This book does not present a single philosophical approach to taxation and ethics, but instead demonstrates the divergence in opinions and approaches using a framework consisting of three broad categories: tax policy and design of tax law; ethical standards for tax advisors and taxpayers; and tax law enforcement. In turn, the book addresses a number of moral questions in connection with taxes, concerning such topics as: * the nature of government * the relation between government (the state) and its subjects or citizens * the moral justification of taxes* the link between property and taxation* tax planning, evasion and avoidance * corporate social responsibility* the use of coercive power in collecting taxes and enforcing tax laws * ethical standards for tax advisors * tax payer rights * the balance between individual rights to liberty and privacy, and government compliance and information requirements * the moral justification underlying the efforts of legislators and policymakers to restructure society and steer individual and corporate behavior.

EU investment in China has increased dramatically since the early 1990s and is poised to increase further in light of Chinas recent accession to the World Trade Organisation. This book explores and critically appraises the existing legal framework governing EU-China investment relations,particularly EU investment in China. The current legal framework is composed of Chinese law, EU law and applicable international law, but the Chinese law is unsystematic and hard to discover and the EU has acquired only shared external investment competence which is vaguely defined. The applicable international treaties are incomplete, incoherent, or either too general or too specialised. Besides this, the international fora to settle investment disputes are still not readily available. Furthermore while law has played a very important role in decision-making by EU investors, the Chinese legal system is generally perceived as ineffective and lacking in effective enforcement of court and arbitration decisions. What the book demonstrates is that the time is ripe for a new international legal framework for foreign investment in China, and that as EU-China economic and political relations continue to improve, construction of such a framework is not only necessary, but also possible.

In the past twenty years action in respect of the profits of crime has moved rapidly up the criminal justice agenda. Not only may confiscation orders be made,but there are also now serious substantive criminal offences of laundering the proceeds of crime. Moreover, the consequences of the regulatory regimes put in place by the Money Laundering Regulations 1993 and the Financial Services Authority are very significant. This book examines critically the history, theory and practice of all these developments, culminating in the Proceeds of Crime Act 2002, which marks another step in the move towards greater concentration both on the financial aspects of crime and on the internationalisation of criminal law. The Act puts in place the Assets Recovery Agency, which will be central to the strategy of targeting criminal monies and will have power to bring forfeiture proceedings without a prior criminal conviction and to raise assessments to taxation. The author subjects the law of laundering, especially the novel aspects of the Proceeds of Crime Act itself, to thorough analysis and a human rights' audit. Contents: Introduction; The Economics of Money Laundering; Theory: Justifications for Forfeiture, Confiscation, and Criminalisation; History of Forfeiture and Confiscation Provisions; The International Dimension; Forfeiture Provisions; Statutory Confiscation Provisions; Investigatory Powers; Beyond Confiscation - Criminalisation; Acquisition and Deployment of Money for Terrorism; Confiscation without Conviction - 'Civil Recovery'; Money Laundering and the Professions

As the United States banking system enters the 1990s, the industry and its regulators face a crisis of major proportions. Successive problems have plagued various lending markets, bank failure rates have increased, and traditional regulatory techniques of risk control have proved unsuccessful. In this work, Helen A. Garten examines the current crisis in bank regulation and the regulatory response. In addition, she provides a series of recommendations for reforming the system so that regulatory failure will not occur again.

Garten begins her study with a strategic view of bank regulation as a response to financial crises in the banking business. Just as the bank failures of the 1930s led to a radical shift in bank regulatory technique, recent competitive pressures and technological innovations that have lessened the profitability of the deposit-lending business are leading to a shift in regulatory strategy today. Although some deregulation has taken place, Garten contends that more significant changes are occurring in the regulation that remains. Regulators are experimenting with a new approach to risk control that will create economic incentives for banks to adopt more successful investment strategies. Garten compares these new regulatory initiatives to the disciplinary techniques of the typical corporate equityholder and shows how they differ from the debtholder's techniques of traditional post-Depression bank regulation. She concludes that the new regulatory strategy may not be enough to help the banking industry emerge from its current difficulties. This work will be an essential resource for lawyers and bankers involved with regulatory policy, as well as for economists and scholars of finance and administrative law.

This book explores the concepts of sustainability and governance in relation to the governance of corporations - hence the ubiquity of the term corporate governance - and other bodies. It examines how these concepts are regularly used by politicians and by the media. The two concepts are however largely treated as being separate and discrete, and given equal coverage. The argument in this book is that the two concepts are inter-related and that good governance is a prerequisite for sustainability. The focus of the book therefore is different from most, as it seeks to integrate these two important issues. The approach used in this book is based on the tradition of the Social Responsibility Research Network - a worldwide body of scholars that, over its 20-year history, has sought to broaden the discourse and to treat all research as inter-related and business-relevant. The book examines diverse aspects of the changes to corporate and institutional behaviour that have recently manifested by focusing on these two aspects of sustainable development. Thus, the authors explore engagement and partnership between organisations, in order to consider the extent to which the focus has changed so much that we need to think about new approaches to our understanding of sustainability and differing effects in practice. The international mix of authors makes this an original contribution, sharing some of the best ideas from around the world.

This book analyzes the legal system for the protection of retail investors under the European Union law of investment services. It identifies the regulatory leitmotiv driving the EU lawmaker and ascertains whether and to what extent such a system is self-sufficient, using a set of EU-made and EU-enforced rules that is essentially different and autonomous from the domestic legal orders. In this regard, the book takes a double perspective: comparative and intra-firm. Given the federal dimension of the US legal system and, thus, the "role-model" it plays vis-a-vis the EU, the book compares the two systems. To fully highlight the existing gaps and measure how self-sufficient the EU system is against its American counterpart, the Union/Federal level as such is analyzed - i.e., detached from the national (in EU terms) and State (in US terms) level. Regulating Investor Protection under EU Law also showcases the unique intra-firm perspective from a European investment firm and analyzes how EU-produced public-law rules become a set of compliance requirements for investment services providers. This "within-the-firm" angle gauges the self-sufficiency of the EU system of retail investor protection from the standpoint of an EU-regulated entity. The book is intended for both compliance professionals and academic scholars interested in this topic while also including illustrative sections intended to provide a broader regulatory view for less-experienced readers.

This book provides a discussion of some of the most pressing challenges facing EU integration: political and economic governance, constitutional status and citizenship. It does so by discussing the work of one of the most original Portuguese voices in EU studies, Francisco Lucas Pires. In his swan song, here translated into English for the first time, Lucas Pires critically discusses the Treaty of Amsterdam, dissecting the process of its enactment, and its wider consequences for the EU. His profound, original and premonitory observations are commented on in this book by six young, prominent EU law scholars from different research areas. The result is an original and sagacious reflection, aimed both at researchers of EU law and policymakers alike, on the victories and shortcomings of the European project, providing refreshing views on a significant but often-neglected moment in the EU's history, as well as new avenues of critical thinking for the development of European integration. Martinho Lucas Pires is Ph.D. Candidate at Nova School of Law Lisbon, Assistant lecturer at Catolica Law School Lisbon, and Counsel at DLA Piper ABBC Advogados Lisbon, Portugal. Francisco Pereira Coutinho is Associate Professor and Vice-Dean at Nova School of Law Lisbon, Faculty of Law of the NOVA University of Lisbon, Portugal.

This unique book covers all aspects of operating and maintaining a tax exempt organization, within federal and state laws, from creation to dissolution. It begins by defining the various functions of organizers; the types of organizations, including unincorporated associations, charitable trusts, foundations, and nonprofit corporations; and the duties and liabilities imposed by the law on such organizations. The author shows how to determine if the goals and purposes of the organization fit into the statutory scheme for obtaining tax exempt status and helps the reader to decide which type of organization will best suit his or her needs. He points out the advantages and disadvantages, the legal effect, and the requirements of each. Finally, he explains how to terminate a tax exempt organization and the consequences of termination.

With the creation of a single global market in financial services, the effective regulation of banks at the international level has become essential. This work offers a comprehensive examination of the development and structure of the provisions for the control of international financial markets. It explores the background to the major financial crises of the late 20th-century and the nature of the global response, beginning with the collapse of the Bretton Woods system of managed exchange rates and the resulting establishment of the Basel Committee on Banking Supervision in 1974. The author describes the structure and operation of the Committee and examines both the content of its core supervisory papers and the development of its more general regulatory programme. The emergence of increasingly complex international banking and financial conglomerates has required a fundamental revision of the traditional sector-based methods of supervision and regulation. The book examines the difficulties associated with the cross-border and cross-sector regulation of such groups and assesses the international response to these problems. Financial crises in Asia and elsewhere during the late 1990s generated further anxiety concerning the stability of the international financial market place. The causes of the crises are accordingly examined and the various responses adopted as part of an international financial architecture analysed in detail. This book addresses all the major factors involved in international banking supervision, conglomerate control and financial stability together in a single text. It should prove a useful reference and analytical tool for all those specializing in international banking and financial market control.

Poor public resource management and the global financial crisis curbing fundamental fiscal space, millions thrown into poverty, and authoritarian regimes running successful criminal campaigns with the help of financial assistance are all phenomena that raise fundamental questions around finance and human rights. They also highlight the urgent need for more systematic and robust legal and economic thinking about sovereign finance and human rights. This edited collection aims to contribute to filling this gap by introducing novel legal theories and analyses of the links between sovereign debt and human rights from a variety of perspectives. These chapters include studies of financial complicity, UN sanctions, ethics, transitional justice, criminal law, insolvency proceedings, millennium development goals, global financial architecture, corporations, extraterritoriality, state of necessity, sovereign wealth and hedge funds, project financing, state responsibility, international financial institutions, the right to development, UN initiatives, litigation, as well as case studies from Africa, Asia and Latin America. These chapters are then theorised by the editors in an introductory chapter. In July 2012 the UN Human Rights Council finally issued its own guidelines on foreign debt and human rights, yet much remains to be done to promote better understanding of the legal and economic implications of the interface between finance and human rights. This book will contribute to that understanding as well as help practitioners in their everyday work. The authors include world-renowned lawyers and economists, experienced practitioners and officials from international organisations.

This book explores the transnational legal infrastructure for dispute resolution in transnational securities transactions. It discusses the role of law and dispute resolution in securities transactions, the types of disputes arising from them, and the institutional and legal aspects of dispute resolution, both generally and regarding aggregate litigation. It illustrates different dispute resolution systems and aggregate litigation methods, and examines the legal issues of dispute resolution arising from transnational securities transactions. In addition, the book proposes two systems of dispute resolution for transnational securities transactions depending on the type of dispute: collective redress through arbitration and a network of alternative dispute resolution systems.

Title 31 presents regulations governing money and finance issues applied by the Office of the Secretary of the Treasury, Monetary Offices, Fiscal Service, Secret Service, Office of Foreign Assets Control, Bureau of Engraving and Printing, Federal Law Enforcement Training Center, and Office of International Investment.

This textbook examines the legal and regulatory approaches to digital assets and related technology taken by United States regulators. As cryptoassets and other blockchain applications mature, and regulatory authorities work hard to keep pace, Daniel Stabile, Kimberly Prior and Andrew Hinkes invite students to consider the legal approaches, challenges and tension points inherent in regulating these new products and systems. The authors explore the attempts to apply securities laws and money transmission regulation, the growth of smart contracts, the taxation of digital assets, and the intersection of digital assets and criminal law. This innovative and unique textbook features: Commentary and analysis by three leading attorneys engaged with the regulation of digital assets and blockchain technology, offering practical, real-world acumen A comprehensive overview of the origins, key features and mechanisms of blockchain technology, as well as a broad intimation of the divisive debates that will shape the future of digital assets, to guarantee a thorough introduction to the topic for students Excerpts of authorities and other materials from key regulators, including the Financial Crimes Enforcement Network, the Securities and Exchange Commission, the Commodities Futures Trade Commission, and the Internal Revenue Service, to add insight and nuance to classroom discussions. In this, the first textbook of its kind, students of law, business, or technology will find crucial insights into the law and regulation of blockchain and a comprehensive overview of significant public debates on the topic.

The question of what constitutes 'fraud in the transaction' with respect to international letters of credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucial for the practitioner to know the relevant jurisdiction's case law, especially if wider defences such as inducement, unconscionable conduct or bad faith must be invoked. In this book, the author argues that, whereas 'fraud in the documents' is generally sufficient in cases involving commercial letters of credit, standby letters of credit demand a wider fraud exception. The central issue - how wide that fraud exception should be - is what this book explores in depth.This author compares and critically examines the application of the fraud exception in four major trade jurisdictions - the United States, England, Canada, and Australia. With an overall focus on how each jurisdiction's fraud tests treat the autonomy of standby letters of credit, she builds her arguments on such relevant sources and concepts as the following: when it can be shown that the beneficiary has 'no bona fide belief' in the validity of its claim demand guarantees; international initiatives (ICC Rules and the UN Convention on Independent Guarantee and Standby Letters of Credit); the Sztejn Rule; parameters of the 'fraud in the transaction' defence 'materiality' standard; prerequisites for injunctive relief; arguing 'fraud in the formation of the contract'; performance bond cases; applying the 'breach of good faith' defence; 'negative stipulation' in the underlying contract; and equitable versus statutory/broader notion of unconscionability. The presentation includes detailed summaries and analyses of leading cases in all four jurisdictions.

The Changing Face of Corruption in the Asia Pacific: Current Perspectives and Future Challenges is a contemporary analysis of corruption in the Asia-Pacific region. Bringing academicians and practitioners together, contributors to this book discuss the current perspectives of corruption's challenges in both theory and practice, and what the future challenges will be in addressing corruption's proliferation in the region.

The publication of Frederick Abbott's new book could not be more timely. The impact of the NAFTA on the North American marketplace has clearly manifested itself over the past year and the emergence of the World Trade Organization (WTO) as the regulator of global commerce will have a profound influence on the conduct of international trade. This book provides a comprehensive approach to the study of the NAFTA and its implications for the global trading system. It covers the political and legal process of NAFTA approval as well as the NAFTA's potential economic impact. Detailed analysis is given to the NAFTA rule systems, dispute settlement mechanisms, and environmental implications. Perhaps most importantly, this book situates the NAFTA into the broader global multilateral trading system now to be embodied in the WTO. It examines the legal rules of the WTO designed to regulate the activities of regional integration arrangements. It considers the potential for conflict between the rules and trade policies of the WTO and those of the NAFTA. This book holds a strong appeal for practitioners and academics interested in international economic law. This book is the first volume in the new NAFTA LAW AND POLICY series. This series will include high-quality studies of different aspects of NAFTA, including legal analysis and commentary on the Agreement. Among the numerous areas that will be covered in the series are NAFTA topics as diverse as agriculture, dispute settlement, environment, intellectual property rights, investment, and labour.

Since 1979, China has been in the midst of an on-going process of liberalization of financial services, which has been accelerated under its WTO obligations. Such liberalization increases the vulnerability of China to financial crises, with domestic and international implications. In order to reduce its vulnerability, China is seeking to develop a robust financial system by restructuring its financial regulatory and institutional structure in accordance with international standards. This process requires structural choices to be made in respect of financial services liberalization commitments and international financial standards. These choices will have a significant impact upon the development of China's financial system. The reform of China's financial system raises many challenges. At the international level, there is at present no explicit linkage between the required legal infrastructure that must be in place for the development of a robust financial system and financial liberalization under the WTO. At the domestic level, weaknesses remain, which are likely to be brought to the surface by financial liberalization resulting from WTO accession and implementation. China's challenge is to strike an appropriate balance between a robust financial system and WTO compliance. Measures taken in this connection will also be indicative of potential disputes that may arise with other WTO members, including Hong Kong and Taiwan. In December 2006, China's two protective measures of geographical limitation and client limitation will be eliminated. There will be few market access limitations for foreign investors in banking, except capital requirements. In this context, it is interesting to know how Chinese financial regulators will deal with the liberalization issue arising from the WTO, and this is the focus of this authoritative book. This examination of China's financial reform under the WTO is meaningful for other developing and developed countries, as well as for China. This book addresses the on-going process of financial restructuring and reform in post-WTO China from a legal perspective. Chapter 1 provides an overview of the impact of the WTO on China's financial markets and financial law systems. Chapter 2 discusses reform of banking law and regulation in post-WTO China. Chapter 3 addresses the role of the central bank in China's financial system, focusing on issues of independence and accountability of the People's Banking of China (PBOC), China's central bank. Chapter 4 analyses China's compliance with WTO obligations in the area of banking. Chapter 5 discusses the role of asset management companies (AMCs) in China's on-going banking restructuring and liberalization. Chapter 6 analyses the development of securities markets in China, the challenges being faced and the impact of the WTO. Chapter 7 describes insurance and its development in China, focusing on the role of the WTO in liberalization. A new topic in China, i.e., financial conglomerates, is discussed in chapter 8, building upon the discussions in the previous chapters. Chapter 9 in turn studies the issue of financial institution insolvency and restructuring - as noted in previous chapters, key issues in China. Chapter 10 discusses the double impact of the WTO and one of China's regional trade agreements, CEPA, on China's banking law.

This work examines both the UK and international regulation, as well as the case law and legislation affecting a wide spectrum of modern financial techniques. Within the scope of those financial techniques are the broad range of instruments, structures and contracts deployed by global financial markets in relation to corporate customers, sovereign entities and other public sector bodies. The essays in this collection are concerned with the nature of the modernity of financial products like derivatives, and the particularly acute challenge that they pose both to the control of financial markets by private law and by established means of regulation. Much of the book focuses on derivatives as exemplars of this broader context. The authors analyze practical and theoretical issues as diverse as credit derivatives, dematerialized securities, the ISDA EMU protocol, and the OTC derivatives market, as well as the regulation of financial products, the economics of financial techniques, and the international regulatory framework. They examine issues of private law, including the legal implications of immobilization and dematerialization in collateral transactions, seller liability in credit derivatives markets and fraud. The essays examine the benefits and shortcomings of various legal mechanisms and methods of financial regulation, and suggest new approaches to the questions facing the law of international finance. The essays in this book arose out of the W.G. Hart workshop on Transnational Corporate Finance and the Challenge to the Law held at the Institute of Advanced Legal Studies in London in 1998.

Students in various disciplines-from law and government to business and health policy-need to understand several quantitative aspects of finance (such as the capital asset pricing model or financial options) and policy analysis (e.g., assessing the weight of probabilistic evidence) but often have little quantitative background. This book illustrates those phenomena and explains how to illustrate them using the powerful visuals that computing can produce. Of particular interest to graduate students and scholars in need of sharper quantitative methods, this book introduces the reader to Mathematica, enables readers to use Mathematica to produce their own illustrations, and places specific emphasis on finance and policy as well as the foundations of probability theory.