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Facilitation Payment
A facilitating payment, facilitation payment, or grease payment is a payment to government employees to speed up an administrative process whose outcome is already determined. Although ethically questionable, it is not considered to be bribery according to the legislation of some states as well as in international anti-bribery conventions. Dangers For legal purposes, it is distinguished from bribery, although the distinction is often blurred. Determining whether a payment is a facilitating one may be difficult and depend on the circumstances. The value of the payment is not immediately relevant, however the greater the value, the higher are chances that it will be a red flag for law enforcement. Small unofficial payments are customary and even legal in some countries, nevertheless they may present a risk of liability according to the laws of the host country. There also exists a slippery slope danger of evolving into dubious payments. Business ethics While being legal, facilitati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bribery
Bribery is the corrupt solicitation, payment, or Offer and acceptance, acceptance of a private favor (a bribe) in exchange for official action. The purpose of a bribe is to influence the actions of the recipient, a person in charge of an official duty, to act contrary to their duty and the known rules of honesty and integrity. Gifts of money or other items of value that are otherwise available to everyone on an equivalent basis, and not for dishonest purposes, are not bribery. Offering a discount or a refund to all purchasers is a rebate (marketing), rebate and is not bribery. For example, it is legal for an employee of a Public Utilities Commission involved in electric rate regulation to accept a rebate on electric service that reduces their cost of electricity, when the rebate is available to other residential electric customers; however, giving a discount specifically to that employee to influence them to look favorably on the electric utility's rate increase applications would ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bribery Act 2010
The Bribery Act 2010 (c. 23) is an Act of the Parliament of the United Kingdom that covers the criminal law relating to bribery. Introduced to Parliament in the Queen's Speech in 2009 after several decades of reports and draft bills, the act received royal assent on 8 April 2010 following cross-party support. Initially scheduled to enter into force in April 2010, this was changed to 1 July 2011. The act repeals all previous statutory and common law provisions in relation to bribery, instead replacing them with the crimes of bribery, being bribed, the bribery of foreign public officials, and the failure of a commercial organisation to prevent bribery on its behalf. The penalties for committing a crime under the act are a maximum of 10 years' imprisonment, along with an unlimited fine, and the potential for the confiscation of property under the Proceeds of Crime Act 2002, as well as the disqualification of directors under the Company Directors Disqualification Act 1986. The Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Law
Commercial law (or business law), which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities. It is often considered to be a branch of civil law and deals with issues of both private law and public law. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership. Many of these categories fall within Financial law, an aspect of Commercial law pertaining specifically to financing and the financial markets. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fakelaki
''Fakelaki'' or ''fakellaki'' is the phonetic transliteration of the Greek word φακελάκι. It means "little envelope" but is also used in Greek popular culture as a jargon term referring to the bribery of public servants and private companies by Greek citizens in order to "expedite" service. According to this practice, sums of money are stuffed in files and passed across the desk to secure appointments, documents approval and permits. Dynamics The Greek term "fakelaki" is close to the notion of tip in meaning, but it may also refer to specific ''tariffs'' demanded by government officials to bypass procedure. As of mid-2011, one in four employed Greeks worked for the government. Fakelaki is also connected to a work culture that perceives the various documents issued by authorities (for example a driving license) as "papers" needed to pay a price "to buy". Fakelaki is illegal, but its continuing presence in Greek life remains a problem. Extent Transparency Internationa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baksheesh
''Baksheesh'' (from ) is tipping, charitable giving, and certain forms of political corruption and bribery in the Middle East and South Asia. Etymology and usage ''Baksheesh'' comes from the Persian word (), which originated from the Middle Persian language. The word had also moved to other cultures and countries. In the Albanian, Arabic, Bosnian, Bulgarian, Indian, Macedonian, Romanian, Russian, Serbian, and Turkish languages, ''bakshish'' or бакшиш means "tip" in the conventional western sense. In Greek, μπαξίσι () can mean a gift in general. In German and French, ''Bakschisch'' is a small bribe (in Romanian as well, depending on the context; usually employed as a euphemism to ''șpagă'', which means outright bribe). In Maltese, the word ''buqxiex'' refers to a very small payment. Types * Charity to beggars: In Pakistan, beggars solicit alms by crying "''baksheesh, baba!''". * Tipping: This does not correlate with the European system of tippin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act of 1977 (FCPA) (, ''et seq.'') is a United States federal law that prohibits U.S. citizens and entities from Bribery, bribing foreign government officials to benefit their business interests. The FCPA is applicable worldwide and extends specifically to Public company, publicly traded companies and their personnel, including officers, directors, employees, shareholders, and agents. Following amendments made in 1998, the Act also applies to foreign firms and persons who, either directly or through intermediaries, help facilitate or carry out corrupt payments in U.S. territory. Pursuant to its anti-bribery purpose, the FCPA amends the Securities Exchange Act of 1934 to require all companies with securities listed in the U.S. to meet certain accounting provisions, such as ensuring accurate and transparent financial records and maintaining internal accounting controls. The FCPA is jointly enforced by the United States Department of Justice, Departme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Legislation
The United States Code (formally The Code of Laws of the United States of America) is the official codification of the general and permanent federal statutes of the United States. It contains 53 titles, which are organized into numbered sections. The U.S. Code is published by the U.S. House of Representatives' Office of the Law Revision Counsel. New editions are published every six years, with cumulative supplements issued each year.About United States Code . Gpo.gov. Retrieved on 2013-07-19. The official version of these laws appears in the '''', a chronological, uncodified compilation. Codification [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Assessment Act
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (such as mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Red Flag (signal)
A red flag could either be a literal red flag used for signaling or, as a metaphor, a sign of some particular problem requiring attention. Background The term and the expression "to raise the red flag" come from various usages of real flags throughout history. A red flag is frequently flown by armed forces to warn the public of live fire exercises in progress, and is sometimes flown by ships carrying munitions (in this context it is actually the flag for the letter B in the international maritime signal flag alphabet, a red swallow-tailed flag). Red flags have also been used in the medical field during position interviews because of the importance of finding the right candidates for the positions. They have also been used to identify fraud in many cases. In many countries a red flag is flown to signify that an outdoor shooting range is in use. The United States Air Force refers to its largest annual exercise as Red Flag operation. Red flags are used for various signal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
S&P ASX 100
Australian Securities Exchange Ltd (ASX) is an Australian public company that operates Australia's primary Exchange (organized market), securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as, the Sydney Stock Exchange, a separate entity). The ASX was formed on 1 April 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006. Today, ASX has an average daily turnover of A$4.685 10^12, billion and a market capitalisation of around A$1.6 10^18, trillion, making it one of the List of stock exchanges, world's top 20 listed exchange groups, and the largest in the southern hemisphere. ASX Clear is the clearing house for all shares, structured products, warrants and ASX Equity Derivatives. Overview ASX Group is a market operator, clearing house and payments system fac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australia
Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller islands. It has a total area of , making it the list of countries and dependencies by area, sixth-largest country in the world and the largest in Oceania. Australia is the world's flattest and driest inhabited continent. It is a megadiverse countries, megadiverse country, and its size gives it a wide variety of landscapes and Climate of Australia, climates including deserts of Australia, deserts in the Outback, interior and forests of Australia, tropical rainforests along the Eastern states of Australia, coast. The ancestors of Aboriginal Australians began arriving from south-east Asia 50,000 to 65,000 years ago, during the Last Glacial Period, last glacial period. By the time of British settlement, Aboriginal Australians spoke 250 distinct l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
