FATCA violation underlies latest US tax and securities fraud charges

2015 ◽  
Vol 16 (1) ◽  
pp. 74-76
Author(s):  
Miriam Fisher ◽  
Brian McManus
Keyword(s):  
Law Enforcement ◽  
Service Providers ◽  
Task Force ◽  
Tax Compliance ◽  
Financial Fraud ◽  
Securities Fraud ◽  
Content Type ◽  
The Impact ◽  
First Time ◽  
Practical Implications

Purpose – To explain the details and implications of a September 9, 2014 federal indictment, US v. Robert Bandfield, the first time a Foreign Account Tax Compliance Act (FATCA) violation has been charged as an “overt act” in furtherance of a tax conspiracy and securities fraud. Design/methodology/approach – Provides background, including the enactment of FATCA and the details of the indictment; describes an undercover investigation conducted by President Obama’s Financial Fraud Enforcement Task Force; and discusses the warnings this indictment sends to the global financial community. Findings – The indictment confirms the coordinated and aggressive tactics US law enforcement is now employing to investigate and prosecute offshore financial fraud. Practical implications – Banks and financial service providers need to be aware of the impact of enhanced US regulatory obligations and implement appropriate compliance measures. These institutions must also remain sensitive to risks presented by unscrupulous customers. Finally, they must be ready to manage appropriately information-gathering and investigatory inquiries originating with US authorities. Originality/value – Practical guidance from experienced tax controversy lawyers.

Reducing transportation emissions

2016 ◽  
Vol 23 (3) ◽  
pp. 674-703 ◽  
Author(s):  
Henrik Pålsson ◽  
Ola Johansson
Keyword(s):  
Service Providers ◽  
Freight Transportation ◽  
Industrial Sector ◽  
Content Type ◽  
Logistics Service Providers ◽  
Minor Influence ◽  
Transportation Emissions ◽  
Reduce Emissions ◽  
The Impact ◽  
Practical Implications

Purpose – The purpose of this paper is to examine the intention of companies to reduce transportation emissions by 2020 and the barriers and the discriminating factors that affect the reduction. Design/methodology/approach – A literature review identified potential logistical and technical actions and their barriers, and discriminating factors for reducing transportation emissions. A survey of freight transport-intensive industries in Sweden examined the effects of, intention for implementation of and barriers to 12 actions to reduce CO2 emissions from freight transportation. In total, 172 logistics managers responded, representing a response rate of 40.3 per cent. Findings – Logistics service providers (LSPs) and freight owners are likely to reduce a considerable amount of CO2 emissions from freight transportation by 2020 using a combination of actions. The lowest level of confidence was for reducing CO2 emissions by changing logistics structures, while there was greater confidence by means of operational changes. The actions have few barriers, but there is often a combination of barriers to overcome. Three discriminating factors influence the intention of a firm to reduce transportation emissions: perceived potential, company size and LSP/freight owner. The industrial sector of a freight owner has minor influence. Companies that are particularly likely to reduce emissions are LSPs, large companies, and those that perceive a large reduction potential. Research limitations/implications – Logistical and technical barriers appear to hinder companies from implementing actions, while organisational barriers and external prerequisites do not. Barriers cannot be used to predict companies’ intentions to reduce transportation emissions. The authors examined the impact of three discriminating factors on reduction of transportation emissions. The research is based on perceptions of well-informed managers and on companies in Sweden. Practical implications – The findings can be used by managers to identify firms for benchmarking initiatives and emissions-reducing strategies. Originality/value – The study provides insights into intended CO2 reductions in transportation by 2020. It presents new knowledge regarding barriers and discriminating factors for implementing actions to reduce transportation emissions.

When service providers fail: outsourcing help and consumer attitudes

2018 ◽  
Vol 39 (5) ◽  
pp. 22-30
Author(s):  
Aaron Gazley ◽  
Hamish Simmonds
Keyword(s):  
Design Methodology ◽  
Service Providers ◽  
Home Country ◽  
Service Failure ◽  
Service Recovery ◽  
Content Type ◽  
Consumer Ethnocentrism ◽  
The Impact ◽  
Practical Implications ◽  
Delivery Channel

Purpose The purpose of this paper is to investigate the effect of outsourcing and offshoring on brand loyalty in a service recovery context. In addition, the effect that consumer ethnocentrism has on these relationships is examined. Design/methodology/approach An experiment was designed using a series of service recovery scenarios that manipulated whether the recovery effort was conducted by an in-house/outsourced or local/offshored party. Findings The study shows that while outsourcing service recovery within the home country has no effect on loyalty, outsourcing to an offshore location does. In addition, the effect of offshoring of loyalty is greater for consumers who hold ethnocentric tendencies. Practical implications This research suggests the need to consider the delivery channel of service recovery to recover a service failure and retain customer loyalty. The results show that outsourcing within a local country may be effective, but the risks associated with offshoring are much greater. Originality/value Despite previous attempts to understand outsourcing and offshoring in a range of service scenarios, their role in service recovery is not well understood. Similarly, the impact that ethnocentrism might have on this process is overlooked. This paper therefore responds to calls within business theory, practice and consults for further study in this under-researched area.

ShariahSupervisory Board Report (SSBR) in Islamic banks

2018 ◽  
Vol 11 (2) ◽  
pp. 274-296 ◽  
Author(s):  
Abdul Rafay ◽  
Saqib Farid
Keyword(s):  
Impression Management ◽  
Supervisory Board ◽  
Investor Behavior ◽  
Islamic Banks ◽  
Content Type ◽  
Islamic Bank ◽  
Belief Adjustment ◽  
The Impact ◽  
First Time ◽  
Practical Implications

PurposeThe primary purpose of this study is to determine the impact of information ordering inShariahSupervisory Board Report (SSBR) on investors’ behavior and perception about the performance of Islamic bank in terms ofShariahcompliance and other conventional parameters.Design/methodology/approachThe study used the belief adjustment model to evaluate the desired effects of ordering positive and negative information (if any) in SSBR of an Islamic bank. This study extends the previous literature on information ordering as a pioneer experimental study in emerging economies.FindingsEvidence shows that investors and technical users of performance reports consider SSBR as significant for financial and investment decisions from the Islamic perspective. The results indicate that the primacy effect does exist and is statistically significant.Practical implicationsThe SSBR provides the management with an excellent opportunity to communicate and convince the investors aboutShariahcompliance features of an Islamic bank. Additionally, it also highlights the functional use of impression management to manipulate the investor’ behavior and perception.Originality/valueFor the first time, this study specifically investigates the effect of conscious information ordering in SSBR of Islamic banks on investors perceptions and behaviors.

Pro-Environmental Purchasing Behaviour during the economic crisis

2014 ◽  
Vol 32 (2) ◽  
pp. 160-173 ◽  
Author(s):  
Irene Tilikidou ◽  
Antonia Delistavrou
Keyword(s):  
Economic Crisis ◽  
Geographical Area ◽  
Future Research ◽  
Consumer Engagement ◽  
Content Type ◽  
Purchasing Behaviour ◽  
Social Desirability Effect ◽  
The Impact ◽  
First Time ◽  
Practical Implications

Purpose – Examination of Pro-Environmental Purchasing Behaviour (PPB) and its potential components. Investigation of the number and the size of relevant consumer segments. Determining the factors able to describe the segment of frequent pro-environmental purchasers. This paper aims to discuss these issues. Design/methodology/approach – Investigation of PPB as a total multi-item variable. Disclosure of the PPB components. Examination of the Purchase component and disclosure of its clusters. Focus on the cluster of frequent purchasers. Estimation of the demographic, attitudinal and psychographic variables able to describe and predict these consumers. Findings – Two components of PPB were found, namely Conservation (high consumer engagement in this) and Purchase (low consumer engagement in this). Inside the Purchase component of PPB three clusters were found, indicating, respectively, low, average and relatively high consumers’ involvement. Consumers in Cluster 3 (frequent pro-environmental purchasers) are fewer than in the past. They were found to be negatively influenced by environmental unconcern attitudes and Materialism, while they were positively affected by locus of control over politics and Universalism. Research limitations/implications – No demographic profile of frequent purchasers. Geographical area limited (a potential) generalisation of results. Social desirability effect. Future research with reference to evolutions in pro-environmental post-purchasing or non-purchasing behaviours during the years of economic crisis. Practical implications – Fewer consumers would buy ecological products if these were not comparable enough with the conventional products in terms of price and efficacy. Originality/value – First effort to explore the impact of the economic crisis on PPB in Greece. Encompassed new categories of ecological products. Revealed two components inside PPB (Purchase and Conservation) as well as number and size of consumer segments inside the Purchase component. Formulation of a partial profile of the frequent pro-environmental purchasers. Impact of Universalism on PPB was for the first time examined.

Intentionality attributions and humiliation

2014 ◽  
Vol 48 (5/6) ◽  
pp. 901-923 ◽  
Author(s):  
Concepción Varela-Neira ◽  
Rodolfo Vázquez-Casielles ◽  
Víctor Iglesias
Keyword(s):  
Service Providers ◽  
Negative Emotion ◽  
Service Failure ◽  
Switching Behavior ◽  
Content Type ◽  
Complaint Behavior ◽  
The Impact ◽  
The Relationship ◽  
Practical Implications

Purpose – This paper aims to determine whether intentionality attributions have an effect on the customer’s complaint and switching behavior after a service failure, after accounting for the effects of the traditional dimensions of attribution (stability and controllability), and to examine whether intentionality attributions give rise to humiliation and to what degree this negative emotion enables us to understand the customer’s complaint and switching behavior after a service failure. Design/methodology/approach – A contribution of this investigation is that it studies real complaint and switching behaviors, as the few studies that focus on understanding customers’ complaint and defection behaviors mostly analyze customers’ intentions. Findings – The results of the study indicate that intentionality attributions have an effect on the customer’s switching behavior after a service failure, in addition to the impact of the traditional dimensions of attribution. The findings also show that humiliation is the emotion that mediates the relationship between intentionality attributions and switching behavior, opposite to other emotions that may also be related to attributions. Finally, the results also support that the effect of attribution of intentionality on complaint behavior is indirect; it only exists because attribution of intentionality influences negative emotions like humiliation, which in turn influences complaint behavior. Practical implications – To understand what makes customers complain after a service failure or switch service providers without giving them first the possibility of recovering the failure may help managers reduce the damage caused by the failure and increase the company’s profits. Originality/value – This study will try to contribute to the service failure research by analyzing the role of two variables that have not been analyzed before in this context: intentionality attribution and humiliation.

Senior financial exploitation through wills, trusts, and guardianship: basics, red flags and prevention measures

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Martina Kirsten Schmidt ◽  
Nicole Forbes Stowell ◽  
Carl Pacini ◽  
Gary Patterson
Keyword(s):  
Law Enforcement ◽  
Well Being ◽  
Financial Fraud ◽  
Red Flags ◽  
Prevention Measures ◽  
Effective Prevention ◽  
Content Type ◽  
Financial Exploitation ◽  
Different Sources ◽  
Practical Implications

Purpose The purpose of this paper is to discuss financial fraud and exploitation against seniors relating to wills, trusts and guardianship. The paper describes how this fraud affects its victims, points out red flags and makes recommendations that may help control this pervasive type of fraud. Design/methodology/approach Information from a range of different sources, such as journal publications, law textbooks, law enforcement websites and estate planning cases are used as a basis to provide information about how fraudsters are committing this type of fraud, which red flags to watch out for and how to prevent this fraud from occurring. Findings Fraud relating to wills, trusts and guardianship is oftentimes difficult to detect and continues to be a grave threat to its victims. While this fraud will likely never be eradicated, specific efforts have been put into place to track financial exploitation. Further steps presented in this paper can be deployed to help rein in these fraud schemes. Practical implications The paper provides useful information about frauds related to wills, trusts and guardianship for stakeholders. This includes, but is not limited to, anyone whose work is related to seniors, such as accountants, lawyers, regulators, bankers, financial planners, law enforcement personnel, academics, medical professionals, caregivers, family members and ethicists. These stakeholders can use this information to help combat this fraud and prevent not only financial losses of seniors but physical harm as well. Social implications Decreasing financial exploitation of seniors will not only improve their financial position and may reduce their reliance on Medicaid but will also improve their mental and physical well-being and save lives. Originality/value Research in the area of maltreatment and exploitation of older adults is still in its early stages, as knowledge of effective prevention, intervention and remediation practices are limited. This paper adds to the research in this arena by drawing on a unique set of resources that shed light on financial fraud commonly committed against seniors. This study also makes much needed recommendations that are aimed to prevent this threat related to wills, trusts and guardianship.

SEC adopts rules and forms to modernize reporting requirements for registered investment companies

2017 ◽  
Vol 18 (1) ◽  
pp. 25-42
Author(s):  
Stephen Cohen ◽  
Megan Johnson ◽  
Gary Brooks ◽  
Brooke Higgs
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Fund Managers ◽  
Investment Companies ◽  
Reporting Requirements ◽  
Final Rule ◽  
The Impact ◽  
Practical Implications

Purpose To explain the new rules, forms, and amendments to current rules and forms (Final Rule) that the Securities and Exchange Commission (SEC) has adopted to modernize the reporting of information provided by registered investment companies (funds) and to improve the quality and type of information that funds provide to the SEC and investors. Design/methodology/approach Discusses the background leading up to the Final Rule, provides an overview and summary of the Final Rule’s key components, and highlights issues that may be raised by the new reporting regime. Findings The Final Rule will have a significant effect on many funds. Funds will experience a substantially increased reporting burden with respect to both the frequency of reporting and the granularity of information required. Practical implications Fund managers and fund service providers should begin to evaluate the impact of the Final Rule, the processes that will need to be implemented to prepare filings on new forms, and the changes in fund disclosure practices that will be required in response to the amendments to certain forms. Originality/value Practical guidance from financial services lawyers specializing in the investment management industry.

Examining consumer affective goal pursuit in services

2019 ◽  
Vol 32 (6) ◽  
pp. 1177-1193
Author(s):  
Cheng Lu Wang ◽  
Ying Jiang
Keyword(s):  
Service Quality ◽  
Consumer Satisfaction ◽  
Service Providers ◽  
Goal Pursuit ◽  
Content Type ◽  
Perceived Service Quality ◽  
The Impact ◽  
The Relationship ◽  
Consumption Goals ◽  
Practical Implications

Purpose The purpose of this paper is to investigate how consumers’ affective goal pursuit influences the relationship between their affect and satisfaction in services. In particular, it examines when affect can directly influence satisfaction and when such an impact is mediated by perceived service quality. Design/methodology/approach This research explores consumers’ consumption goals in three different service contexts, i.e., a primarily pleasure-seeking hedonic service context, a primarily arousal-seeking hedonic service context and a utilitarian (non-affect-seeking) service context. Findings Results from two studies show that the primary affective consumption goal determines which specific affect can directly influence satisfaction. Other desirable non-primary affect influences satisfaction through the mediation of perceived service quality. Research limitations/implications This research focuses on the service contexts in which consumers’ primary consumption goals vary. Further research may focus on the priority and strength of a consumer’s various consumption goals in different services and study how the priority and strength of different consumption goals determine how affect influences quality and satisfaction. Practical implications The study provides several insights for service providers and retailers to recognize that consumers’ primary consumption goals may vary in different service contexts, for different consumers, and even at different usage situations. Accordingly, marketers need to develop different strategies for consumer with different goal pursuit in services. Originality/value While the literature has documented that consumer affect influences consumer satisfaction in general, it is unclear how different consumption goals influence the impact of affect on satisfaction. This research contributes to the consumer goal literature by demonstrating the importance of primary consumption goals in the post-consumption evaluation of services.

Reflections on 25 years of building social enterprise education

2019 ◽  
Vol 15 (1) ◽  
pp. 2-21 ◽  
Author(s):  
James Austin ◽  
V. Kasturi Rangan
Keyword(s):  
Social Enterprise ◽  
Lessons Learned ◽  
Content Type ◽  
The Social ◽  
Enterprise Education ◽  
History Of ◽  
Multiple Challenges ◽  
The Impact ◽  
First Time ◽  
Practical Implications

Purpose This paper aims to reflect on 25 years of the social enterprise initiative at the Harvard Business School, examining the processes and thinking involved at key stages of this pioneering Initiative’s implementation and institutionalization. Design/methodology/approach The authors adopt an auto-ethnographical approach, reflexively considering the impact of our actions at key stages. Findings Reflecting on the experiences, the authors offer their thoughts on the challenges involved in establishing an educational program. They consider that there were give stages in the development of the program, which ensured its longevity, institutionalization and success: giving birth; starting an experiment; gaining acceptability; being embraced and achieving irreversibility. Practical implications The multiple challenges faced, as well as the successes that the authors had over the years, are set out. Awareness of the challenges that the authors faced will support educators to be prepared to overcome the same or similar challenges to implementing and embedding a social enterprise program. Originality/value This is the first time that the authors’ reflections on the history of the Social Enterprise Initiative have been brought together. As well as distinctive in their own right, the authors consider that the lessons learned from the work over such a long period could provide valuable insights to those who wish to integrate social enterprise teaching into their settings.

Money laundering, lawyers and President’s intervention in Zimbabwe

2017 ◽  
Vol 20 (2) ◽  
pp. 138-149 ◽  
Author(s):  
Prosper Simbarashe Maguchu
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Content Type ◽  
Depth Analysis ◽  
Entry Points ◽  
Proceeds Of Crime ◽  
Temporal Measures ◽  
Soft Target ◽  
The Impact ◽  
Practical Implications

Purpose This study aims to analyse the effects of the Presidential Powers (Temporal Measures), amendment to the Money Laundering and Proceeds of Crime Act to include legal practitioners under the list of designated non-financial business and professions. Design/methodology/approach The study is a textual analysis of anti-money laundering legislation [anti-money laundering (AML) legislation] within the context of legal practice in Zimbabwe. Findings The amendment put Zimbabwe on the international standard in the fight against money laundering, as legal practitioners have become a soft target for money laundering. Despite its noble aim, in Zimbabwe there is anecdotal evidence that the AML legislation turns lawyers into watchdogs or law enforcement agents. On the contrary, the amendment prevents lawyers from falling to the mercy of organised criminals and money launderers. Furthermore, there is a dearth of empirical research that can demystify the impact of some of the provisions of this law on contested issues, such as legal professional privilege. Research limitations/implications This study aims to outline the rationale for anti-money laundering policy and law. This study will analyse how the issue has been approached in other jurisdictions such as England and Wales. The paper will then try to establish coherent principles in the prevention of money laundering. This study will also suggest a number of recommendations as to how Zimbabwe could approach some of the issues while still considering the need to balance competing influences of legal privilege and money laundering regulations. Practical implications The paper will bring this issue to the fore and initiate an informed debate, as well as provide practical talking points for legal practitioners to embrace the AML regime and to engage policymakers on the issues that need reform. Originality/value This paper provides the first in depth analysis of the money laundering legislation in the legal fraternity in Zimbabwe and goes to offer practical tips and entry points on the application of the regulations or for advocacy towards any reform as might be needed.

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