What parts of Catholicism did Martin Luther keep after the Reformation Essay

What parts of Catholicism did Martin Luther keep after the Reformation - Essay Example The Catholics and those who protested mutually demanded reforms; however, the manner that they struggled for the reforms differed in a great manner. The reformation commenced at the end of October in the year 1517, when Martin Luther who was a German monk inadvertently ignited an uprising (McGrath 11). With the aid of the Ignatius, Metto and associates of the Trent Council, the Catholic Church established a rather flourishing response. Nevertheless, the splitting up of the entire Catholic Church would be the definitive hardship that the original Catholics had to tolerate because of this development of novel ideas. The scuffle to dominate populace’s values and belief’s would generate a civilization of religious pluralism, as it is currently recognized (Ferguson 57). The protestant way was centered at diminishing the Catholic religion economically, opinionated and publicly, while pressure from those protesting made the Catholics into frequent fights to boost their own acc usations and develop their corrupt nature. Faith and trust are the means of grace and god himself is the Supreme Being who awards this to human beings. The Lutheran Church and the Catholic Church have similarities that are the basis of both religions. The conventional Catholic Church was selling lenience for the aim of getting money, corrupt funds that were employed to perform endeavors that interested them (Baker, Robert and John 199). For instance, they sold Jubilee lenience just next to the Witten burg Castle with the aim of generating money for Saint Peter’s situated in Rome. Martin Luther became perplexed and angry at the Church’s activity of selling the indulgences. Thus, he retorted to his individual loathing of this observation by posting a directory of complaints opposing the Catholic Church. The list of complaints was termed as The Ninety-Five Theses (Luther and Stephen 47). Therefore, he began a religious upheaval that was later recognized as the

A Change Management Issue Essay Example | Topics and Well Written Essays - 2500 words

A Change Management Issue - Essay Example Unfortunately, not always is diversity easy to implement, nor is it always effective, productive, and relevant. With some organizations having spent years in the market, diversity is something new and even unusual. Such organizations spent years to develop and establish their business traditions – the traditions they believe have led them to their current position and the ones they are not always willing to alter. However, the conditions of doing business change continuously, and the postmodern business reality imposes new diversity demands on organizations and businessmen. For many of them, to become more diverse means to produce a profound shift in organizational mentality, consciousness, and culture. Yet, once implemented, diversity has a potential to move the organization further to its performance and organizational highs. As long as I can remember myself working for that organization, our staff had been mostly comprised of white males working for the financial department and dealing with the most controversial issues in the field of organizational finance. I must say that the organization had spent years in the market and had been able to achieve considerable success and organizational stability. Its name was well recognized by customers and competitors, whereas its financial staff was believed to be at the core of the organization’s continuous success.... All three displayed remarkable performance results but they seemed to experience serious difficulties in their striving to adjust to the new conditions of work. Hostility was equally obvious and veiled: the existing staff members could not accept the idea of a new, diverse workplace and did not realize the potential benefits diversity could give them and their organization, in general. About the organization: In detail My current position is that of Finance Manager in a Veterinary College. The main teaching campus is located in Hertfordshire, and there is also a campus in central London. The college runs three teaching hospitals, with one of them being a drop in a veterinary hospital in London and the other one working as a state of art equine centre in Hertfordshire. My professional obligations require that I constantly interact and cooperate with the rest of the staff, teachers and students, as well as animal owners and veterinary practitioners. The range of issues, with which we c onstantly deal, includes cash flow and pricing, buildings insurance and animal insurance, complaints and staff accounts. The recent financial crisis became a serious test to the stability and financial operations in the Veterinary College. The college aims at providing superior educational and medical services to students and animal owners. Cultural issues and diversity have been among the most serious organizational problems so far. This is one of the reasons why diversity had to become one of the primary objects of change in the Veterinary College. The feasibility and scope of change According to Open University (2010), change may seem desirable but is not always beneficial. Whether new cultures and attitudes toward

Applying Social Network Analysis to the Information in CVS Repositories :: essays research papers

Applying Social Network Analysis to the Information in CVS Repositories Abstract The huge quantities of data available in the CVS repositories of large, long-lived libre (free, open source) software projects, and the many interrelationships among those data offer opportunities for extracting large amounts of valuable information about their structure, evolution and internal processes. Unfortunately, the sheer volume of that information renders it almost unusable without applying methodologies which highlight the relevant information for a given aspect of the project. In this paper, we propose the use of a well known set of methodologies (social network analysis) for characterizing libre software projects, their evolution over time and their internal structure. In addition, we show how we have applied such methodologies to real cases, and extract some preliminary conclusions from that experience. Keywords: source code repositories, visualization techniques, complex networks, libre software engineering 1 Introduction The study and characterization of complex systems is an active research area, with many interesting open problems. Special attention has been paid recently to techniques based on network analysis, thanks to their power to capture some important characteristics and relationships. Network characterization is widely used in many scientific and technological disciplines, ranging from neurobiology [14] to computer networks [1] [3] or linguistics [9] (to mention just some examples). In this paper we apply this kind of analysis to software projects, using as a base the data available in their source code versioning repository (usually CVS). Fortunately, most large (both in code size and number of developers) libre (free, open source) software projects maintain such repositories, and grant public access to them. The information in the CVS repositories of libre software projects has been gathered and analyzed using several methodologies [12] [5], but still many other approaches are possible. Among them, we explore here how to apply some techniques already common in the traditional (social) network analysis. The proposed approach is based on considering either modules (usually CVS directories) or developers (commiters to the CVS) as vertices, and the number of common commits as the weight of the link between any two vertices (see section 3 for a more detailed definition). This way, we end up with a weighted graph which captures some relationships between developers or modules, in which characteristics as information flow or communities can be studied. There have been some other works analyzing social networks in the libre software world. [7] hypothesizes that the organization of libre software projects can be modeled as self-organizing social networks and shows that this seems to be true at least when studying SourceForge projects. [6] proposes also a sort of network analysis for libre software projects, but considering source dependencies between modules. Our approach explores how to apply those network analysis techniques in a more comprehensive and

Credit Agreement Resolutive Condition

Pactum reservati dominii 2. Facts of the case and the issues to be decided4 3. Validity and effects of pactum reservati dominii in the present case5 Conclusion7 References8 Table of Cases Quirk’s Trustees v Assignees of Liddle & Co. (1884 – 1885) 3 SC 322 Courtney-Clarke v Bassingthwaighte 1990 NR 89 (HC) Smith & Venter v Fourie 1946 WLD 9 R v Ellinas 1949 (2) SA 45 Gosvenar Motors v Samson 1956 (3) SA 169 National Motors v Fall 1958 (2) SA 570 IntroductionThe law governing credit transactions is the Credit Agreement Act 75 of 1980 (hereinafter referred to as the Act) which replaced the Hire-Purchase Act 36 of 1942 as a result of Proclamation AG 17/1981 which states that â€Å"Subject to the provisions of this Proclamation, the Credit Agreements Act, 1980 shall apply to the territory of South West Africa. † The act regulates transactions where movable goods are purchased or leased on credit. It also applies to services rendered on credit.According to the Act, a c redit agreement is a credit transaction or a leasing transaction or any transaction with the same import regardless of its form or regardless of the fact that the transaction(s) is subject to resolutive or suspensive conditions. For the purpose of this assignment, I will only discuss issues pertaining to credit transaction because the case of Quirk’s Trustees which is central to the question whether there is sale before the last assignment is paid falls with the ambit of this paper.A credit transaction according to the Act includes ‘goods sold and services rendered against payment of a stated of determinable future date or in whole or in part in instalments over a period in future’. Section 1 (b) states that the â€Å"goods† shall mean movable goods or in other words movable property. This point is significant given the nature of the problem we are faced with of whether a contract of sale by credit exists. 1. Pactum reservati dominii Before looking at the facts in the case of Quirk’s Trustees v Assignees of Liddle & Co . It is important to briefly discuss the concept of pactum reservati dominii. Credit agreements are in a form of pactum reservati dominii which entails that the seller allows the purchaser to take possession of the goods but ownership is retained by the sell until the buyer or purchaser has paid all the instalments. The pactum reservati dominii is meant to protect the seller who sells goods on credit. It also provides the seller with security in case the buyer defaults on the payment of instalments. The pactum clause is the same as a suspensive condition.It suspends not only ownership but also the whole contract of sale until the fulfilment of the suspensive condition – the payment of the purchase price in full. It means that unless there is an agreement to the contrary, the risk will only pass to the buyer when the last instalment has been paid. Consequently, the Aedilitian remedies for defects of the go ods are not available to the buyer until the payment of the last instalment. 2. Facts of the case and the issues to be decided The case of Quirk’s Trustees v Assignees of Liddle & Co is concerned with the transfer of ownership.The Briefly the facts from the headnotes are as follows: Q sold the furniture, fitting and stock of a certain hotel premises to L. , who subsequently assigned his estate for the benefit of his creditors, and Q and L. ’s assignees the entered into the following written agreement: â€Å" Sold by L. ’s assignees to Q. all the furniture, fitting etc. – in fact, everything stored in the town for ? 650, Q. to give bills at three, six, nine and twelve months. Property in goods bought to pass to Q. only upon payment of the last bill†. The greater portion of the goods so sold was delivered to Q. who, however, neither gave the bills nor paid any portion of the price. Q. the surrendered his estate. Q. ’s trustees and L. ’s assignees both claimed the goods delivered to Q. The issues were (a) whether this was a valid sale on credit and (b) whether ‘upon a contract of sale of goods the property must be held to pass forthwith to the purchaser, notwistanding a condition attached to the contract that the property shal only pass upon payment of the last of several promissory notes, payable at different dates, agreed to be given by the purchaser in payment of the rice. ’ 3. Validity and effects of pactum reservati dominii in the present case The Credit Agreement Act provides the following regulation: (1) The Minister may†¦. (a)prescribe the maximum period within which the full price under a credit agreement shall be paid; (b)prescribe the portion of the cash price or any other consideration which shall be paid or delivered as an initial payment or initial rental in terms of a credit agreement; (c)prescribe the manner in which the price of any goods or service shall be displayed or advertise d; d)generally, prescribe any such conditions as he may find fit in regard to any credit agreement. (2) Different regulations may be made under subsection (1) in respect of different credit agreements, kinds of credit agreements, goods, services, classes or groups of goods or services, credit grantors or credit receivers or categories of credit grantors or credit receivers. It is also worth mentioning that Section 1 (b) states that the â€Å"goods† shall mean movable goods or in other words movable property. There is no doubt that the parties agree that the buyer will pay in instalments.There is also no doubt that the buyer did not honour the agreement. The problem that we have to deal with is whether this type of agreement can be regulated by the Credit Agreement Act 75 of 1980 which is still applicable in Namibia despite the fact that where it originated in South Africa, it has since been replaced by a more progressive and market cognizance National Credit Act. Based on our understanding of Section 1 (b) the agreement does not fall within the realm of the Act and hence it cannot be said to be a credit agreement as it involve sale of immovable property.This agreement is rather governed by two Acts that are still applicable to our law i. e. Formalities in Respect of Contracts of Sale of Land Act 71 of 1969 and Sale of Land on Instalments Act 72 of 1971. Although the merx is sold with movable properties, the substance of the agreement is the building and land on which it stands and not the furniture, fittings etc. Section 5 of the Act provides for the following requirements of the contents of the credit agreement that†¦.. ; (1) Subject to †¦Ã¢â‚¬ ¦. any credit agreement shall- (a)be reduced to writing and signed by or on behalf of every party thereto; b)state the names of the credit grantor and the credit receiver and their business or residential addresses or, if they do not have such addresses, any other address in the territory; (c)state the amount paid or to be paid as an initial payment or as initial rental; (d)contain a description whereby the goods or service to which that credit agreement relates, and any goods delivered to the credit grantor as payment, may be readily identified; (e)if it is an instalment sale transaction, state the conditions, if any, as to the reservation and passing of the ownership of the goods to which that credit agreement relates; f)if it is an instalment sale transaction or a leasing transaction, state the conditions, if any, as to the right of the credit grantor to the return of the goods to which that credit agreement relates; (g)contain a reference to the provisions of section 13; (h)be in the official language which the credit receiver may request in writing. (2) No person shall be a party to a credit agreement which does not comply with a requirement referred to in subsection (1): Provided that a credit agreement which does not comply with any such requirement shall not merely for th at reason be invalid. 3) If after delivery to the credit receiver of goods to which a credit agreement relates, the credit grantor and the credit receiver agree that those goods or any part thereof shall be replaced by any other goods, the goods to be described in terms of subsection (1)(d) in that credit agreement shall, as from the date on which those goods are or any part thereof is replaced, be the goods to which that credit agreements relates. We can rightfully contend that agreements do not always show clearly their true nature. A contract, though called by the parties a credit agreement, is really one of sale if it does not entitle the buyer to sale.The condition as to the passing of ownership is a suspensive one if the ownership is not to pass till all instalments have been paid. , Conclusion A consideration of the Quirk’s case shows that a suspensive condition is of more frequent occurrence than a resolutive one. A resolutive condition provides that the ownership sha ll pass to the buyer immediately on delivery, but revert to the seller if the instalments have not been paid by a certain time, or on any other event. What is known as lex commissoria usually takes the form of such a resolutive condition.It appears, however, that the lex commissoria does not concern the passing of ownership. In the present case, it is clear that this is not a credit agreement although the makers chose to call it as such and that it resembles a credit agreement. It is rather a matter of substance versus form. . References R R Pennington Retention of Title to the Sale of Goods under European Law The International and Comparative Law Quarterly, Vol. 27, No. 2 (Apr. , 1978), 277- 318. C Visser, JT Pretorius, R Sharrock and M van Jaarveld Gibson South African Merchadile & Company Law 8th ed. Cape Town: Juta & Co

Credit Agreement Resolutive Condition

Pactum reservati dominii 2. Facts of the case and the issues to be decided4 3. Validity and effects of pactum reservati dominii in the present case5 Conclusion7 References8 Table of Cases Quirk’s Trustees v Assignees of Liddle & Co. (1884 – 1885) 3 SC 322 Courtney-Clarke v Bassingthwaighte 1990 NR 89 (HC) Smith & Venter v Fourie 1946 WLD 9 R v Ellinas 1949 (2) SA 45 Gosvenar Motors v Samson 1956 (3) SA 169 National Motors v Fall 1958 (2) SA 570 IntroductionThe law governing credit transactions is the Credit Agreement Act 75 of 1980 (hereinafter referred to as the Act) which replaced the Hire-Purchase Act 36 of 1942 as a result of Proclamation AG 17/1981 which states that â€Å"Subject to the provisions of this Proclamation, the Credit Agreements Act, 1980 shall apply to the territory of South West Africa. † The act regulates transactions where movable goods are purchased or leased on credit. It also applies to services rendered on credit.According to the Act, a c redit agreement is a credit transaction or a leasing transaction or any transaction with the same import regardless of its form or regardless of the fact that the transaction(s) is subject to resolutive or suspensive conditions. For the purpose of this assignment, I will only discuss issues pertaining to credit transaction because the case of Quirk’s Trustees which is central to the question whether there is sale before the last assignment is paid falls with the ambit of this paper.A credit transaction according to the Act includes ‘goods sold and services rendered against payment of a stated of determinable future date or in whole or in part in instalments over a period in future’. Section 1 (b) states that the â€Å"goods† shall mean movable goods or in other words movable property. This point is significant given the nature of the problem we are faced with of whether a contract of sale by credit exists. 1. Pactum reservati dominii Before looking at the facts in the case of Quirk’s Trustees v Assignees of Liddle & Co . It is important to briefly discuss the concept of pactum reservati dominii. Credit agreements are in a form of pactum reservati dominii which entails that the seller allows the purchaser to take possession of the goods but ownership is retained by the sell until the buyer or purchaser has paid all the instalments. The pactum reservati dominii is meant to protect the seller who sells goods on credit. It also provides the seller with security in case the buyer defaults on the payment of instalments. The pactum clause is the same as a suspensive condition.It suspends not only ownership but also the whole contract of sale until the fulfilment of the suspensive condition – the payment of the purchase price in full. It means that unless there is an agreement to the contrary, the risk will only pass to the buyer when the last instalment has been paid. Consequently, the Aedilitian remedies for defects of the go ods are not available to the buyer until the payment of the last instalment. 2. Facts of the case and the issues to be decided The case of Quirk’s Trustees v Assignees of Liddle & Co is concerned with the transfer of ownership.The Briefly the facts from the headnotes are as follows: Q sold the furniture, fitting and stock of a certain hotel premises to L. , who subsequently assigned his estate for the benefit of his creditors, and Q and L. ’s assignees the entered into the following written agreement: â€Å" Sold by L. ’s assignees to Q. all the furniture, fitting etc. – in fact, everything stored in the town for ? 650, Q. to give bills at three, six, nine and twelve months. Property in goods bought to pass to Q. only upon payment of the last bill†. The greater portion of the goods so sold was delivered to Q. who, however, neither gave the bills nor paid any portion of the price. Q. the surrendered his estate. Q. ’s trustees and L. ’s assignees both claimed the goods delivered to Q. The issues were (a) whether this was a valid sale on credit and (b) whether ‘upon a contract of sale of goods the property must be held to pass forthwith to the purchaser, notwistanding a condition attached to the contract that the property shal only pass upon payment of the last of several promissory notes, payable at different dates, agreed to be given by the purchaser in payment of the rice. ’ 3. Validity and effects of pactum reservati dominii in the present case The Credit Agreement Act provides the following regulation: (1) The Minister may†¦. (a)prescribe the maximum period within which the full price under a credit agreement shall be paid; (b)prescribe the portion of the cash price or any other consideration which shall be paid or delivered as an initial payment or initial rental in terms of a credit agreement; (c)prescribe the manner in which the price of any goods or service shall be displayed or advertise d; d)generally, prescribe any such conditions as he may find fit in regard to any credit agreement. (2) Different regulations may be made under subsection (1) in respect of different credit agreements, kinds of credit agreements, goods, services, classes or groups of goods or services, credit grantors or credit receivers or categories of credit grantors or credit receivers. It is also worth mentioning that Section 1 (b) states that the â€Å"goods† shall mean movable goods or in other words movable property. There is no doubt that the parties agree that the buyer will pay in instalments.There is also no doubt that the buyer did not honour the agreement. The problem that we have to deal with is whether this type of agreement can be regulated by the Credit Agreement Act 75 of 1980 which is still applicable in Namibia despite the fact that where it originated in South Africa, it has since been replaced by a more progressive and market cognizance National Credit Act. Based on our understanding of Section 1 (b) the agreement does not fall within the realm of the Act and hence it cannot be said to be a credit agreement as it involve sale of immovable property.This agreement is rather governed by two Acts that are still applicable to our law i. e. Formalities in Respect of Contracts of Sale of Land Act 71 of 1969 and Sale of Land on Instalments Act 72 of 1971. Although the merx is sold with movable properties, the substance of the agreement is the building and land on which it stands and not the furniture, fittings etc. Section 5 of the Act provides for the following requirements of the contents of the credit agreement that†¦.. ; (1) Subject to †¦Ã¢â‚¬ ¦. any credit agreement shall- (a)be reduced to writing and signed by or on behalf of every party thereto; b)state the names of the credit grantor and the credit receiver and their business or residential addresses or, if they do not have such addresses, any other address in the territory; (c)state the amount paid or to be paid as an initial payment or as initial rental; (d)contain a description whereby the goods or service to which that credit agreement relates, and any goods delivered to the credit grantor as payment, may be readily identified; (e)if it is an instalment sale transaction, state the conditions, if any, as to the reservation and passing of the ownership of the goods to which that credit agreement relates; f)if it is an instalment sale transaction or a leasing transaction, state the conditions, if any, as to the right of the credit grantor to the return of the goods to which that credit agreement relates; (g)contain a reference to the provisions of section 13; (h)be in the official language which the credit receiver may request in writing. (2) No person shall be a party to a credit agreement which does not comply with a requirement referred to in subsection (1): Provided that a credit agreement which does not comply with any such requirement shall not merely for th at reason be invalid. 3) If after delivery to the credit receiver of goods to which a credit agreement relates, the credit grantor and the credit receiver agree that those goods or any part thereof shall be replaced by any other goods, the goods to be described in terms of subsection (1)(d) in that credit agreement shall, as from the date on which those goods are or any part thereof is replaced, be the goods to which that credit agreements relates. We can rightfully contend that agreements do not always show clearly their true nature. A contract, though called by the parties a credit agreement, is really one of sale if it does not entitle the buyer to sale.The condition as to the passing of ownership is a suspensive one if the ownership is not to pass till all instalments have been paid. , Conclusion A consideration of the Quirk’s case shows that a suspensive condition is of more frequent occurrence than a resolutive one. A resolutive condition provides that the ownership sha ll pass to the buyer immediately on delivery, but revert to the seller if the instalments have not been paid by a certain time, or on any other event. What is known as lex commissoria usually takes the form of such a resolutive condition.It appears, however, that the lex commissoria does not concern the passing of ownership. In the present case, it is clear that this is not a credit agreement although the makers chose to call it as such and that it resembles a credit agreement. It is rather a matter of substance versus form. . References R R Pennington Retention of Title to the Sale of Goods under European Law The International and Comparative Law Quarterly, Vol. 27, No. 2 (Apr. , 1978), 277- 318. C Visser, JT Pretorius, R Sharrock and M van Jaarveld Gibson South African Merchadile & Company Law 8th ed. Cape Town: Juta & Co

Sports-Related Science Fair Project Ideas

Stay away from the typical, overdone science fair cliches. Instead, create something that combines sports and science for your science fair project.   Ideas to Get  You Started How does the material from which a baseball bat is made affect performance? How does a wood bat compare with an aluminum bat?Does altitude affect the height of a ball bounce (for example, a golf ball)? If an effect is seen, can you attribute it to gravity or atmospheric pressure?Examine the effect of energy bars on performance. Pick a sport. Is there a difference in performance if you use a protein-boosting energy bar versus a carbohydrate-boosting energy bar?What is the effect of using a corked baseball bat compared to a normal one?Does drinking an energy drink (or sports drink) affect reaction time? memory?Are there really streaks in baseball? Or is it simply chance?Compare energy drinks based on cost, taste, short-term effect, and long-term effect.Which sports drink contains the most electrolytes?How is a balls diameter related to the time it takes to fall?Does the length of a golf club affect the distance you can hit the ball?Does a swim cap really reduce a swimmers drag and incr ease speed?How does exercise affect heart rate? This project is especially good if you can track data over a longer time frame.Does exercise affect reaction time?Does regular exercise affect memory?At what slope angle is the mechanical advantage of a bicycle lost, as compared to running?Compare different brands of balls for a sport (like baseball or golf) for cost versus performance.Do helmets really protect against a crash? (Perform this test with a stimulant like a watermelon.)What is the best air pressure for a soccer ball?How does temperature affect the accuracy of a paintball shot?Does altitude, temperature, or humidity have an effect on the number of home runs hit at a baseball diamond?Does the presence or absence of a net affect free throw accuracy?Measure the effect on peripheral vision from wearing different types of corrective eyewear (such as glasses). Does an athlete experience a noticeable improvement when peripheral vision is increased?Is there an effect if you fill an inflatable ball with a different gas than air (such as nitrogen or helium)? You can measure the height of a bounce, weight, and effect on passing, as well as how long it stays inflated. Tips for Choosing a Project If you are an athlete or trainer, pick the sport you know best. Can you identify any problems to be examined? A good science fair project answers a question or solves a problem.When you have an idea, consider how to design an experiment around it. You need data. Numerical data (numbers and measurements) are better than qualitative data (greater/lesser, better/worse), so design an experiment that gives you data you can graph and analyze. Do you need more science fair project ideas? Heres  a big collection  to browse.

Private Gain Of Both Parties Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3141 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? After having identified the above major issues, we should now consider the ways the transaction was carried and presumably how the money has generated and made disappeared. This scandal here illustrates that corporate vehicles played the principal role in hiding the abuse of public trust for private financial gain. Corporate vehicles are often considered to be companies, trusts, foundations, and others. Don’t waste time! Our writers will create an original "Private Gain Of Both Parties Finance Essay" essay for you Create order We also find that despite the millions of euros involved in the illegal transaction, there has been no conviction made nor the investigations have managed to trace the actual owners of Anglo- Leasing. Reviews and researches suggest that these kind of grand cases exist worldwide. Furthermore, in most of these cases, there are common characteristics. Similarly like these other cases, it was found that; a corporate vehicle was misused to hide the money trail; the corporate vehicle in question was a company or corporation; the proceeds and instruments of corruption consisted of funds in a bank account and in cases where the ownership information was available, the corporate vehicle in question was established or managed by a professional intermediary  [2]  . It is extremely difficult to measure with any precision the extent of misuse of corporate vehicles for wrongful purposes. Nevertheless, a number of reports and surveys have concluded that corporate vehicles are used largely in th ose criminal activities. For example, a recent survey conducted of EU member States indicated that almost every criminal act, including economic crimes, involves the use of legal persons, and the Euroshore Report asserted that corporations throughout the world are used to launder money  [3]  . According to the FATF, shell companies are frequently used to facilitate bribery  [4]  . In this extract we find that Anglo Leasing was an unknown UK shell company. Out of a large number of cases analysed that involved any sort of company, that company was a shell company. It can be defined as a non-operational company-that is, a legal entity that has no independent operations, significant assets, on-going business activities, or employees.In a case study on money laundering involving Riggs Bank, a U.S. Senate report declared that, In many instances, a private banker will set up [a] shell corporation for a client and open accounts in the name of that shell corporation, in order to disg uise the clients ownership of the account or certain assets.  [5]  It is found that unlike normal companies, shell companies have no economic activity, which makes it very difficult to find out much information about them. A normal company that is engaged in business will usually market itself, create a website, buy space in the phonebook, sponsor youth sporting events, and purchase supplies and equipment. It will have employees who can be interacted,  keep meeting minutes that may be consulted, and produce financial data. A non-operational company like a shell company may do some of these but are not obliged to do so. Now let us have a quick look at how shell companies help to corrupt funds. In its most usual form, a professional intermediary provides a company to a corrupt party who then uses it to conceal the money trail as the illicit funds in question are transferred into and through bank accounts. Key challenges and points of current weaknesses relate to the gaps in the information kept by company registries, the role of professional intermediaries, especially lawyers, and the difficulties faced by investigators in working across borders. It is suggested that  company registries are the first port of call for investigators, though too often the information held on file there is incomplete, out of date, or, in the case of trusts, which are not registered, entirely absent  [6]  .These corporate service providers are too often negligent, willfully blind, or even actively complicit in laundering the proceeds of corruption. This shows us that due to a lack of compliance, a lot of non-operational (shell) companies get away easily. In this extract as well we find that a similar non-operational (shell) company was used in the proceeds of corruption. This was clear as the Anglo Leasing had only a post office box in Liverpool as its registered address. It was also impossible to find who controlled the Anglo Leasing. Finally, the fact that att empts to investigate those allegations were frustrated shows that the Kenyan government and these government leaders have misused their power to influence the investigations. It made it impossible to trace the one who controls the Anglo Leasing in order to hide the corrupted money. While corrupt PEPs may be a small portion of the entire number of PEPs, a single corrupt PEPs behaviour can have a disproportionate impact on a country and sometimes an entire region. We have seen that corruption is a global problem and it carries a lot of risks. It is most severely felt amongst the poorest of the developing world. Unfortunately Kenya is found on the list of these developing countries where corruption is a key concern. It is reported that, opinion polls also constantly show corruption as a key issue for Kenyans, demolishing their faith in government, judicial and security structures. In 2009, Kenya was once again classified amongst the most corrupt countries in the world, coming 146th out of 180 countries polled in the Transparency International Corruption Perceptions Index.  [7]  Moreover, corruption and bribery affects Kenya and its international partners in a variety of ways. In most cases, these issues undermine governance, democracy and the rule of law, aggraviate injustice and conflicts. Corruption hurts the poorest most and deteriorates development, adding to basic daily costs and taking money away from fighting poverty and delivering services. It destroys investor confidence, raising the costs of doing business, driving investors and employers away and reducing economic growth. In addition, it is seen that corruption increases crime and seriously threatens security in Kenya and abroad, providing an attractive environment for terrorists, drug traffickers, money launderers and other criminals. The World Bank Assessment of the investment Climate in Kenya 2009 notes that corruption cost Kenya up to 4% of annual sales value, and up to 12% where it invol ved public procurement. This a high amount by international standards and added to other indirect costs, like those associated with insecurity, negatively affects investor confidence and economic growth  [8]  . Additionally there are also several risks associated with bribery. It affects the principle of fair competition and establishes bad governance in such countries, slowing down their efforts to mitigate poverty and often contributing to instability and human rights abuses.Bribery can lead directly to human suffering and death, for instance where it results in government contracts being awarded to companies that perform substandard construction work or provide substandard goods and services in the health sector. Bribery of foreign officials can help to establish corrupt elites by providing the incentive and the means to maintain a rigid grip on power. Last but no the least, based on the very first extract, the large amounts of money which are supposed to be invested on pu blic services for the citizens are seen to be misused and to be pocketed by these government leaders. Due to this the lay people are deprived of the basic and most important needs and services making a whole population more vulnerable. After having analyse these above facts, let us now consider the last part of question (a), which requires us to examine how these above concerns stated can impact the global economy. As described above, we have seen the risks that are associated with corruption and bribery. However now we should demonstrate how these concerns could affect the economy worldwide. Corruption has several unfavourable consequences on the global economy. This may lead to a decline and disbelief of public institutions, lack of government revenues, weakening of the private investment climate, and collapse of social service delivery mechanisms. The  ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ows of corrupt money damage the reputations of  ¬Ãƒâ€šÃ‚ nancial institutions and undermine public con ¬Ãƒâ€šÃ‚ dence in the integrity of the  ¬Ãƒâ€šÃ‚ nancial system  [9]  .The World Bank has estimated that 0.5% of GDP is lost through corruption each year  [10]  .  Indulging in corrupt practices may also create a very adverse business environment by encouraging unfair advantage and anti-competitive practices.   Additionally, it allows organised crime to flourish; corruption is one of the chief obstacles to the economic growth of a country. Where corruptions exist, entrepreneurs are aware that some of the proceeds from their future investments may be claimed the corrupt officials. Payment of bribes is often required before necessary permits are issued. Therefore investors may consider corruption as a tax thus reduces incentives to invest. Mauro (1995) provides evidence that corruption lowers investment and economic growth.  [11]  More likely, it is observed that corruption can bring loss on tax revenue. This may cause adverse budgetary c onsequences. Finally, we find that corruption and bribery may affect the composition of government expenditure. Corrupt governments may prefer those types of expenditure that allow them to collect bribes and keep them secret. Corruption equally affects the fairness, efficiency and legitimacy of state activities. (b) Executive summary Introduction This report describes the systems and controls, which financial services firms, should adopt in order to manage bribery and corruption risks. We expect regulated financial services firms to consider our findings and examples of good practices. We require regulated firms to lay down and maintain effective systems and controls to mitigate these financial crimes risks. Financial crime risk here includes the risk of bribery and corruption. In addition to these regulatory requirements, a section within this report will also focus on the risks associated with the management of foreign PEPS. Issues Over the past twenty- ¬Ãƒâ€šÃ‚ ve years, the whole world has learned about the gross abuses of corrupt politically exposed persons (PEPs), and through outrageous examples, the way in which they plunder state assets, extort and accept bribes, and use domestic and international  ¬Ãƒâ€šÃ‚ nancial systems to launder their stolen assets. Grand corruption, asset theft, and international  ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ows of stolen and laundered money have an insidious and devastating impact on development. They degrade and undermine con ¬Ãƒâ€šÃ‚ dence in public institutions. They taint and destabilize  ¬Ãƒâ€šÃ‚ nancial systems, affecting trust. It is high time to develop and implement such systems and controls in order to mitigate these risks, which are associated to corruption and bribery. Systems and controls The UKs six anti-corruption general principles: Risk Assessment Top-level Commitment Due Diligence Policies and Procedures Effective Implementation Monitoring and Review  [12] Risk assessment By conducting a corruption risk assessment at an early stage of a project, companies can take steps to deal with corruption risks. Such an evaluation will determine the level of corruption risk the project is likely to face, and identify any particularly challenging areas, such as at a specific stage of the business cycle or a particular aspect of a companys interaction with governments, bureaucracy or private-sector players. With this information, a company can develop measures to protect itself from exposure to corruption and prepare its employees to respond effectively and consistently if they come across corruption. The organisation can also use the information provided by the assessment to introduce measures such as anti-corruption policies, and training appropriate to the political and business environments in which the company will be operating.Risk-based compliance programs allow organizations to properly design mitigation strategies and strategically set out resources to c ombat potential cases of bribery, corruption, and fraud.Significant advantages can be gained for global organizations that recognize the importance of identifying weaknesses throughout their business in terms of bribery, corruption and fraud prevention. Senior executives that are aggressive in filling gaps in current anti-corruption policies by implementing strong solutions can minimize future costs and improve business operations  [13]  . Top-level Commitment The culture of an organisation must be driven by total commitment from the most senior officers. For this to happen it should take responsibility at the board level for bribery prevention. There should be a zero-tolerance culture toward bribery. It is very important that the management not only demonstrates its engagement concerning this principle but this should also be projected in an effective way to all the relevant personnel. These personnel should make sure that as per the managements determination, bribery should not be undertaken and that regardless of legal requirements, any individual who are engaged in this would be subject to rigid disciplinary action. In this case, it is clear that training and good awareness are key of this process. Training should be given a great importance in order to help and educate members in any firm. Training should be provided Board Members to make sure that they understand the threat and recognise the necessity to comply with the Acts provis ion (Bribery Act). While the training should be high level, they should also ensure that a high level of commitment is maintained from their behalf. Moreover, while training the Bribery officer and his deputies, a detailed knowledge of the legal provisions should be required. They also be provided with practical training on the nature and indicators of corrupt practices as well as countermeasures. As for the finance personnel, for their training, they should make sure that there is a good understanding of the sort of mechanisms used to facilitate corrupt payments. Usually, these personnel must be very alert to suspicious transactions, such as high payments to consultants or suppliers. Above all, the Finance Department must be able to show transparency in all dealings. All these trainings, should be refer to the Policy of the organisations determination not to be indulged in bribery and should make the reporting mechanism very clear. Training should also be reinforced effectively in all departments of the firm. Due Diligence Banks should perform reasonable judgment while designing and implementing policies, procedures, and processes in regards to PEPs. They should obtain risk-based due diligence information on PEPs and establish policies, that provide for appropriate surveillance and monitoring. Having convenient risk-based account opening procedures for large amount of sums or higher-risk products and services is very important. The opening of an account is the main opportunity for the bank to acquire information for all customers, including PEPs. Corresponding with the identified level of risk, due diligence procedures should include, the following: Identify the accountholder and beneficial owner, including the nominal and beneficial owners of companies, trusts, partnerships, private investment companies, or other legal entities that are accountholders. Seek information directly from the account holder and beneficial owner regarding possible PEP status. Identify the accountholders and benefi cial owners country of residence and the level of risk for corruption and money laundering associated with these jurisdictions. Obtain information regarding employment, including industry and sector and the level of risk for corruption associated with the industries and sectors. Check references, as appropriate, to determine whether the account holder and beneficial owner is or has been a PEP. Identify the account holders and beneficial owners source of wealth and funds. Obtain information on immediate family members or close associates either having transaction authority over the account or benefiting from transactions conducted through the account. Make reasonable efforts to review public sources of information.  [14] Policies and procedures While dealing with this principle, we should ensure that, any policy document should state without question that all forms of corrupt practices are prohibited. It must be stated clearly and in a way where it is easily accessible to those who are administered by it. The policy should be described in full detail the procedures which are active to enforce prohibition of bribery and corruption. Effective Implementation The UKs Bribery Act was set forward in July 2011. So any firm will need to implement the measures as soon as possible. These measures are will be also subject to constant and routine review and assessment. This should be carried out in order to ensure the continuation of effective application and make such amendments, as it may be necessary. The UK Bribery Act and the FCPA is considered as the most harsh bribery laws in the world. This is why the organisations need to implement their compliance strategy cautiously and effectively. Monitoring and Review In regards to all the procedures, it will be very vital to ensure that these controls and systems is being enforced by the firms and if it is working. Checks should be made by the Bribery Officer in order to know whether reporting, due diligence and the monitoring processes are being constantly and properly applied. Appropriate sanctions will be required where there is a failure in this case. Reports would also be provided to the regulator or the law enforcement agency if such incidents are identified. List of cases in regards to the above facts: The Aon Company. It was fined by the FSA as the company failed to take reasonable care in order to implements system to fight the risk of bribery and corruption. BAE Systems. It was faced with investigation on the basis that the company paid large sums to government officials. There are however many other cases where companies have failed to implements effective controls and where bribery and corruption occurred. Risks associated with the management of foreign PEPS. Lastly, we should now focus on the risks, which are likely to be associated while managing the foreign PEPS. The identification of foreign PEPs is also one of the major requirements outlined in the US Patriot Act of 2001. Distinguishing between PEPs can be challenging for banks and their specific compliance departments because of limited tools and resources, such as a lack of subscriber access to a global PEP database. Furthermore, a potential foreign PEP client might provide false information or fail to disclose key data. Not all financial institutions require clients to self-identify as PEPs on account-opening forms. Banks usually depend on the information provided by clients, that is available in the media, on global PEP databases and occasionally on private databases. Many of the banks most at risk of having corrupt PEPs as clients cannot distinguish between foreign and domestic PEPs. In fact, most banks stressed that a distinction made little business sense and that it was eas ier to set up systems to include both domestic and foreign PEPs. Often it is easier and less resource intensive to identify domestic PEPs. In addition, they were also concerned about the reputational risk of banking a corrupt PEP more generally, a risk that exists equally among domestic and foreign PEPs.  [15]  Foreign PEP databases are usually not comprehensive and can differ greatly in their coverage of different geographical regions. Relying on commercial foreign PEP databases, as the only identification tool in cases of high money laundering risk is unlikely to be sufficient.  [16]  So these are the facts on the risks, which can be often seen in the management of foreign PEPS. Conclusion So based on these above facts on corruption and bribery among PEPS, we find this is a very serious issue worldwide and immediate action should be taken in order to mitigate all risks which are associated. If firms implement good and effective controls internally, there is not any doubt that these concerns can be tackled.