The Foreign Corrupt Practices Act (FCPA) prohibits U.S. businesses from paying bribes openly or using a middlemen as conduits for a bribe True or False
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The Foreign Corrupt Practices Act (FCPA) prohibits U.S. businesses from paying bribes openly or using a middlemen as conduits for a bribe
True or False
Ans. Many business organisation indulge in unfair trade practices like bribe to have profits and achieve growth in business. And to avoid such activities certain laws are made.
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- The U.S. Office of Personnel Management (OPM) is an independent agency of the U.S. government that assists other federal agencies in hiring new employees, conducting background check investigations, and managing pension benefits for retired federal employees and their families. The agency maintains data on millions of federal government employees, retirees, contractors, and prospective employees. These data were recently compromised in two separate but related data breaches at the OPM, raising concerns not only about potential identity theft and blackmail but also about the possible use of that data in intelligence operations launched against the United States. Early in 2015, OPM discovered that the personnel data (full name, birth date, home address, and Social Security numbers) of 4.2 million current and former federal government employees had been stolen. Then, in June 2015, OPM announced that the background investigation records of 21.5 million current, former, and prospective…Define trade secrets and give examples.Internal misuse of information and communications technology by public sector employeesICT may be both the target of criminal activity, as well as a tool used to facilitate criminal acts (Choo, Smith & McCusker2007). Instances of misuse of ICT within the public sector may fall within the definition of fraud provided in the Commonwealth Fraud Control Guidelines 2011 (the Guidelines), namely ‘dishonestly obtaining a benefit, or causing a loss, by deception or other means’ (AGD 2011: 5).According to KPMG (2013), the most concerning frauds against organisations are those perpetrated by employees, as they tend to be committed for longer periods and may cause more reputational damage than external fraud. Over a three year period between 2008 and 2011, the estimated value of internal fraud against the Commonwealth has steadily increased, from $1.9m in 2008–09 (Lindley & Smith 2011) to $3m in 2010–11 (Jorna & Smith 2013). Internal misuse of ICT is an important area of concern as…
- A borrower has committed fraud if they: A) receive gift money from a family member as down payment for a purchase loan. B) intend to occupy a property as their primary residence for a reverse mortgage loan. C) borrow the down payment from the seller through a non-disclosed second mortgage. D) inform the mortgage loan originator that they will be changing jobs before the loan closes.Which statement is true regarding the risk of Politically exposed persons (PEPs)? PEPs provides access to third parties on whom the financial institution has not conducted sufficient due diligence PEPs have significantly greater exposure to the politically corrupt funds,, including accepting bribes or misappropriating government funds PEPs are foreign customers who inherently present additional risk as they are engaged in cross border transctions PEPs generally do not pose enhance risks to an institution due to their political standing; rather, PEPs increase prestige of an institutionSouth Africa’s government intends making it mandatory for all metal traders to get licenses and prevent them from dealing in cash, a measure aimed at combating a massive illegal trade in cables and wiring stripped from rail, power and telecommunication lines. Traders will also be required to conduct due diligence on their customers and track the origins of their products, the National Treasury said in the annual budget review, which was published in Cape Town on Wednesday. Cable theft and vandalism is undermining the government’s efforts to revive the coronavirus- battered economy by bolstering more infrastructure investment, enhancing the power supply and improving transport links. Freight rail operator Transnet, telecommunications company Telkom, power utility Eskom Holdings and the Passenger Rail Agency of South Africa estimate that thieves and vandals cost them a total of 7 billion ($459 million) a year. The knock-on losses to the economy amounted to about R187-billion annually,…
- An unjust payment - or one that is questionable - that is made to facilitate a business transaction is called: a. Prepayment b. Bribery c. Ransomware d. Treachery e. Coterie fundsSouth Africa’s government intends making it mandatory for all metal traders to get licenses and prevent them from dealing in cash, a measure aimed at combating a massive illegal trade in cables and wiring stripped from rail, power and telecommunication lines. Traders will also be required to conduct due diligence on their customers and track the origins of their products, the National Treasury said in the annual budget review, which was published in Cape Town on Wednesday. Cable theft and vandalism is undermining the government’s efforts to revive the coronavirus- battered economy by bolstering more infrastructure investment, enhancing the power supply and improving transport links. Freight rail operator Transnet, telecommunications company Telkom, power utility Eskom Holdings and the Passenger Rail Agency of South Africa estimate that thieves and vandals cost them a total of 7 billion ($459 million) a year. The knock-on losses to the economy amounted to about R187-billion annually,…Explain illegitimate use of one’s official position for private gain, especially through insider trading or access to proprietary data
- Internal misuse of information and communications technology by public sector employeesICT may be both the target of criminal activity, as well as a tool used to facilitate criminal acts (Choo, Smith & McCusker 2007). Instances of misuse of ICT within the public sector may fall within the definition of fraud provided in the Commonwealth Fraud Control Guidelines 2011 (the Guidelines), namely ‘dishonestly obtaining a benefit, or causing a loss, by deception or other means’ (AGD 2011: 5). According to KPMG (2013), the most concerning frauds against organisations are those perpetrated by employees, as they tend to be committed for longer periods and may cause more reputational damage than external fraud. Over a three year period between 2008 and 2011, the estimated value of internal fraud against the Commonwealth has steadily increased, from $1.9m in 2008–09 (Lindley & Smith 2011) to $3m in 2010–11 (Jorna & Smith 2013). Internal misuse of ICT is an important area of concern as…Internal misuse of information and communications technology by public sector employeesICT may be both the target of criminal activity, as well as a tool used to facilitate criminal acts (Choo, Smith & McCusker 2007). Instances of misuse of ICT within the public sector may fall within the definition of fraud provided in the Commonwealth Fraud Control Guidelines 2011 (the Guidelines), namely ‘dishonestly obtaining a benefit, or causing a loss, by deception or other means’ (AGD 2011: 5). According to KPMG (2013), the most concerning frauds against organisations are those perpetrated by employees, as they tend to be committed for longer periods and may cause more reputational damage than external fraud. Over a three year period between 2008 and 2011, the estimated value of internal fraud against the Commonwealth has steadily increased, from $1.9m in 2008–09 (Lindley & Smith 2011) to $3m in 2010–11 (Jorna & Smith 2013). Internal misuse of ICT is an important area of concern as…Red Cross insurance company provide 8 million Americans with health-care financing. They paid millions of dollars for care attributable to illnesses related to tobacco use. In 1998, to recover some of this money, they sued the tobacco companies alleging fraud. They claimed that since 1953 the defendants conspired to addict millions of Americans to cigarettes and other tobacco products by misrepresenting the safety of nicotine and its addictive properties. The defendants’ success caused lung, throat, and other cancers, as well as heart disease, stroke, emphysema, and other illnesses to members of Red Cross plans, which Red Cross was required to pay. At trial, the defendants asked the court to dismiss the case on the ground that the plaintiffs did not have standing to sue. Does Red Cross have standing in this case? © a. No, Red Cross does not have standing because their claim should be filed against the insured who chose to smoke and risked these illnesses. b.…