ACC3323 (15051) Homework 1- Dua Qureshi

Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPA

Why was the Foreign Corrupt Practices Act created? Please explain.

Money laundering has become a pertinent problem worldwide threatening the stability of various regions by actively supporting and strengthening terrorist activities and criminal organizations”. How KYC & AML guidelines form by RBI helps in curbing money Laundering practices? Explain in detail

31.  Which of the following is not a function of Bureau of Customs? Group of answer choices a. Assessment and Collection of all national internal revenue taxes, fees, and charges b. Simplification and harmonization of customs procedures to facilitate movement of goods in international trade c. Border control to prevent entry of smuggled goods d. Prevention and suppression of smuggling and other customs fraud e. Facilitation and security of international trade and commerce through an informed compliance program

Write 140 words

Analyze the impact of international regulation on money laundering on Financial management

QUESTION 24 The U.S. Labor Department filed a complaint against Swatch Group alleging that the Swiss watchmaker improperly used transfer pricing to evade millions of dollars in customs dutles and taxes. O True O False

2. If payment of bribes is an acceptable business practice in a foreign country, how should a U.S. based parent company react to such practices when doing business in the foreigncountry? Defend your answer.

13   XYZ Corporation is a U.S.-based corporation. It has decided to move some of its accounting operations abroad. The company will continue to use U.S. GAAP for external reporting purposes. Should the company insist that the employees located in the international locations follow the U.S.-based corporate culture? Explain?

37 Which of the following is NOT the role of Ministry of Finance under IFSA 2013 and FSA 2013?   Select one: It appoint and terminate contract of central bank deputy governor for misconduct It approve or disapprove mergers & takeover of financial institutions such as banks. It control and regulate credit in the country through using monetary tools such as interest rates and money supply. It control exports & imports through easing or restricting credits to exporters and importers.

Comment on effective strategies used by financial institutions to manage/ curb money laundering and terrorist financing making reference to applicable legislation.

Comment on effective strategies used by financial institutions to manage/ curb money laundering and terrorist financing referring to applicable legislation.