Prevention of Money Laundering Act, 2002: Obligations, Punishments, and Trials
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Prevention of MoneyLaundering
Act,2002
Question 1
What is Money – Laundering?
Answer
Whosoever directly or indirectly attempts to indulge or Knowingly assists or knowingly is a party or is actually involved in any process Or activity connected with the Proceeds of crime andprojectingitasuntaintedpropertyshallbeguiltyofoffenceofmoneylaundering.
Question 2
What are Proceeds of crime?
Answer
Section 2(1)(u) defines “proceeds of crime” as any property Derived or obtained, directly or indirectly,
Read MoreUnderstanding Contracts: Essential Elements, Interpretation, and Termination
CHAPTER V
GENERAL THEORY OF CONTRACTS
1. GENERAL IDEAS
(A) CONCEPT
Pursuant art. 1254 of Civil Code:
“The contract is an agreement of wills between two or more persons, by which one or more of them consent to be bound with another or others to give something or provide some service.”
This means that the contract is a bundle of synallagmatic obligations (“to give something or provide some service”) reciprocally established between the parties.
However, the essence of the contract is the agreement
Taxation of Corporate Taxpayers vs. Income from Partnerships: Criteria and Examples
Taxation of Corporate Taxpayers vs. Income from Partnerships
Criteria
Centralized management:
A corporation is typically represented by its officers, not by the shareholders.
A partnership is typically represented by its partners or one partner elected by the partners.
Limitation of liability:
The shareholders in a corporation cannot be held liable for the corporation’s debts.
The partners in a partnership can be held liable for the partnership’s debts even though limitations on the liability may be
Read MoreFederico Echevarria’s Rally-Protest Speech in Favor of Protectionism
1. INTRODUCTION
The text we analyze is a fragment of the rally-protest speech that the Basque businessman Federico Echevarria gave in Bilbao on December 9, 1893 in favour of protectionism.
As regards the origin, it is a primary source. As regards the form, it is a public meeting/rally, then it is a narrative text; in the content, it is an economical text.
The text is addressed to the Government and to businessmen, therefore it is a public text.
The main objective of Echevarria was to eliminate free
Read MoreProfessional Ethics and Responsibilities in Engineering
Module 3 //
Codes of Ethics :
A professional association is a non-profit organization that offers membership to practitioners of a particular profession. It provides an organized platform for the professionals and helps them increase their skills. The members in such organizations are expected to meet certain criteria and also to adhere to rules and regulations, i.e. codes of ethics.
- Protection of public safety, health, and welfare
- Actively discouraging bribery and plagiarism
- Practicing no discrimination
- Dissemination
Understanding Patents, Copyrights, and Trademarks
Define Patent
A patent for an invention is the grant of property rights to the inventor, issued by the U.S Patent and Trademark Office. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the U.S or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. The right conferred by the patent grant is “the right to exclude others from making, using, offering for sale, or selling”
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