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Redefining the Bank Secrecy Act: Currency Reporting and the Crime of Structuring Courtney J
Santa Clara Law Review Volume 50 | Number 2 Article 4 1-1-2010 Redefining the Bank Secrecy Act: Currency Reporting and the Crime of Structuring Courtney J. Linn Follow this and additional works at: http://digitalcommons.law.scu.edu/lawreview Part of the Law Commons Recommended Citation Courtney J. Linn, Redefining the Bank Secrecy Act: Currency Reporting and the Crime of Structuring, 50 Santa Clara L. Rev. 407 (2010). Available at: http://digitalcommons.law.scu.edu/lawreview/vol50/iss2/4 This Article is brought to you for free and open access by the Journals at Santa Clara Law Digital Commons. It has been accepted for inclusion in Santa Clara Law Review by an authorized administrator of Santa Clara Law Digital Commons. For more information, please contact [email protected]. REDEFINING THE BANK SECRECY ACT: CURRENCY REPORTING AND THE CRIME OF STRUCTURING Courtney J. Linn* I. INTRODUCTION The Bank Records and Foreign Transactions Act of 1970 (BSA) requires financial institutions to record (Title I) and report (Title II) information about their customers' transactions, particularly those involving large amounts of currency. 1 The requirements rest on the Congressional finding that BSA records and reports have a high degree of usefulness for law enforcement, tax, intelligence, and regulatory authorities. After a prolonged period of inaction that lasted well into the 1980s, financial institutions complied with the BSA's requirements by sending ever-increasing numbers of reports to the government. This widespread compliance in turn led money launderers, tax evaders, and others who did not want the government to know about their financial activities, to "structure" transactions to evade the BSA.2 *Courtney J. -
Brazil's Largest Private Banks: an Economic and Sociopolitical Profile
Sociologias vol.3 no.se Porto Alegre 2007 Brazil’s largest private banks: an economic and sociopolitical ∗∗∗ profile Ary Cesar Minella Universidade Federal de Santa Catarina (Federal University of Santa Catarina). Email: [email protected] ABSTRACT This study examines elements of the power of financial institutions, emphasizing control over capital flow – characterized as financial hegemony – the constitution of economic or financial groups, the structure of representation of the segment's class interests, and its participation in the political process and in State decision-making mechanisms. Considering the economic restructuring undergone by Brazil in the 1990s, the work draws a profile of the ten largest private banks based on selected economic and sociopolitical indicators. Beyond their stance as mere financial intermediaries, it indicates the degree to which those banks become economic groups and, especially, larger organizational units, which is shown in connections with the State and in the class's actual organization and actions in the corporate and political realms. Key words: Financial system, bank concentration, financial groups, financial hegemony, class representation. Introduction To discuss the theme of this issue’s dossier, it is important to consider the role of the financial system in the process of wealth concentration in Brazil in recent years. With a relatively high degree of concentration of financial operations in a few state and private institutions, the financial system has made use of several mechanisms to accumulate wealth. The importance of each mechanism has varied ∗ This work is related to the research project " América Latina: uma visão sociopolítica das transformações e das perspectivas do sistema financeiro – III etapa " (Latin America: a sociopolitical view on the changes and prospects of the financial system – stage 3), with support from CNPq (Brazilian National Council of Research). -
Celso Furtado, 100 Anos: a Operação Nordeste
76 economia & história: especial Celso Furtado Celso Furtado, 100 anos: A Operação Nordeste Gustavo Louis Henrique Pinto (*) O período entre 1958 e 1964 na trajetória de Celso era, segundo o próprio Furtado (1997, p. 65) aponta, Furtado pode ser interpretado como o principal mo- mover-se politicamente na construção de um plano mento de ação política deste pensador e de construção de ação para a região que mitigasse os efeitos da seca de um projeto furtadiano de desenvolvimento nacio- rigorosa de 1958 e dos resultados das eleições para nal e regional. Após uma década de trabalhos realiza- governadores, já que a oposição ao presidente vencera dos na Comissão Econômica para a América Latina e em estados como Pernambuco e Bahia. Caribe (1949-1957), grande parte à frente da Diretoria da Divisão de Desenvolvimento, Furtado retorna para conjunto de ações como Operação Nordeste era a Furtado (1997, p. 80) afirma que a nomeação deste como pesquisador fellow em Cambridge, no King’s Col- cristalização de mais um slogan por Kubitschek, que lege,o Brasil onde em produziu agosto de sua 1958, obra ao Formação final do seueconômica ano letivo do repetia a tentativa feita anteriormente com a Opera- Brasil. Chega ao país para desempenhar uma das atu- ção Pan-Americana, mas agora com a inserção da re- ações políticas nacionais mais marcantes gião Nordeste “no grande debate sobre o desenvolvimento do país”. A necessidade nas ações de coordenação da Operação política de Kubitschek se associa ao em- Nordeste,das décadas que de resultou 1950 e 1960, na construção configurada da penho intelectual de Furtado, desejoso de Superintendência do Desenvolvimento do implementar sua experiência cepalina em Nordeste (Sudene). -
Financial Statements
United States Government Accountability Office Washington, DC 20548 November 9, 2012 Congressional Committees Subject: Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2012 and 2011 Financial Statements This report transmits the GAO auditor’s report on the results of our audit of the fiscal years 2012 and 2011 financial statements of the Office of Financial Stability (Troubled Asset Relief Program), which is incorporated in the enclosed Office of Financial Stability (Troubled Asset Relief Program) Agency Financial Report for Fiscal Year 2012. As discussed more fully in the auditor’s report that begins on page 41 of the enclosed agency financial report, we found the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; the Office of Financial Stability (OFS) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations we tested. The Emergency Economic Stabilization Act of 2008 (EESA)1 that authorized the Troubled Asset Relief Program (TARP) on October 3, 2008, requires that TARP, which is implemented by OFS,2 annually prepare and submit to Congress and the public audited fiscal year financial statements that are prepared in accordance with U.S. generally accepted accounting principles.3 EESA further requires that GAO audit TARP’s financial statements annually.4 We are also required under EESA to report at least every 60 days on the findings resulting from our oversight of the actions taken under TARP.5 This report responds to both of these requirements. -
Financial Market Development, Monetary Policy and Financial Stability in Brazil
Financial market development, monetary policy and financial stability in Brazil João Barata R.B. Barroso1 and Fernanda Nechio2 Abstract Financial market development affects financial intermediaries, corporations and households, setting the grounds on how these agents can act in the economy. Brazil’s comprehensive reform agenda in recent years has promoted the deepening of credit markets, with households and corporations gaining increased access to credit domestically. These developments have a wide range of implications for monetary policy transmission and financial stability. JEL classification: E5, E51, E62, G1. Keywords: financial market development, crowding in, financial inclusion. This note was written in December 2019. 1 Central Bank of Brazil and International Monetary Fund (OEDBR) 2 Central Bank of Brazil BIS Papers No 113 55 Introduction Financial market development affects financial intermediaries, corporations and households, setting the grounds on how these players can act in the economy. To the extent that the transmission of monetary policy hinges on credit access, financial market development becomes a first-order concern for most central bankers. Brazil has come a long way with regard to financial market development in recent years. Changes to legislation, as well as specific government policies, have promoted the deepening of local credit markets. Households and corporations are gaining increased access to domestic credit markets, a development with a wide range of implications for monetary policy transmission and financial stability. These developments, combined with the global liquidity trends in place since the Great Financial Crisis, also affect the foreign exchange rate markets. This note discusses financial market development in Brazil, focusing on local credit and FX markets, and the impact on monetary policy. -
Las Nuevas Reformas Fiscales Verdes
[email protected] www.eforenergy.org ISSN nº Las Nuevas Reformas Fiscales Verdes Alberto Gagoa, Xavier Labandeiraa,b,c, Xiral López-Oteroa a Rede, Universidade de Vigo, Facultade de CC.EE., Campus As Lagoas s/n, 36310 Vigo b FSR Climate, European University Institute, Via Boccaccio 121, 50133 Florencia c Economics for Energy, Gran Vía 3, 3·E, 36204 Vigo Resumen En este trabajo se realiza una puesta al día de los argumentos que avalan y explican la introducción de los impuestos ambientales y las reformas fiscales verdes, estudiando la situación actual de estos instrumentos y describiendo las experiencias con la denominada tercera generación de reformas fiscales verdes. Además, también se analizan los límites y obstáculos existentes para la aplicación de reformas fiscales verdes, así como las oportunidades para estas reformas en España. Los resultados del análisis muestran que, a pesar de los múltiples beneficios asociados a los impuestos ambientales y las reformas fiscales verdes, es necesario superar los obstáculos institucionales existentes para lograr que estos instrumentos desempeñen un papel destacado en los próximos años. 1 1. Introducción En el ámbito de las políticas públicas, la agenda de los países avanzados está ocupada en la actualidad por dos objetivos preferentes: la recuperación económica y la transición a un modelo ambientalmente sostenible. Para alcanzar ambos objetivos, la mayoría de los organismos internacionales apoyan la utilización de impuestos ambientales y paquetes de Reforma Fiscal Verde (RFV). Banco Mundial (Fay et al., 2015), Fondo Monetario Internacional (Mooij et al., 2012; Heine et al., 2012), OCDE (2010 y 2013) y CE (2014a y 2015a) defienden así las políticas basadas en estos instrumentos fiscales para conseguir recursos con los menores impactos, para abordar los objetivos de consolidación fiscal, financiar las políticas de renovables y eficiencia energética, promover la innovación, reducir las emisiones contaminantes y avanzar de esta forma en la transición hacia economías bajas en carbono. -
Is There a Case for Independent Monetary Authorities in Brazil
Law and Business Review of the Americas Volume 10 Number 2 Article 2 2004 Regulatory and Supervisory Independence: Is There a Case for Independent Monetary Authorities in Brazil John William Anderson Jr. Follow this and additional works at: https://scholar.smu.edu/lbra Recommended Citation John William Anderson, Regulatory and Supervisory Independence: Is There a Case for Independent Monetary Authorities in Brazil, 10 LAW & BUS. REV. AM. 253 (2004) https://scholar.smu.edu/lbra/vol10/iss2/2 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in Law and Business Review of the Americas by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. REGULATORY AND SUPERVISORY INDEPENDENCE: Is THERE A CASE FOR INDEPENDENT MONETARY AUTHORITIES IN BRAZIL? John William Anderson, Jr.*' "I wish to assert a much more fundamental role for institutions in soci- eties; they are the underlying determinantof the long-run performance of economies."' -Douglas North I. INTRODUCTION ESPITE its importance, the issue of financial sector regulatory and supervisory independence ("RSI") has received only margi- nal attention in literature and practice. The present work at- tempts to fill this gap by revisiting the theoretical approach justifying RSI and by conducting a case study on the Brazilian institutional framework. The object of this paper assumes greater relevance in light of the cur- rent political and economic perspectives in Brazil. In May 2003, an amendment to article 192 of Brazil's Federal Constitution of 1988 regulat- ing the Brazilian Financial System was approved by the Brazilian Con- gress.2 With the approval of this amendment, considerable changes are *John William Anderson, Jr., Brazilian Attorney, LL.M. -
Integrated Report 2020 Index
INTEGRATED REPORT 2020 INDEX 4 28 70 92 320 PRESENTATION CORPORATE GOVERNANCE SECURITY METHODOLOGY SWORN STATEMENT 29 Policies and practices 71 Everyone’s commitment 93 Construction of the report 31 Governance structure 96 GRI content index 35 Ownership structure 102 Global Compact 5 38 Policies 103 External assurance 321 HIGHLIGHTS 74 104 Glossary CORPORATE STRUCTURE LATAM GROUP EMPLOYEES 42 75 Joint challenge OUR BUSINESS 78 Who makes up LATAM group 105 12 81 Team safety APPENDICES 322 LETTER FROM THE CEO 43 Industry context CREDITS 44 Financial results 47 Stock information 48 Risk management 83 50 Investment plan LATAM GROUP CUSTOMERS 179 14 FINANCIAL INFORMATION INT020 PROFILE 84 Connecting people This is a 86 More digital travel experience 180 Financial statements 2020 navigable PDF. 15 Who we are 51 270 Affiliates and subsidiaries Click on the 17 Value generation model SUSTAINABILITY 312 Rationale buttons. 18 Timeline 21 Fleet 52 Strategy and commitments 88 23 Passenger operation 57 Solidary Plane program LATAM GROUP SUPPLIERS 25 LATAM Cargo 62 Climate change 89 Partner network 27 Awards and recognition 67 Environmental management and eco-efficiency Presentation Highlights Letter from the CEO Profile Corporate governance Our business Sustainability Integrated Report 2020 3 Security Employees Customers Suppliers Methodology Appendices Financial information Credits translated at the exchange rate of each transaction date, • Unless the context otherwise requires, references to “TAM” although a monthly rate may also be used if exchange rates are to TAM S.A., and its consolidated affiliates, including do not vary widely. TAM Linhas Aereas S.A. (“TLA”), which operates under the name “LATAM Airlines Brazil”, Fidelidade Viagens e Turismo Conventions adopted Limited (“TAM Viagens”), and Transportes Aéreos Del * Unless the context otherwise requires, references to Mercosur S.A. -
Social Distancing Measures in the Fight Against COVID-19 in Brazil
ARTIGO ARTICLE Medidas de distanciamento social para o enfrentamento da COVID-19 no Brasil: caracterização e análise epidemiológica por estado Social distancing measures in the fight against COVID-19 in Brazil: description and epidemiological analysis by state Lara Lívia Santos da Silva 1 Alex Felipe Rodrigues Lima 2 Medidas de distanciamiento social para el Démerson André Polli 3 Paulo Fellipe Silvério Razia 1 combate a la COVID-19 en Brasil: caracterización Luis Felipe Alvim Pavão 4 y análisis epidemiológico por estado Marco Antônio Freitas de Hollanda Cavalcanti 5 Cristiana Maria Toscano 1 doi: 10.1590/0102-311X00185020 Resumo Correspondência L. L. S. Silva Universidade Federal de Goiás. Medidas de distanciamento social vêm sendo amplamente adotadas para mi- Rua 235 s/n, Setor Leste Universitário, Goiânia, GO tigar a pandemia da COVID-19. No entanto, pouco se sabe quanto ao seu 74605-050, Brasil. impacto no momento da implementação, abrangência e duração da vigência [email protected] das medidas. O objetivo deste estudo foi caracterizar as medidas de distan- 1 ciamento social implementadas pelas Unidades da Federação (UF) brasileiras, Universidade Federal de Goiás, Goiânia, Brasil. 2 Instituto Mauro Borges de Estatística e Estudos incluindo o tipo de medida e o momento de sua adoção. Trata-se de um estudo Socioeconômicos, Goiânia, Brasil. descritivo com caracterização do tipo, momento cronológico e epidemiológico 3 Universidade de Brasília, Brasília, Brasil. da implementação e abrangência das medidas. O levantamento das medidas 4 Secretaria do Tesouro Nacional, Brasília, Brasil. foi realizado por meio de buscas em sites oficiais das Secretarias de Governo 5 Instituto de Pesquisa Econômica Aplicada, Rio de Janeiro, Brasil. -
Sustaining Employment and Wage Gains in Brazil
Sustaining Employment and Wage Gains in Brazil Wage and Sustaining Employment DIRECTIONS IN DEVELOPMENT Human Development Sustaining Employment and Wage Gains in Brazil A Skills and Jobs Agenda Joana Silva, Rita Almeida, and Victoria Strokova Sustaining Employment and Wage Gains in Brazil DIRECTIONS IN DEVELOPMENT Human Development Sustaining Employment and Wage Gains in Brazil A Skills and Jobs Agenda Joana Silva, Rita Almeida, and Victoria Strokova © 2015 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 18 17 16 15 This work is a product of the staff of The World Bank with external contributions. The findings, interpreta- tions, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http:// creativecommons.org/licenses/by/3.0/igo. -
A Importância Da SUDENE Para O Desenvolvimento Regional Brasileiro
Revista Política e Planejamento Regional - ISSN 2358-4556 A importância da SUDENE para o desenvolvimento regional brasileiro Jupiraci Barros Cavalcante1 Cid Olival Feitosa2 Resumo Por muito tempo, a região Nordeste foi compreendida como “região problema” no cenário nacional e colocada em segundo plano no âmbito das políticas de desenvolvimento. Os elementos considerados estavam relacionados aos fenômenos climáticos, indicadores sociais e a uma incipiente estrutura industrial. As intervenções que se sucediam na região eram de natureza assistencialista e ligadas ao poder político local. O objetivo do artigo é analisar a importância da Sudene para o desenvolvimento econômico da região Nordeste. Tendo como procedimento de pesquisa o levantamento bibliográfico, o estudo analisa as políticas regionais na região através da Superintendência para o Desenvolvimento do Nordeste (SUDENE). Conclui-se que a atuação do órgão se tornou um elemento de referencial histórico para o planejamento e desde então para compreensão dos problemas regionais atuais. Palavras-chave: Sudene; Desenvolvimento Regional; Nordeste. SUDENE´s importance for the Brazilian regional development Abstract For a long time, the Northeast region Was understood as a "problem region" on the national scene and in the background on development policy. The projects Were related to climate systems, social indicators and an emerging industrial structure. The areas that fall into social and political assistance are local. The article is an analysis of the importance of Sudene for the economic development of the Northeast region. Having as search procedure the bibliographic survey, he study analyzes the regional policies developed in the region through the Superintendency for the Development of the Northeast. It is concluded that the agency's performance has become an element of historical reference for planning and since then for understanding of present regional problems. -
High Prevalence of Berardinelli-Seip Congenital Lipodystrophy in Rio Grande Do Norte State, Northeast Brazil
de Azevedo Medeiros et al. Diabetol Metab Syndr (2017) 9:80 DOI 10.1186/s13098-017-0280-7 Diabetology & Metabolic Syndrome RESEARCH Open Access High prevalence of Berardinelli‑Seip Congenital Lipodystrophy in Rio Grande do Norte State, Northeast Brazil Lázaro Batista de Azevedo Medeiros1,2, Verônica Kristina Cândido Dantas1, Aquiles Sales Craveiro Sarmento2, Lucymara Fassarella Agnez‑Lima2, Adriana Lúcia Meireles3, Thaiza Teixeira Xavier Nobre1, Josivan Gomes de Lima4 and Julliane Tamara Araújo de Melo Campos1,2* Abstract Background: Berardinelli-Seip Congenital Lipodystrophy (BSCL) is a rare disease characterized by the almost com‑ plete absence of adipose tissue. Although a large number of BSCL cases was previously identifed in Rio Grande do Norte (RN), a state in Northeast Brazil, its prevalence in RN regions and municipalities remains unknown. The purpose of this study was to better characterize the prevalence of BSCL in RN. Methods: A descriptive study was conducted using secondary data obtained from the Association of Parents and People with BSCL of RN to determine its prevalence. The patients’ socio-demographic characteristics and geolocaliza‑ tion were analyzed. Results: We estimated a total of 103 BSCL cases in RN, resulting in a prevalence of 3.23 per 100,000 people. The Cen‑ tral Potiguar mesoregion, Seridó territory, Carnaúba dos Dantas and Timbaúba dos Batistas municipalities had a much higher prevalence of BSCL, with 20.56, 20.66, 498.05 and 217.85 per 100,000 people, respectively. Conclusions: Together, our results showed that BSCL is highly prevalent in RN and confrmed that our state has one of the highest prevalences of this lipodystrophy worldwide.