Innovation in Food Technology

Innovation in Food TechnologyNowadays the there various kind of contracts that arroused in our country, Malaysia and most probably the issues potently related to the viands constancy. For my essay, i provide focus on the issue of first appearance in pabulum technology by the used of biotechnology. In social club to produce healthy nourishment formulation at the same cartridge clip nutritious food, varioustraditional food technologies mystify been advanced and new technologies developed efficeintly. Recently, there is an important aspect of innovation in food technology in order to translate nutrition information into a product. (Deliza, Rosenthal Silva, 2003).The issue of innovation in food technology very aspire me to develop more on it because I have found unity article from the The Star online newspaper which regarding the improving on food fibre. Accoding to that article the University of Nottingham Malaysia Campus is developing new technologies aimed at ensuring the food that we grow is nutritious and safe for consumption. In fact, the Centre of Excellent for Post-Harvest bioengineering (CEPB) led by Dr Asgar Ali who is expert in post-harvest biology and technology said that. the purpose of the centre is creating new technologies that could decreasing food looses, increasing overall quality and recourse of the food. The major reason is to increase the profit to marketers and growers and the work out availability of the quality and nutritious food to consumers.Biotechnology uses biological systems, living organisms, or components of organisms to make or modify products or processes for specific uses. For centuries farmers have improved crop imbeds by traditional breeding techniques, but since thousands of elements argon mixed every time two plants are crossed, the outcome of the cross-breeding is random and difficult to control because unwanted characteristics are passed on to the new crop along with the desired ones. Therefore, this t raditional cross-breeding bed take place only between closely-related species. Modern crop breeders, however, can select a specific genetic trait from any plant, or raze from an animal source, and transfer it into the genetic code of an separate plant through modern biotechnology.In addition, Some population feel that the effects of Genetically special (GM) crops on human health are not yet adequately understood. There are concerns about the use of viral DNA during the modification process, and some question whether there would be new health risks if genes introduced in a GM crop were to be taken up by the human body. The guard of GM crops is often assessed by comparison with the closest conventional counterpart. All in all, the chief(prenominal) issue regarding biotechnology in food production is whether genetically modified technologies is safe to consume and it is still to be resolved even after the enactment of the Biosafety Act 2007 (Phuoc, 2012)This issue give the big impact on the social, economic and political factors. In a modern society, people desire both good health and endurance and hence demand nutritious and structural food that promotes their wellbeing, enjoyment, and active lifestyle. Today, there are widely used of biotechnology in food production and we as a consumer does not know whether the food that we consume is safe to consume or not.Basically, biotechnology can contribute to approaching food security if it benefits sustainable elfin-farm agriculture in developing countries. important deviation exists in everyones opinions about biotechnology. Although there is wide support in health benefits for plant biotechnology, but still have differ views on the issue of animal genetics for economic gains. While some are conflicting to it, many are unsolve about genetically modified foods.There are concerns that the masking of GM crops might direct to a reduction in biodiversity (the variety of plants and animals in the wild), Mainly in areas where the crop is originated and a broad range of rude(a) genetic diversification is found. There might also be unexpected consequences of gene transfer (or gene flow) between plants, for example an irretrievable or rebellious escape of genes into neighbouring wild plants by pollen. The concern arise regarding that pests or weeds could acquire resistance to crops (Anonymous 2, 2003).The other effect to the social is regarding the human health towards this issue. Allergenicity, many children in the join State and atomic number 63 have suffurred from life-threatening allergies to peanuts and other foods. There is a high possibility that introducing a gene into a plant whitethorn ca-ca a newallergenor cause an allergic reaction in susceptible individuals. Therefore, a proposal to integrate a gene from Brazil nuts into soybeans was deserted in order to avoid unexpected allergic reactions. There is a growing concern that introducing foreign genes into food plants whitethorn have an unexpected and negative impact on human health.A recent article published in Lancet examined the effects of GM potatoes on the digestive tract in rats.. There were significant differences in the intestines of rats fed GM potatoes and rats fed normal potatoes Yet critics say that this paper, like the monarch coquet data, is flawed and does not hold up to scientific analysis. Moreover, the gene inserted into the potatoes known as snowdrop flower lectin and this substances can cause toxic to mammals.Biotechnology may offer a way out of this dependence on unsustainable agriculture by eventually producing crop plants that enable agriculture to sustain yields but minimize environmental impacts. But the perception in Europe is that some of the present generation of genetically modified (GM) crops, especially those developed for the US agricultural situation, which are herbicide- tolerant and insect-resistant, may present yet further risks to biodiversity in our present intensive agricultural system.Instead of influencing social, the biotechnology in food also leave affect the economic as well by bringing a GM food to market is a lengthy and costly process, and of course agri-biotech companies tender to ensure a profitable return on their investment. Many new plant genetic engineering technologies and GM plants have been patented, and patent infringement is a big concern of agribusiness (Whitman, 2000) . Yet consumer advocates are worried that patenting these new plant varieties will raise the price of seeds so high that small farmers and leash world countries will not be able to afford seeds for GM crops, thus widening the gap between the wealthy and the poor. It is hoped that in a humanitarian gesture, more companies and non-profits will follow the lead of the Rockefeller Foundation and offer their products at reduced cost to impoverished nations.Patent enforcement may also be difficult, as the contention of the farmers that they involuntarily grew Mo nsanto-engineered strains when their crops were cross-pollinated shows. One way to combat possible patent infringement is to introduce a suicide gene into GM plants. These plants would be workable for only one growing season and would produce sterile seeds that do not germinate. Farmers would need to buy a fresh supply of seeds each year. However, this would be financially disastrous for farmers in third world countries who cannot afford to buy seed each year and traditionally set aside a sight of their harvest to plant in the next growing season. In an open letter to the public, Monsanto has pledged to abandon all research development this suicide gene technology (Whitman, 2000).The remainder implication regarding political factors. To date, there is no evidence that any harm has come to anyone of the millions of people around the world in the last decade who have eaten foods derived from biotechnology. Regulatory authorities in the region closely monitor the safety of all foods including foods produced through biotechnology. The Food and Agriculture Organization and the demesne Health Organization have established procedures to determine the safety of biotechnology products and these procedures are met or exceeded by regulatory systems around the world. Countries such(prenominal) as the United States, Japan, Canada, Australia, Argentina, Korea, Russia, Poland, Hungary, Romania and the European. Union have all used their regulatory process to determine the food safety of at least one product of biotechnology.Developments in food biotechnology have had numerous impacts on how food is produced, packaged, tested and preserved as whole it give big impact to the food industry. Many of the changes have meant undisputable improvements to our safety and health, while others are more controversial. For example, by using the biotechnology in food processing in where plastic wraps thatprevent food from spoilinginhibit the growth of bacteria, and some are even edible . Natural antibiotic substances derived from sources such as cloves, oregano, thyme and paprika have been combined with controlled-release biodegradable polymers (smart polymers) to create plastics that can prevent biofilm formation resulting high quality of food products in the market.In the area of food manufacturing, the use of biotechnology falls into four main categories, namely 1) foods consisting of or containing viable organisms 2) foods obtained from or containing ingredients obtained from GMOs 3) foods containing single ingredients or additives produced by genetically modified microorganisms (GMMs) and 4) foods containing ingredients processed by enzymes produced by GMMs (Hsieh and Ofori, 2007).The food industry plays a vital role in shaping consumers attitudes and appetite for new food items. This is particularly true for the products developed with biotechnology. Opponents have waged an aggressive campaign to pressure the industry into publicly rejecting biotechnology. I n such cases, companies have been forced to take steps against their own beliefs and long- term interests (Thomas, 2000).Their main concerns involve lack of consumer acceptance not the safety of the foods. They express high levels of confidence in the science and the regulatory process. In fact, almost none feel that biotechnology should not be used because of uncertain, electric potential risks. Most food industry leaders do not feel it is necessary to have special labels on foods developed through biotechnology. They express concerns that such labels would be perceived as a warning by consumers. They also worried that the need to segregate commodities would pose financial and logistical burdens on everyone in the system including consumers. Food industry leaders recognize a major need to educate the public about biotechnology. They look to third parties, such as university and government scientists to provide such leadership.Many solutions that could be done to make sure that th e isssue regarding biotechnology in food can be overcome. From my point of view, one of the best way is extensive testing of GM foods may be required to avoid the possibility of harm to consumers with food allergies. Plus, labeling of GM foods and food products will acquire new importance. According to Whitman (2000) , Labeling of GM foods and food products is also a contentious issue. On the whole, agribusiness industries believe that labeling should be voluntary and influenced by the demands of the stark market. If consumers show preference for labeled foods over nonlabeled foods, then industry will have the incentive to regulate itself or risk alienating the customer. Consumer interest groups, on the other hand, are demanding mandatory labeling. People have the right to know what they are eating, argue the interest groups, and historically industry has proven itself to be unreliable at self-compliance with existing safety regulations.preventing outcrossing by engineering pollen incompatibility and other mechanisms into crops. This could significantly reduce the risk of spread of GM traits into native species. On the other hand, achieving insect resistance by altering physical characteristics of plants, perhaps by increasing hairiness or thickening the plant cuticle. This could reduce insecticide use, without using in-plant toxins. Securing fungal resistance in adult plants by switching on resistance genes that are active in the seed, but not currently in adult plants.This seems to be an elegant and safe use of biotechnology which could lead to significant reductions in fungicide use.Research shows that consumers will accept biotech foods if they see a benefit to themselves or society and if the price is right. Their responses to foods developed through biotechnology are basically the same as for any other food taste, nutrition, price, safety and convenience are the major factors that influence our decisions about which foods to eat. How seeds and food ing redients are developed will only be relevant for a relatively small group of concerned, consumers. The food industry needs to focus on what it does best namely producing and distributing value added foods that consumers want.Given that we have only one planet, more people to feed and fewer resources available what shall we do? A smart way would be to use the tools we have at our disposal to better adapt to future changes and invest in those innovative solutions. We have the technology. We have the infrastructure. The rules and regulations are already in place. Must we have a crisis before we act in Europe?

Financial Management of Construction Accounting

Financial Management of wrench AccountingQuestions You are advising a node who is highly prise in the industry as visionary and entrepreneurial. She is planning her next attend, a flux-use development (e.g. some residential units and two or three larger technical buildings). This is to be just outside a large city near you, where infrastructure/transport links are established and ready for the growth.She intends the commercial atom to be attractive to large international businesses, perhaps as global or regional headquarters. The local authorities are supportive of the development on the basis that your client has agreed to work with them to also develop a new hospital as part of the project.Write a letter of advice to the client outlining some options for funding the project, explaining why she should (or shouldnt) consider them as preferable. If appropriate, you may suggest a combination of approaches. ToSubjectProjectI appreciate the opportunity to talk over you regarding the available option for funding your project. I look forward to assisting you with this project and achieving your project objectives.I would like to draw your attention to the key financing options for the proposed project. It is all important(predicate) to remember that financing techniques/funding option constantly changed based on, for example, trends to equity participation by financiers as inflation of values occur, and also renewed amour in mortgages as property values fall. Therefore it is important to remember that a number of key decisions have to be made by those come to in arranging funding for this project.The Interest order are likely to be lower on corporate borrowing than on project-based funding, this is mainly due to the broader basis of the security available in this option. Borrowing can also be in the form of an overdraft, loan or mortgage on the new(prenominal) hand, or by the issue of securities, such as a debenture or loan stock. These stocks or bonds can be tradable on the stock market. They commonly tend to have a fixed rate of interest and fixed term of maturity which can at times be beneficial if the rates are to rise in the future. Banks may offer funding that are fixed or floating rates of interest for a specified flow rate of time.The following facts are based on your written correspondence to me dated 12th June 2016. It is worth considering the answers to the questions below.What is to be the ratio of debt to equity in funding the project?Is the finance to be project based or is it to be corporate finance?What are the arrangements for refinancing the project? result the debt be funded by traded securities or testament it be a loan?What is the term of the loan or stock?What will be the security for loan stock or loan?Will a loan be fixed or floating rate?What will be the term of the loan?Other than that you have opportunity to position a consortium with a financial intuition. These are named as joint ventures andsuch j oint ventures arises when two or more parties act jointly to develop this mixed used development project. In these arrangements the participating institution will normally become the ultimate owner of the property. It is also worth noting here that joint ventures normally take the form of partnerships or joint venture (JV) companies.Highlighted below are some of the advantages of such JVsSecure adequate finance, particularly equityCan be acquired expertiseCan be reduced risk of developmentTo enjoy off balance sheet financing, thereby reducing record debtMeet the demands of contradictory investorsI hope my advice has been beneficial to you in making a decision for funding your next project. I look forward to working with you on this project. enjoy do not hesitate to contact me anytime if you have any questions or require further advice.I look forward to hearing from you.Kind Regards,References Steven J. Peterson (2012). Construction accounting and financial management. 2nd ed. - Pe arson Education Inc.Danny Myers (2008). Construction Economics a new approach. 2nd ed. - Taylor and Francis.

Money Laundering Control in Nigeria

Money La belowing Control in NigeriaMoney launderINTRODUCTIONThis dissertation makes a contribution to the worrying aftermaths of capital make clean in Nigeria and the control mechanism within the economy. Money laundering is a global problem which warranted a declaration by the wholeed Nations. The declaration strongly condemns bills laundering because it aids the use of monetary systems for unlawful medicate dutyking and new(prenominal) serious evils such as terrorism. For example the work of Okogbule on (Official decomposition and the dynamics of money laundering in Nigeria 2007), and the work Chukwumerie on (Nigerias Money Laundering (prohibition) sour, 2004 A tighter noose, 2004), and the work of Chibuike (Ethics in Nigerian lodgeing, 2004), all these scholars did not give a look at the banking sector in regard to money laundering compliance and if Nigeria, is historically regulating according to international practicing. Therefore, that gives the researcher mor e try in looking inwards to the banks, since that is where large proceeding takes place.THE OVERVIEW OF MONEY launderThe research throw up is on Money laundering Control in Nigeria, and how it has been a very serious problem in that body politic especially in recent times during the civilian administration, (Chukwuemerie, 2006). But it is not only Nigeria, which its affecting, it is a stake in the whole world that charge 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 pecuniary systems of the states for that purpose, (UN Resolution S- 20/4 D)Evidence from around the world proves this view. concord to Walker, (1999), around $2.85bn is been laundered categoryly around the globe. once again, for example the United Kingdom Government recently issue a cheque of One hundred and fifty g-force (150,000) pounds to the Attorney General of Nigeria, as c omponent part of the proceeds laundered by a former Governor in Nigeria (Joshua Dariye), also a cheque for $2 one million 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 meat of Fourty Million (40,000,000) pounds recovered from some Nigerian Government Officials (Oyedele, 2008)THE worldwide FIGHT AGAINST MONEY LAUNDERINGMoney 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) spread overs the United Nations adoption of the ideals of Vienna Convention on illicit traffic of narcotic drugs and psychotropic substances. The congregation emphasises on tracking down the wealth of money launderers.Article 5(2) of t he Vienna convention provides that each party must enact domestic laws to modify it to identify, trace, seize, freeze, and throw in the towel all manner of profit derived from or used in Money laundering offensive activitys. Further all member nations are required to assist other member within their territory in the fight against money laundering discourtesys (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 fiscal Action Task Force (FATF) is an inter-governmental proboscis whose purpose is the deve lopment and promotion ofnational and international policies to combat money laundering and terrorist financing.The FATF is therefore a policy-making eubstance created in 1989that works to generate the necessary political go forth to bring ab come inlegislative and regulatory reforms in these areas. The FATF has published 40+9Recommendations in order to meet this objective.For example, the theme 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 NIGERIAOkogbule (2007) fence that money laundering was relatively unknown in Nigeria up to the mid 1980s. Further, he relate that it is now being used as a nitty-gritty 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 cam e 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 focussing is empowered to investigate and prosecute any(prenominal) person or corporeal 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 trillion 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 STUD YThe scope of the analyse will focus on the persuasiveness money laundering regulation in the Nigerian Banking sector, and whether the Nigerian authorities have anything to memorise from, how Money laundering is dealt with in the world (International Standard)?AIMS OF THE STUDYThe main focus of the dissertation is to find break the effectiveness of money-laundering regulations in regards to banks in Nigerian, and compare it with the international standard?The intent of money laundering in NigeriaThe effectiveness of money laundering regulations in NigeriaThe international standard on Money laundering ControlWhat lessons Nigeria can learn from thatChapter Two LITERATURE REVIEWCONCEPT OF MONEY LAUNDERINGMoney laundering can generally be define 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 Fu nd (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 terzetto 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 shoes, 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 at law.FATF organization defines money laundering as a concise the processing of roughshod proceeds to disguise their immoral origin in order to legitimize the ill gotten gain of crime.Law Dictionary (1990) interrelates to it as an investiture or other transfer of money flowing from racketee ring, drug minutes, and other illegal sources into legitimate channels so that its original source cannot be traced.Money laundering has been defined as a way bills obtained from illegal sources, and put into an theme 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 NIGERIAMoney 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 appointed corruption, which has been exploited by exoteric officers in Nigeria, who incorporate companies and use a s 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 as descends 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 persuasion 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, defilery, 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 carapace 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).Investig ation by the UK financial services authority (FSA), the London Metropolitan Police corroborate 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, turn ins that about twain 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 sevener 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 ply 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 place 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 sheaths been prosecuted by the economic and financial crimes commission from 2007 to 2009CHAPTER third THE MONEY LAUNDERING REGULATION IN NIGERIAThe 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 medicate Law Enforcement authorisation 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 deficiency 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 give 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 first appearance, 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 philo sophy 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 bail exceeding the sum of $10,000 or its equivalent shall be rooted to the central bank of Nigeria.And it further verbalise that a accounting should be made pursuant(predicate) to the higher up provision to indicate the nature and amount of transfer, the name and addresses of the sender and receiver of the funds or securities (Okogbule, 2007).MONEY LAUNDERING REFULATION IN RELATION TO INSTITUTIONS IN NIGERIAThe money laundering (Prohibition) Act 2004, of Nigeria in percentage 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 th rough 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 fundamental 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 DILLIGENCEHowever, 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 individuation and address.For individual, he is required to provide establishment of his indistinguishability by presenting to the financial institution a valid original copy of an of ficial 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 specify 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 quicken the detection of money laundering activities is section 6(1). It provides as followsWhen a financial institution is requested to carry out a transaction, whether or not it relates to the laun dering 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 actionsDraw 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 survives to take after 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 needful 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 dollar bill 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 citize n 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 romance 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 financi al institution shall develop programmes to combat the laundering of proceeds of a crime or other illegal act. These shall includeThe designation of compliance officers at management level at its headquarters and at every peg and local officeRegular training programmes for its employeesThe centralization of the information collectedThe establishment of an internal audit unit to ensure compliance with and ensure the effectiveness of the measures taken to enforce the provisions of the ActIn 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 flagellum of immediate sanction which could be suspension of the banks operating license can engender compliance with the statutory provision.THE MONEY LAUNDERING OFFENCE IN NIGERIAThe veritable money launde ring 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 followsAny person whoconverts 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 orcollaborates 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 incarceration for a term of n ot 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 whoWhether 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 deplorable conduct or has benefited from a criminal conduct orKnowing that any property either in whole or in part di rectly 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 NIGERIAThe 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 forthwith 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 acquire 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 prove effective and w ere 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 contribute 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 yea rs. It is also a check 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 NIGERIAThere is no doubt that with the enactment of the Money Laundering Act 2004 the Nigerian Government has taken a bold footstep 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 disobedience 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, th ere 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 union 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 leaders newspaper, 2009), seeing all this thing happening nobody will like to give himself up in order to do a good business enterprise 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 carrying into action 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, collect to the fact that they are conniving together to subvert the law regulating the institutions (see Okogbule, 2007).

Embryonic vs. Adult Stem Cells in Research Essay -- Argumentative Pers

Embryonic vs. Adult Stem Cells in Research Why is the mainstream media significantly downplaying exciting scientific discoveries with adult stem cells? This essay hopes to adequately answer that question. Heres the scoop As originally reported late last year in the medical ledger Blood, Dr. Catherine M. Verfaillie and other inquiryers at the Stem Cell Institute, University of Minnesota, have discovered a way to coax an adult cell found in the bone sum to exhibit many of the attributes that supposedly make embryonal stem cells irreplaceable to the development future miracle medical therapies(Catherine). While there is still much query to be done, multi-potent adult progenitor cells (MAPCs) appear to be versatile, that is, capable of transforming into different types of tissues. (In a culture dish, the cells can be coaxed into becoming muscle, cartilage, bone, liver, or different types of neurons in the brain.) They are also malleable, meaning they can do so relatively easily. T hey also exhibit the immortality valued in embryonic cells, that is to say, they seem capable of world transformed into cell lines that can be maintained indefinitely. At the same time, these adult cells do not appear to present the acute danger associated with embryonic stem cells the tendency to grow uncontrollably causing tumors or even cancers. This should be a big story considering the intense controversy over embryonic-stem-cell research (ESCR) and the coming attempt in the United States Senate to outlaw human cloning (S.790). Indeed, the New York Times and Washington Post consider embryonic-stem-cell research so Copernican - including the manufacture and use of human-clone embryos in such experiments - that both hav... ...hat the biotech researchers say more true then whatever cloning/ESCR opponents may argue - regardless of the veritable evidence. Finally, clout in public-policy disputes usually boils down to money. Quite often, reporters dont find stories stories find r eporters. That is how PR firms make the big bucks being paid quite handsomely to wondrous journalists to stories their clients want covered. In this fight, Big Biotechs very deep pockets almost guarantee coverage that is skewed in favor of destroying human embryos in experiments and permitting the creation of human-research clones. Sources Consulted Catherine Verfaillie http//www1.umn.edu/stemcell/sci/ rogue/fac-mbr/verfaillie/verfaillie.shtml New Scientist http//www.newscientist.com/ New York Times http//www.nytimes.com/auth/login?URI=http//www.nytimes.com/2002/01/25/science/25STEM.html

Should Church and State be Separate Essay -- essays research papers

AbstractThere has been much debate on whether or not the United States has been doing the right thing by keeping church and state as separate entities rather than keeping them entwined as had been the standard for centuries prior to the inelegants founding. The list of influences this law could affect is substantial, ranging from the workplace to school functions. Even the way people decorate their offices and houses has aim into question from time to time. However, remarkably, e truly person has a different style of argument and a different way of looking at the available facts. I intend to compare two very different argument styles on both sides of this issue, and how two capable writers use completely different methods of research, facts, and interpretations to propose their opinions.Should Church and State be Separate?Alan Wolfe (2002) speaks astir(predicate) many of the implied hypocrisies during the centuries-long debate over separation of church and state. While most peop le are brought up to question hypocrisy, Wolfe claims that some level of it is necessary to release for compassion from the audience. Surely we should want our anti-clericalists to have a touch of belief about them, especially when compared to the truly cynical. Wolfe ( 14, 2002).In his book, Separation of Church and State, Philip Hamburger called many of the politicians opportunistic however their type of behavior is often seen throughout our society today. In his article, Church and State Should be Separate, Wolfe (2002) uses lawyers as an example The history of American jurisprudence is filled with examples of lawyers seeking to build the strongest possible cases for their clients or causes, dropping one argument and employing another if it promises a greater chance of success, even if it seems to depart the first. ( 13).Throughout his argument, Wolfe also cites the court case, Everson vs. Board of Education, which placed separation of church and state into constitutional law i n 1947. Prior to this case, the set of rules and ethics, Gods or Mans, that should guide us, the citizens, had been debated but never determined.On the other side of the spectrum stands Steve Bonta. Bonta contends that separation of church and state is a historical mistake wait to happen. He uses examples from the French Revolution, in which they attempted the same ideal--giving the power to ... ...selves. Favoritism of one religion over another would also lead to more prepossession and unethical happenings in everything from school and businesses to career paths and job security. I also believe that when one religion stands above another, there is always a endangerment of another holocaust, even if on a smaller scale. Any of the above events would completely negate our Constitution and lead to the utter destruction of our foundation. Americans have come to rely on and trust their freedoms, even if they take them for granted from time to time, and while some would be thrilled to have a religious origination placed in an area of power, the majority would see it as a lie from the get-go that this country stands for freedom, and all trust in the government would falter, take to either another American Revolution or tyrannical rule.Church and State Should be Separate Alan Wolfe. Books and Culture September/October, 2002. Retrieved January 08, 2005 from the Opposing Viewpoints Resource message Database.Church and State Should not be Separate Steve Bonta. New American July, 09, 2002 vol. 18, p. 1. Retrieved January 08, 2005 from the Opposing Viewpoints Resource Center Database.

Conrads Heart of Darkness as an Attack Upon Colonialism and Imperialism :: Heart Darkness essays

Attack Upon Colonialism in Heart of Darkness It is very easy for a reader to see Heart of Darkness as a depiction of, and an attack upon, colonialism in general, and, more than specifically, the particularly brutal form colonialism took in the Belgian Congo. Consider the book from this point of view, and you will be led to those details which depict the mistreatment of the Africans, the greed of the so-called pilgrims, the broken idealism of Kurtz, and so on. You will find it important to notice, for example, that French man-of-war lobbing shells into the jungle, or the plantation of death which Marlow stumbles upon, or the slim note that Kurtz appends to his eminent essay on The Suppression of Savage Customs, or the importance of ivory to the economics of the system. As a historian, however, you exponent also find yourself a little frustrated by the odd fact that the book is so evasive about naming places and multitude and dates. We can surmise, for example, that Brussels is the city of the whited speculchre, but we might wonder why Marlow cant come right out and name it. One reason for the lack of names, I suppose, is that Conrad was not only interested in the particulars of the taradiddle of colonialism as it was applied to the Belgian Congo he was also app bently interested in a more general sociological investigation of those who conquor and those who are conquored, and the complicated interplay between them. In this light, different--more sociological--questions can be raised and different answers found. The details that might be noticed in this context are, for example, Marlows invocation of the roman type conquest of Britain, or the cultural ambiquity of those Africans who have taken on some of the ways of their Europeans--Marlows helmsman, for example, or the Managers uncouth servant--or the ways in which the wilderness tends to strip outside(a) the civility of the Europeans and brutalize them.Conrads Heart of Darkness as an Attack Upon Col onialism and Imperialism Heart Darkness essaysAttack Upon Colonialism in Heart of Darkness It is very easy for a reader to see Heart of Darkness as a depiction of, and an attack upon, colonialism in general, and, more specifically, the particularly brutal form colonialism took in the Belgian Congo. Consider the book from this point of view, and you will be led to those details which depict the mistreatment of the Africans, the greed of the so-called pilgrims, the broken idealism of Kurtz, and so on. You will find it important to notice, for example, that French man-of-war lobbing shells into the jungle, or the grove of death which Marlow stumbles upon, or the little note that Kurtz appends to his noble-minded essay on The Suppression of Savage Customs, or the importance of ivory to the economics of the system. As a historian, however, you might also find yourself a little frustrated by the odd fact that the book is so evasive about naming places and people and dates. We can surmi se, for example, that Brussels is the city of the whited speculchre, but we might wonder why Marlow cant come right out and name it. One reason for the lack of names, I suppose, is that Conrad was not only interested in the particulars of the history of colonialism as it was applied to the Belgian Congo he was also apparently interested in a more general sociological investigation of those who conquor and those who are conquored, and the complicated interplay between them. In this light, different--more sociological--questions can be raised and different answers found. The details that might be noticed in this context are, for example, Marlows invocation of the Roman conquest of Britain, or the cultural ambiquity of those Africans who have taken on some of the ways of their Europeans--Marlows helmsman, for example, or the Managers rude servant--or the ways in which the wilderness tends to strip away the civility of the Europeans and brutalize them.

Humas Overcoming Nature Essay -- Nature Society Natural Essays

Humas Overcoming NatureHumans make believe always tried to exert their control over nature. Throughout history, existence command over nature has wavered from a confidant to a skeptical viewpoint. As time passed, humans believied in their ability to conquer nature lento diminished to a point where nature ruled without a doubt. Now, in the twentieth century, however, people believe once again that the human population outhouse overcome nature. Up until the sixteenth century, people believed that God could explain all actions. In general, science did not really exist. People simply looked to the Bible for reassurance intimately then unexplainable phenomenon. With the development of a scientific method and the industrial revolution, people began to recognize reason in their world through science. In the put in day, the general public in their quest to discover all of natures secrets depends on science and its reason. Rogets Dictionary declares that science includes the observatio n, identification, experimental investigation and theoretical explanation of phenomena. recognition tries to describe nature through all of these methods. It seems that every day a new study is published about the relationship between nature and humans. Scientists have explained and improved many aspects of human health and the human body, especially in the twentieth century. In 1936, Dr. Alexis Carrel developed the artificial heart. In 1937, insulin began to be use to control diabetes. In 1943, penicillin was discovered. In 1954, Jonas Salk inoculated children with the polio vaccination. In 1970, scientist at the University of Wisconsin completed the first complete synthesis of a gene. In 1978 the first test-tube baby was born(p) in England and finally, in 1980, the Wor... ...f westward Civilization Problems and Sources in History. Third Edition. 532. 6. Rogers, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 532. 7. Roger s, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 542. 8. Rogers, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 530. 9. Rogers, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 531. 10. Rogers, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 539-540. 11. Craver, Bruce. Lecture. University of Dayton. 19 Nov 98. 12. Rogers, Perry M. Aspects of Western Civilization Problems and Sources in History. Third Edition. 494.