stops, etc. In Singapore, Starbucks started their target from the office workers who would need a good coffee while in a rushing to work. Following that, practically every individual of every age became their target. However, in Singapore, we still can see that only those very sociable, well-aware of good coffee and young tend to hang-out at Starbucks. We rarely see the elderly or a family sitting in Starbucks for coffee. Starbucks marketing strategy involved positioning its outlets as a place where consumers can spend time other than their home or work. Each of its stores was made as comfortable and relaxing as possible. Not only that, they tried to make it accessible and readily available where most people go to relax. For example, shopping malls, where most friends choose to hang-out especially the ladies. And, ladies as we all know, are very sophisticated people who would like everything good and of top-class qualityThe coffee giant achieved the comforts through comfortable furniture and relaxing music. Over the past several years, Starbucks also included offerings such as wireless internet, handicapped access, complimentary books, and common areas for collaboration. While Starbucks stores are positioned as locations where customers can spend time in a comfortable setting, their product lines are positioned at the higher end in regards to prices and quality. PRICING STRATEGIES Starbucks products are priced higher than most other brand coffees due to the image its brand carries. However, they knew just how to put a higher price and yet get their targeted market to buy their coffees without thinking twice. Starbucks began to offer $1 bottomless 8 oz. cup of coffee, with unlimited refills that cost approximately 50 cents less than any other Starbucks products. They also implemented value strategies that emphasized more on inexpensive products rather than being perceived as unaffordable to price-skittish consumers. For example, the introduction of the $3.95 breakfast pairings, including popular breakfast items paired with a coffee, and highlights $2 brewed coffees instead of the more expensive specialty drinks. When quality becomes the desire of the target market, then pricing is no longer much of an issue. That is somewhat the case for Starbucks. They have created such an experience the Starbucks experience that most of their customers go back to them for their coffees because of the ambience, comfort and their great coffee, even if they could get an almost similar coffee for half the price at some other coffee outlet. PROMOTIONAL STRATEGIES Starbucks has implemented numerous promotions to reach its targeted market. One of the promotions that Starbucks has used is the Starbucks Card. Starbucks Card is a technique that gives customers the opportunity to promote Starbuckss products through a referral system. When a customer purchases a gift card, it not only shows brand loyalty, but it also provides the company with free advertising, and brings in new customers. Starbucks also provides a card for corporate sales, which are used for extrinsic rewards to show employee appreciation for a job well done, or a gift to a client. Another promotional implementation is that they deliver coffees to offices or work places without any coffee size restrictions. There are very few or rare coffee outlets that are willing to deliver without placing any conditions or restrictions. Thirdly, they appeal to a diverse customer base by offering international teas and coffees to accommodate those customers that want a taste from home or for locals that enjoy tea. Lastly, using the aid of performing a good deed as a means for promotion Starbucks contributes to several non-profit organizations as a way to improve brand image and awareness in local communities. DISTRIBUTIONAL CHANNELS Starbucks formed some business alliances with certain organizations to further promote its brand. One of these alliances formed was Barnes Noble Bookstores in the year 1993. Both companies were able to promote their brand and at the same time improve their image. Starbucks also formed alliances with United Airlines in 1996 and now, their coffees are served on the United Airlines. Not only that, Starbucks has made alliances with many other organizations through which, it has improved its branding, sales and image. RECOMMENDATIONS FOR FUTURE DEVELOPMENTS Starbucks should continue to carry their rare and unique variety of food and drink products. New and different combinations should be introduced frequently and the products that deliver the best results should be retained and added to the permanent menu. The line of personal equipment products by Starbucks can be extended and offered at the retail level or on the companys web site. Starbucks could introduce a line of premium fruit drinks. Starbucks could re-design its outlets at the more popular places to be larger and cozy at the same time. They could change the size of the outlet thats most popular to hold at least double the number of customers their normal outlets do. These new designs should incorporate a comfortable feel for the customer and encourage large gatherings. In the targeted areas, the new store should be able to accommodate a small conference of up to 15 people. Ultimately, what they should achieve is the ability to host business meetings, book signings and much more. Thirdly, customers can be rewarded with free cups of coffee for accumulating a certain amount of points on their Starbucks card and coupons could be issued. Another recommendation is that television commercials be shown creating a distinct difference between Starbucks and their closest competitors. The point must be driven that premium coffee shipped from around the world cannot be substituted by others. Starbucks could also sponsor events that are in line with the interests of customers who purchase premium products. This would include sponsoring professional golfing events, college games, the arts and business conventions. College students, young professional adults and those with more disposable income should be targeted. CONCLUSION In conclusion, Starbucks has made quite a benchmark in its coffee business through thoughtful marketing strategies. Despite not being very upfront in terms of its service, they still are a brand that is not comparable with any other coffee brand. This is because, the ambience and atmosphere that one finds in a Starbucks outlet is rarely found in any other coffee outlet. Not only that, their extensive and unique coffee is another very attractive marketing strategy.

Money Laundering Control in Nigeria

Money Laundering Control in Nigeria Money laundering INTRODUCTION This dissertation makes a contribution to the worrying issues of money laundering in Nigeria and the control mechanism within the economy. Money laundering is a global problem which warranted a declaration by the United Nations. The declaration strongly condemns money laundering because it aids the use of financial systems for illicit drug trafficking and other serious crimes such as terrorism. For example the work of Okogbule on (Official corruption and the dynamics of money laundering in Nigeria 2007), and the work Chukwumerie on (Nigerias Money Laundering (prohibition) Act, 2004: A tighter noose, 2004), and the work of Chibuike (Ethics in Nigerian Banking, 2004), all these scholars did not give a look at the banking sector in regard to money laundering compliance and if Nigeria, is really regulating according to international practicing. Therefore, that gives the researcher more effort in looking inwards to the banks, since that is where large transaction takes place. THE OVERVIEW OF MONEY LAUNDERING The research project is on Money laundering Control in Nigeria, and how it has been a very serious problem in that country especially in recent times during the civilian administration, (Chukwuemerie, 2006). But it is not only Nigeria, which its affecting, it is a menace in the whole world that even requested the United Nations making a declaration strongly condemning laundering of money through the illicit drug trafficking and other serious crime, as well as the use of the financial systems of the states for that purpose, (UN Resolution S- 20/4 D) Evidence from around the world proves this view. According to Walker, (1999), around $2.85bn is been laundered yearly around the globe. Again, for example the United Kingdom Government recently issue a cheque of One hundred and fifty thousand (150,000) pounds to the Attorney General of Nigeria, as part of the proceeds laundered by a former Governor in Nigeria (Joshua Dariye), also a cheque for $2 million belonging to former governor of Bayelsa State, Chief Diepreye Alamieyeseigha, was also returned to Nigeria by the British government and promised to returned the sum of Fourty Million (40,000,000) pounds recovered from some Nigerian Government Officials; (Oyedele, 2008) THE INTERNATIONAL FIGHT AGAINST MONEY LAUNDERING Money laundering has been a global problem since the beginning of the 20th century. Uche (2007) relate that there were 12 multilateral drug treaties between 1912 and 1972. These treaties helped in regulating the manufacturing and trading of drugs worldwide (United Nations, 1987). For instance, Nadelemann (1988) reports the United Nations adoption of the ideals of Vienna Convention on illicit traffic of narcotic drugs and psychotropic substances. The convention emphasises on tracking down the wealth of money launderers. Article 5(2) of the Vienna convention provides that each party must enact domestic laws to enable it to identify, trace, seize, freeze, and forfeit all manner of profit derived from or used in Money laundering offences. Further all member nations are required to assist other member within their territory in the fight against money laundering offences; (Article 5(4b)). In 1990, the Council of Europe convention on Laundering, search, seizure and confiscation of the proceeds from crime was adopted. And one of the notable differences is that it goes beyond drug related crimes. The wolfsberg, this are group of eleven banks that came together to fight money laundering. The group was formed in the year 2000, at Chateau Wolfsberg in north east of Switzerland; the group released their anti money laundering principles to their correspondence banks, all in order to fight money laundering. The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion ofnational and international policies to combat money laundering and terrorist financing.The FATF is therefore a policy-making body created in 1989that works to generate the necessary political will to bring aboutlegislative and regulatory reforms in these areas. The FATF has published 40+9Recommendations in order to meet this objective. For example, the case of former Nigerian Head of State (Gen. Sani Abacha), $675.2m; 75.3m GBP; were all recovered by the government of Nigeria, with the assistance of the other countries were the money was laundered; (Shehu, 2004). MONEY LAUNDERING IN NIGERIA Okogbule (2007) argue that money laundering was relatively unknown in Nigeria up to the mid 1980s. Further, he relate that it is now being used as a means of corruption in every segment of Nigerian society. For this reason, the military government enacted a decree (which decree and when was it enacted) . Thereafter, the civilian administration that came in 1999 repealed the decree and came up with the Money Laundering (Prohibition) Act of 2004 which gave birth to the Economic and Financial Crimes Commission (EFCC). Pursuant to the Act, the commission is empowered to investigate and prosecute any person or corporate body who commit any act of money laundering. For instance, a former governor in Nigeria was charged with money laundering offence for bringing into the United Kingdom the sum of 3.2 Million Dollars in 2005 (Guardian Newspaper, 2005). Reiterating the laundering issue, the Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri mentioned that the Nigerian government lost over 285 Billion Naira in 10 years. These tend support the argument that there is a regulation gap in the regulation of money laundering in Nigeria. It is in context that this research intends to look at money laundering regulations in Nigeria, so as to contribute towards developing the country. THE SCOPE OF THE STUDY The scope of the study will focus on the effectiveness money laundering regulation in the Nigerian Banking sector, and whether the Nigerian authorities have anything to learn from, how Money laundering is dealt with in the world (International Standard)? AIMS OF THE STUDY The main focus of the dissertation is to find out the effectiveness of money-laundering regulations in regards to banks in Nigerian, and compare it with the international standard? The extent of money laundering in Nigeria The effectiveness of money laundering regulations in Nigeria The international standard on Money laundering Control What lessons Nigeria can learn from that Chapter Two: LITERATURE REVIEW CONCEPT OF MONEY LAUNDERING Money laundering can generally be defined as the process of converting or transferring Criminal proceeds with the intention of disguising their illicit origin (UN, 2000: Art. 3(a)(i)). The extent of the problem becomes clear, considering that, in 1996, the International Monetary Fund (IMF) estimated the money laundering business at around 2-5 per cent of the worlds gross domestic product (Camdessus, 1998), which amounts to up to US$1.5 trillion (Financial Action Task Force FATF, 2007). Moreover, it is claimed that the money laundering business is the third biggest industry worldwide following the international oil trade and foreign exchange (Preller, 2007, pp 234). In one of the definitions it says conversion transfer of any property, knowing such property is gotten from drug related offense or even acting in the scheme to conceal the true information of the origin of such property in order to protect such person from facing the legal consequences of his/her action. FATF organization defines money laundering as a concise the processing of criminal proceeds to disguise their illegal origin in order to legitimize the ill gotten gain of crime. Law Dictionary (1990) refers to it as an investment or other transfer of money flowing from racketeering, drug transactions, and other illegal sources into legitimate channels so that its original source cannot be traced. Money laundering has been defined as a way funds obtained from illegal sources, and put into an account that cannot be traced for possible action; Okogbule, (2007). It has also been described as the processing of funds derived from illegal or illegitimate sources, through legal financial channels with a view to legitimizing and concealing or disguising the source of such funds (Osinbajo and Ajayi, 1991, Okogbule, 2007). THE EXTENT OF MONEY LAUNDERING IN NIGERIA Money laundering was not a prominent crime in Nigeria until the late 1980s, during the period of an oil boom with a tremendous increase in the level of revenue and commercial activities in the country (Okogbule, 2007, pp 52). Therefore, the issue of money laundering in Nigeria it is now through the official corruption, which has been exploited by public officers in Nigeria, who incorporate companies and use as a conduit pipe by awarding some phoney contracts and lodge the money through the companies bank accounts, both in Nigeria and abroad, several millions or even billions of naira are transferred from the government treasuries (Okogbule 2007). The former Chairman of the Economic and Financial Crimes Commission (Nuhu Ribadu), told the BBC in 2006, that $380bn had been stolen or wasted in Nigeria since independence. That $140m had been recovered from one unnamed former Nigerian leader and that nearly $400m of illegally gained assets had been identified in the possession of a former governor of Bayelsa State. Last year, Nigeria recovered $458m found in Swiss bank accounts linked to the countrys late military ruler Sani Abacha. Mr Abacha was in power from 1993 to 1998 and is thought to have embezzled billions of dollars. Last year his son, Abba Sani Abacha, was charged with money laundering and fraud after being extradited to Switzerland. According to Chukwuemerie, (2006), rate of financial crimes in Nigeria project a bad image abroad. And how Nigerians are been treated with disdain in the foreign land, again he talks about the crimes related to opening of account by customers, because in Nigeria, before the Money laundering prohibition act 2004, anyone can go and open account without a proper identification. However, the main issue is corruption that wears many faces, which are nepotism, bribery, treasury looting, and inflation contract prices, money laundering and advance fee frauds and most of these crimes are destroying the economy of the country; (Ajayi and Ososami, 2007). The case of former Head of Sate Gen. Sani Abacha, he was accused with his cronies of embezzling over $5bn and which out of the money $2.3bn were stolen direct from the government treasury and the remaining were received as a bribes for contracts. The money was laundered in various foreign bank accounts in UK, USA, Switzerland, Luxembourg, Hong Kong; (Ige, 2002, Shehu, 2004). Investigation by the UK financial services authority (FSA), the London Metropolitan Police confirmed that over $1.3bn of Abacha money passed through London; (Chamberlin, 2002, Shehu, 2004, pp). Furthermore, according to a study conducted by the Nigerian Trade and Investment Center in UK, shows that about two million Nigerians living in United Kingdom have investments worth almost Ninety four Billion (94bn GBP) pounds. And out of these amounts of money 84bn is in real estate, 7bn in vehicles, while the remaining 3bn is in stocks and shares; (Adesina and Madunagu, 2004, Malgwi, 2004). Malgwi, (2004), in his paper gives an example of former Head of State Late Gen. Sani Abacha, fakes daughter who duped an American the sum of Seven Million ($7) dollars, with the pretence that her late father left the sum of $100m in the central bank of Nigeria, and the account is coded. Therefore, she need his assistance with some money to bribe the officials of the apex bank to get the money out and he will get thirty (30%) percent of the money. Quite recently, a serving chief of staff to the governor of Rivers State (Ezebunwo Nyeson Wike), was caught by the Economic and financial Crimes Commission (EFCC), laundering the sum of N4.670 Billion (Four Billion, Six Hundred and Seventy Million Naira), which the commission believes was public money that was diverted into his personal account (Babafemi, 2009). He has since been charged by a court to explain the sources of the money. This is the problem with the country people in position of authority are abusing the trust people repose on them, everyday it is happening even with the money laundering regulation in place. There is no exact statistics of the amount of money been laundered in Nigeria, but below are some of the high profile cases been prosecuted by the economic and financial crimes commission from 2007 to 2009; CHAPTER THREE: THE MONEY LAUNDERING REGULATION IN NIGERIA The phrase money-laundering was not in the Nigerian dictionary, until in the 1980s which was when it was recognised and efforts were made to deal with the problem by the government. Therefore, there were decrees set by the government of Generals Muhammad Buhari, Ibrahim Babangida and Sani Abacha as heads of state and military president respectively, prohibiting activities related to money-laundering (Exchange Control (Anti Sabotage) Decree No 7 of 1984, National Drug Law Enforcement Agency Decree No 48 of 1989, now Caps No 29 Laws of the federation of Nigeria, 2004; Okogbule, 2007). 1995 decree corrected one of the defects of these laws which limited the activities to Drug traffickers in order to avoid loophole which gave way for the accused person to escape justice when the case is not drug trafficking; (Adekunle, 1999; Okogbule, 2007). It was in this recognition of the defect or inadequacy of the previous Decrees to cover all the aspects of money laundering that gave birth to the enactment of the money-laundering (prohibition) Act, 2003 which covers everything relating to the offence. And after One year of its enactment it was amended through the money-laundering prohibition (Amendment) Act 2004, in order to give the agencies more power to institute an investigation and prosecute offenders (Okogbule, 2007). However, the amendment was based on two philosophies. Firstly, it was on the need to control the practice of huge financial transactions in Nigeria, since the country is known as a cash society. In the amended Act, it states that no person or corporate body shall make or accept cash payment of sum exceeding N500, 000 or its equivalent in the case of individuals, while in the case of corporate bodies the amount is N2, 000,000, unless the transaction is done through a financial institution, the provision is design to enhance the monitoring capabilities of the regulatory institutions over huge financial transactions and encourage the use of financial institutions (Okogbule, 2007). However in the second philosophy in the act, it is a directive requiring disclosure of any financial transaction exceeding a certain sum of money. Section 2(1) of the Act, state that: A transfer to or from a foreign country funds or security exceeding the sum of $10,000 or its equivalent shall be reported to the central bank of Nigeria. And it further said that a report should be made pursuant to the above provision to indicate the nature and amount of transfer, the names and addresses of the sender and receiver of the funds or securities (Okogbule, 2007). MONEY LAUNDERING REFULATION IN RELATION TO INSTITUTIONS IN NIGERIA The money laundering (Prohibition) Act 2004, of Nigeria in section 1 states that no person or corporate body shall, except through transactional institutions, make or accept deposit of a sum exceeding, A, for an individual the sum of N500, 000 or its equivalent in other currency and B, the sum of 2,000,000 for a corporate body, that anything above this should be made through the financial institution likewise for the individual costumer. In section 2 of the prohibition of money laundering act states that any transaction from or to foreign country of funds or securities exceeding the sum of US $10,000 shall be reported to the central bank of Nigeria (in the act refer to Central Bank) or security and exchange commission. Again in section 2 sub section 1, states that the report should indicate the nature and the amount of the transfer, the names and addresses of the sender and receivers of the funds or securities. CUSTOMER DUE DILLIGENCE However, it is provided in section 5(1) of the Act that before opening an account for or issuing passbook or even entering into any business relationship with a potential customer, the financial institution shall verify the customers identity and address. For individual, he is required to provide proof of his identity by presenting to the financial institution a valid original copy of an official document bearing his names and photograph; Secondly, he is to show proof of his address, by presenting to the financial institution the originals of receipts his/her utilities issued within the last three months by public institution (example, electricity or water bill). In the case of a body corporate, its proof of identity shall be provided by the presentation of its certificate of incorporation and other valid official documents attesting to the existence of the body corporate. Where a manager, employee, or assignee is delegated by a body corporate to open or operate an account, such a person shall in addition to the requirements specified for private individuals also show proof of a power of attorney granted to him for that purpose. One important provision in the Act designed to facilitate the detection of money laundering activities is section 6(1). It provides as follows: When a financial institution is requested to carry out a transaction, whether or not it relates to the laundering of the proceeds of a crime or an act, the financial institution shall seek information from the customer as to the origin and the destination of the funds, the aim of the transaction and the identity of the beneficiary. In order to make this surveillance function more effective, financial institutions are required within seven days of the transaction to carry out the following actions: Draw up a written report containing all relevant information about the transaction as well as the identity of the principal and where applicable, those of the beneficiary. Take appropriate action to prevent the laundering of the proceeds of a crime or an illegal Act. Send a copy of the report and action taken to the Central Bank, the Commission, the Securities and Exchange Commission, or such other appropriate regulatory authority, as the case may be. Significantly, any financial institution which fails to comply with the above provisions is guilty of an offence and liable upon conviction to a fine of N1, 000,000 each day for as long as the offence continues. In order to emphasize the importance of records of transactions, it is provided that these records are to be kept and preserved for at least a period of 10 years, and that the records shall be communicated to the Central Bank, National Drug Law Enforcement Agency (NDLEA), judicial authorities, Customs Officers, and such other persons as the Central Bank may from time to time specify. However, the mandatory disclosure requirement concerning financial transactions is contained in section 10 of the Act. It is to the effect that a financial institution or casino shall report to the Agency in writing, lodgement or transfer of funds in excess of One million (N1, 000,000) Naira or its equivalent in the case of an individual and Five million (N5, 000,000) Naira or its equivalent in the case of a body corporate. This report is to be submitted within seven days of any single transaction. And even an ordinary citizen other than a financial institution may voluntarily give information on any transaction, lodgement, or transfer of funds involving the amounts set out above. This ensures that even when a financial institution fails to report as required, information about the transaction still gets to the Agency (See Chukuemerie, 2004, Okogbule, 2007b). The intent of the provisions is to enable the Agency ascertain the origin of the funds and determine whether to direct a stoppage of the transaction or not. This it can do when acknowledging receipt of such disclosure, report or information received in furtherance of the provisions. If the Agency is unable to ascertain the origin of the funds within a period of 72 hours, it may make a request to the Federal High Court for an order that the funds, accounts, or securities referred to in the report be blocked, and an order made by the Court in pursuance of this provision shall be enforced forthwith. Section 9(1) of the Act provides that every financial institution shall develop programmes to combat the laundering of proceeds of a crime or other illegal act. These shall include: The designation of compliance officers at management level at its headquarters and at every branch and local office; Regular training programmes for its employees; The centralization of the information collected; The establishment of an internal audit unit to ensure compliance with and ensure the effectiveness of the measures taken to enforce the provisions of the Act In order to ensure compliance with this provision, the Governor of the Central Bank of Nigeria is empowered to impose a penalty of not less than one million Naira on any financial institution which fails to comply with the above provisions. And that makes it a very important provision since the threat of immediate sanction which could be suspension of the banks operating license can engender compliance with the statutory provision. THE MONEY LAUNDERING OFFENCE IN NIGERIA The actual money laundering offences are provided for in sections 14 18 of the Act which also specify the penalties for such offences. Thus, section 14(1) provides as follows: Any person who converts or transfers resources or property derived directly or indirectly from illicit traffic c in narcotic drugs or psychotropic substances or any illegal act, with the aim of either concealing or disguising the illicit origin of the resources or property or aiding any person involved in the illicit traffic c in narcotic drugs or psychotropic substances or any other crime or illegal act to evade the legal consequences of his action; or collaborates in concealing or disguising the genuine nature, origin, location disposition, movement or ownership of the resources, property or rights thereto derived directly or indirectly from illicit traffic c in narcotic drugs or psychotropic substances or any other crime or illegal act, commits an offence under this section and is liable on conviction to imprisonment for a term of not less than 2 years or more than 3 years. Significantly, a person who commits an offence under this subsection shall also be subject to the same penalty notwithstanding the fact that the various acts constituting the offence were committed in different countries or places. It is not difficult to ascertain the rationale behind this provision since, very often; money laundering entails the perpetration of some of the acts in one country and the others in other countries. This brings to the fore the transnational nature of money laundering which has given rise to international concern for its regulation. Section 16 of the Act provides that any person who: Whether by concealment, removal from jurisdiction, transfer to nominees or otherwise retains the proceeds of a crime or an illegal act on behalf of another person knowing or suspecting such other person to be engaged in a criminal conduct or has benefited from a criminal conduct; or Knowing that any property either in whole or in part directly or indirectly represents another persons proceeds of a criminal conduct, acquires or uses that property or has possession of it, commits an offence under this Act and is liable on conviction to imprisonment for a term of not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or to both such imprisonment and fine. It is difficult to fashion the rationale for this marked variation in the punishment specified under this section and that provided for in section 14 of the Act relating to the actual conversion or transfer of funds from such criminal or illegal activities which is stated to be not more than three years. Although it may be said that the opportunity created by a willing receptacle could have emboldened the suspect and thus facilitated the commission of the offence, it is nevertheless incongruous to have such marked disparity in the punishment for both kinds of offences, when the level of moral reprehensibility is more for the actual converter or transferor of such illegal funds than the receiver. THE EFFECTIVENESS OF MONEY LAUNDERING REGULATION IN NIGERIA The government of former president Obasanjo, of Nigeria was able to start the fight against corruption and money laundering, by presenting the bill Money laundering (Prohibition) Act 2004, before the national assembly which was accented by the government and put into use immediately in order to fight the menace in the country. However, by the year 2006, the EFCC was able to secure the conviction of the former inspector general of police, Mr Tafa Balogun for several offence mostly on money laundering, by showing that ACT that no one is above the law in the country and it shows that it has the political will to tackle the canker worm of money laundering in all its ramifications (Okogbule, 2007, Chukwuemerie, 2006). Furthermore, within the first two years of creating the Economic and Financial Crimes Commission in Nigeria, they proved effective and were able to recovered [sic] more than $1.5bn (N203.5bn) of looted funds and arrested more than 200 people and out of the 200, 50 people were convicted and recovered $37.1M (N5bn) from import malpractices (Malgwi, 2004). Again the EFCC was able to secure a plea bargain with a former governor of Edo State of Nigeria, Mr Lucky Igbinedion, which in the agreement consented in refunding the sum of N500M stolen funds and forfeit some of his properties. It was not only Igbinedion that got the plea bargain, Mr Nwude, Mr DSP Alamieyeseigha former governor of Bayelsa State of Nigeria, also enjoy the gesture (Alli, 2008). However, recently the Chairman of the financial crimes commission in Nigeria, admit that they are not fully enforcing the money laundering regulation in the country while hosting stock broking firms in her office. Waziri said the anti-graft agency would start the immediate enforcement of the provisions of the Money Laundering (Prohibition) Act 2004, and prosecute all stock broking firms that default in their obligation to the suspicious transactions reports and currency transaction reports (Akinsunyi, 2009). Under Section 23 of the Money Laundering Act, firms carry on the business of investment and securities (this includes stock broking firms) are designated as financial institutions and there is an obligation on them to file with the Nigerian Financial Intelligence Unit all suspicious transactions, and file with the Nigerian Financial Intelligence Unit all currency transactions above N500, 000 for individuals and the N2 million for companies. But all that is done by stock broking firms in the country. And up to extent a an investment firm took a loan of N90 Billion from a bank in order to manipulate the market, but that is between Bank and it is customer, but the utilization of the loan is different which is contrary to Section 20 of the BOFIA and the regulations of the Central Bank of Nigeria (CBN) and carries a jail term of between two and three years. It is also a breach of the Investment and Securities Act (see Thisday Newspaper, August, 2009). However, this bring us to the issue of reporting system adopted by the Financial Action Task Force and was even part of the Nigerian Money Laundering (Prohibition) Act 2004, which is in section 6 sub-section 1(a) that direct financial and non financial institutions to draw up a written report on any illegal transaction and submit within seven days to the relevant authorities. That means the Act, is not been followed by the Banks and stock broking firms. FACTORS FOR AND AGAINST MONEY LAUNDERING REGULATION IN NIGERIA There is no doubt that with the enactment of the Money Laundering Act 2004 the Nigerian Government has taken a bold step in its efforts to fight against money laundering in the country. However, it is effort and resourcefulness may not bear the required results if the well-known problems of enforcement of law in the country are not adequately addressed in the provisions. It is a common feature in Nigeria that individuals and institutions prefer to subvert laid down rules rather than comply with them, for example the recent banks audit conducted by the new Central Bank Governor, it shows how reckless the banks are operating, given out a loan of N490 Billion without a collateral, which form part of analysis in given out to loan to any customer by a bank and is used to settle out the debt in case the loan goes bad, but they ignore that and give out the money without following the laid down rules. The assurance being that even when they fail to comply, officials from the regulatory institutions will always compromise their positions. This brings to the fore the popularity of corruption in the country as such officers are often settled to overlook noncompliance with statutory provisions (Okogbule, 2007). In such situation, there is usually an unethical alliance between regulatory officers on the hand and the defaulting financial institutions. Therefore, there will be inadequate or ineffective enforcement of the rules, to the detriment of the country. However, recently an upright officer (Barrister Abubakar Abba Umar) with the Corporate Affairs Commission (CAC) in Nigeria lost his life in the course of his duty. He was involved in making the organisation a very good place that it suppose to be, because to get a company registered in Nigeria, it might take you two to three months, but his coming within a day after full verification you can get your company registered. While in course of investigation of certificate fraud in the organisation, he was forced to hand over some lawyers involve to EFCC for prosecution (see Leadership newspaper, 2009), seeing all this thing happening nobody will like to give himself up in order to do a good job in fighting money laundering in Nigeria. According to Andrew (2004, pp 173), he argues that the Act is faithfully implemented by Economic and Financial Crimes Commission, the Central Bank of Nigeria, the National Drug Law Enforcement Agency and the Minister of Commerce, this relevant authorities are the ones in positions to see the implementation of the Act to the later. However, if they did not enforce the implementation concurrently together, there is every chance that the Act, will not be effective as it suppose to be in checkmating the money laundering activities in the country. There is also problem of regular monitoring of the activities of these financial institutions. Inspectorate and Compliance Officers are known to be lax in their monitoring of the operations of these institutions, due to the fact that they are conniving together to subvert the law regulating the institutions (see Okogbule, 2007). <

Korean Buddhism :: Religion Korea Religious Essays

Korean Buddhism Buddhism was first brought from China to the Korean peninsula in the year 372 CE. At this time the dominant and traditional religion was Shamanism. While Shamanism was the belief in animism and nature-spirit worship, Buddhism expressed the idea that human beings as well as nature possess spirits and should be included in the rites of worship. This had no conflict with Shamanism and so it was easily adapted. The early elementary forms of Buddhism believed primarily in cause and effect related to the path of happiness (Buddhapia). More recent applications of Buddhist monks’ time goes to solving conflicts within different sects of Buddhism or among other religions. They also devote a great deal of time to solving doctrinal inconsistencies (Charles Muller). More traditionally a basic concept of Buddhism is that of interpenetration (t’ung) in which one must move along a path that has already been opened and just needs to be traversed. This is especially relevant in that of a sage’s mind capable of â€Å"penetrating† (understanding) the principles of things. Penetration as Charles Muller says, â€Å"Is a basic underpinning of both the Great Learning and the Doctrine of the Mean, in both of which the inner and outer aspects of the person are understood to penetrate each other such that quality of the person's inner mind is always discernible in his outer appearance†. Other important aspects of Korean Buddhism are individuality, mental foundation and ideology, philosophical reformation movement, and the pursuit of harmonization and unification. Individuality is found all throughout the Buddhist culture where there are many different approaches to meditation, studying sutras and chanting. Buddhist ideology assisted in the foundation of many aspects of Korean culture including socio-political issues. Korean Buddhists devoted their thought to philosophical reformation in the overcoming of fixed concepts. Buddhism developed different levels as each one reached its level of conceptual development. A Buddhist’s final stage comes when their teacher sees that they are fit and sends them off to become a full member of the monastic community in which they will have five days of training and lectures before the actual ceremony (Buddhapia).

Machinery Hall, Centennial Exposition 1876, Philadelphia Essays

Machinery Hall, Centennial Exposition 1876, Philadelphia The "International Exhibition of Arts, Manufactures, and Products of the Soil and Mine, in the city of Philadelphia" was opened on the 10th day of May in the year 1876. As it was more commonly known, the "Centennial Exposition" was America's first successful World's Fair. The fair celebrated the one hundred year anniversary of the Declaration of Independence and America's start as a sovereign nation. It was at the Centennial Fair that Americans were given a chance to display their knowledge and power in the growing industrialized world. Long gone were the days of single-structure exhibitions. The Philadelphia organizers peppered Fairmont Park with exhibition buildings and attractions, giving visitors much to look at. At the fair the United States sought to establish itself among the major countries of the world. The major buildings of the fair: Memorial Hall, the Main Building, Machinery Hall, Horticultural Hall, the Women's Pavilion and several national and state pavilions provided a suitable architectural framework for the exhibited materials. The most popular of these buildings was Machinery Hall, built to house the country's technological wonders of the past century (Snyder). Machinery Hall, "four times the space of St. Peter's" in Rome (Bruce, 150) covered an area of 558,440 square feet (including its annex). Fairmont Park was at the time the "largest and finest urban park in America" (Mass, 16). After selecting the site for the fair, the Centennial Commission held a competition for the design of the exhibition buildings offering awards to the top ten entries. The first prize was given to Collins & Autenrieth of Philadelphia whose design estimated construction ... ...usiasts to see what it was like to visit the fair first hand. Though these images are not always completely historically correct, they serve as an excellent tool for learning about the fairs. Bibliography Bruce, Edward C. The Century: Its Fruits and its Festival. Philadelphia: J. B. Lippincott & Co., 1877. Maass, John. The glorious enterprise: the Centennial Exhibition of 1876 and H. J. Schwarzmann, architect-in-chief / John Maass. New York. American Life Foundation. 1973. Snyder, Iris. (February 2000) "The Centennial Exposition, Philadelphia, 1876" University of Delaware, Special Collections Department http://www.lib.udel.edu/ud/spec/exhibits/fairs/cent.htm(25 February, 2001). Trout, Silas E. The Story of the Centennial of 1876. Lancaster, 1929. ARCH SPCEXP T825.B1T7 Westcott, Thompson. A Centennial Portfolio. Philadelphia, T. Hunter, 1876.

Maryland Science Assessments :: Essays Papers

Maryland Science Assessments Within the discipline of science there are facts, principles, skills, and processes of five classified standards: earth/space, biology, chemistry, physics, and environmental science. In the State of Maryland, the main assessment tool is the MSPAP (Maryland State Performance Assessment Program). Also, an individual teacher has to do assessment of his/her students throughout the school year. A teacher needs to know what to assess and how. Through an interview, a teacher of Bodkin Elementary has given her opinion about the state assessment test MSPAP. Maryland State has one major test that brings up many opinions of professionals in the education field. With state and classroom assessments Maryland’s intention is to measure their school improvement within the discipline of science as well as mathematics, reading, writing, language usage, and social studies. The Maryland State Performance Assessment Program (MSPAP) is "an assessment or testing program whose primary purpose is to provide information that can be used to improve instruction in schools"(MSDE, 1999). Students in third, fifth, and eighth grades take the MSPAP assessment each May. The assessment was created to be able to test the how well the students could solve problems both individually and with others, to see if they can use background knowledge to solve real world problems and to see if students can use knowledge from one subject into another. Students normally work in groups to complete the task they are given for each subject. Students are required to write extensively unlike other forms of assessment or testing where students fill out bubble forms such as scantron. The MSPAP assessment takes five days with 105 minutes spent each day on the assessment. Sample problems are given to teachers to help their students prepare for they type of activities and writing assignments they will be given on the task. One example task for eighth grade science students is to look at scientific data on the solar system and to write at least three questions that they can ask after looking at the data(Carr, 2000). After students have asked the questions they then need to "describe three repeating patterns of astronomical change that occur in the sky above us"(Carr, 2000) The MSPAP was created in May, 1990 by many teachers and administrators after the State Board of Education came up with learning goals that they wanted to reach by the year 2000. The MSPAP has six sections: reading, writing, language use, mathematics, science, and social studies.

Learning institutions in America before public education

In the early part of American history, education was not for everyone. The masses usually came from agricultural communities were planting and harvesting crops were more important than education. On the other side of the fence, were the wealthy families, the businessmen, the landed and the politicians who were able to enjoy the benefits of education. The kind of education that the poor got was a few weeks of schooling during winter where teachers were not trained and school houses were decrepit and materials were lacking. The lessons were limited to basic skills to enable the children to write their names and count hens. The public education system that we presently have is a far cry from what has been in the past century. We owe the present form of education we have to Horace Mann, who campaigned for and worked to bring about social reforms and give each American the right to free education. Mann through his enthusiasm and devotion secured within his own state public support for schools. He encouraged businessmen to support building public schools since he believed that educating the masses would lead to greater economic progress. It goes to say that having a literate nation would spell more skilled and competent workers who would be the backbone of the factories at that time. More so, when the masses were given the right to vote, a growing awareness of the government’s obligations to its people came to light, the clamor for free education was strongest at this period. Mann faced a few difficulties in the form of opposition from prominent politicians and wealthy businessman and the clergy for education would be an equalizing factor between the rich and the poor and most especially because public schools would be competing with private and sectarian schools. Horace Mann also advocated public education for the masses as a means of bringing equality to the society. He argued that pubic schools made it possible for all citizens to exercise their right to free education without the encumbrances of religion or financial burdens. The individual could go to school without having to believe in something that is opposed to his cultural background and everyone could at least finish high school without the need to apply for loans or maintain a scholarship. The poor could concentrate on learning and in some ways to prepare for their future. Furthermore, Mann was able to integrate the schools in his state to a system that became the basis for the public education system in the country. He also advocated the establishment of normal schools to train teachers; he was against corporal punishment and instead focused and emphasized better teaching methods. Thus education gained the attention and funding that it never before had, and was established as one of the institutions of society. By the latter part of Mann’s life, the number of elementary and secondary schools had increased dramatically all over the country, but he did not stop there. He went on to work on changing higher educational system wherein the poor had the opportunity to be admitted to colleges until his death. Thus the door to educational advancement and success was opened to the masses. Â   Â