Category Archives: Finance

Offshore Accounts Has Legalised Corruption Worldwide

Global banking and business connections has been the aim of the West’s globalisation to begin with.

1

In spite of multiculturalism knocking on almost anyone’s door through the Internet, everyone also enjoys a piece of cultural pies made from different cultures worldwide.

Unfortunately, that also meant organised criminals can come in different forms and cultural backgrounds.

‘Mafia’ and ‘mafioso’ at this point would mean differently. It isn’t just criminals hiding their moneys in casinos and up-front businesses anymore.

Because elites are also doing it. If you’ve been watching the Panama paper news closely, you know what I’m talking about.

British President David Cameron is also deep in hot water because of the issue. Several government officials, including the Prime Minister of Iceland had resigned partly due to these revelations.

Worldwide, governments have found officials engaging in legalised corrupt activity.

What that means is tax evasion.

In the United Kingdom, tax evasion is more of a way to minimise your yearly tax fees by a huge margin. Tax evasion also means you’re denying people their right to develop their own income and for governments to develop land for many people.

I know it’s not a socialist manner of thought. But capitalism has trusted the modern man to make the right decisions out of the goodness of their heart.

There’s always a way to corrupt or hack a political system. Unfortunately, nothing ever works.

Regardless of Election Results, UK “Snooping” Law May Be Constitutionlised

As the Tories claim victory during the weekend’s election, they are set to reintroduce the UK’s snooping law.

According to Home Secretary Theresa May, Prime Minister David Cameron’s declaration of a Conservative majority victory in Thursday’s general elections would also mean the provision of powers for security agencies and law enforcement agencies to keep up to date especially in the areas of communications data.

The Draft Communications Data Bill also known as the “Snoopers” Charter, would allow government agencies such as the GCHQ more capability to perform mass surveillance accessing phone records, browsing activities, text messages and social media usage.

The increased terrorism activities especially the attack on France’s Charlie Hebdo magazine by Islamic Extremists had driven most countries to introduce surveillance bills in respective parliaments. This is to the disappointment of human rights groups.

Canada is one of the other countries. to push and approve their surveillance bills.

It would seem that privacy is the first trade-off for a new and more effective UK Government.

How Can the Law Really Protect Prostitutes?

The oldest profession in the world takes another hit in Canada as its Conservative government had declared prostitution illegal, and buying and selling it in public where there are minors will be considered violations. Critics agree with how I view it: it will only make prostitutes more vulnerable.

For many times, the Canadian High Court had slammed every anti-prostitution law that had been passed the previous year. However, this time, the High Court had agreed to the law, which will help protect prostitutes from “Pimps” and “Perverts.”

The law also bans advertising the services through print media and the internet.

Prostitution is acceptable simply because another individual has accepted her responsibility as a sexual worker. However, traditional moral beliefs often get in the way of protecting these women. Instead, religion and morals push them away from having protection from the government.

Canada will now consider it a crime for anyone who peddles, does and buys prostitution. However, the law does not completely protect those with expertise which are not in the mainstream field.

The Canadian Alliance for Sex Work Law Reform also considers the new law to be a great let down of all Canadian sex workers. They predicted it will still end up in the high court again in a few years.

New TSB Bank Promises To Change Industry After PPI, Financial Scandals

UK’s newest financial institution said that it wants to “play fair” with customers and change the public perception of banks once and for all. According to the bank’s Chief, Paul Pester, TSB sets out a vision that will revolutionize the image of the banker through the systems that ensure fairness on both sides.

According to Mr. Pester, the UK’s banks had spent six years making headlines. I would agree with him on this one. It had been almost half a decade since the Financial Services Authority and the consumer group Which? had found out about mis-sold payment protection insurance. Thereafter, millions of consumers made their PPI claim against their respective banks, and the process moved slowly because banks “dragged their feet”, as ex-FOS Chief Ombudsman Natalie Ceeney would say.

Mr. Pester said that even if banks and lenders are trying their best to fix the problem, if their basic systems are still found in the same root, then they can never convince people that they have indeed, changed.

He said that TSB has a chance because it will begin with a clean slate. Mr. Pester and his team interviewed many consumers to know what the public wants from their banks. The team found that they just did not want any of the “funny stuff” that caused several financial disasters in the UK.

According to him, TSB, along with other banks, have a moral responsibility to make decisions for the advantage of local communities and economies. He pointed out that banks and financial institutions have become more greedy for profit. Mr. Pester said that customers just want to have their money and not go through a lengthy process with lots of ‘catches’ to get it.

A Factor That Makes Money Illegal

I’ve been around the Internet for a while and I’ve found myself very interested in the future of the network and its new dominant currency, the Bitcoin. Bitcoins could exchange from $700-1000 during the next few weeks as you read this post. However, its high volatility makes it something investors are worried and excited about at the same time.

However, let’s talk about money. Money only has power if people make use of it and adhere to its value. When people do not recognize the value of money, the financial system collapses. Any sort of currency is legal as long as it promotes fair trade, competition and is regulated by law.

All currencies are government-regulated and issued. This means that the government has some control over the inflation of money by means of estimating the amount of money the mint prints.

Why bitcoin is not recognized by many governments or is even considered illegal and highly risky, is not just because of its high volatility, but its capability to hide transactions. Bitcoins could hide transactions into encrypted codes, which make them untraceable even if the bitcoin network records each and every transaction made by Internet users.

The government enforces the laws agreed upon by society for one another, and if these laws do not apply to bitcoin, which is a decentralized currency, regardless of any official statement, it is already considered an illegal form of currency.

Money Saving Expert Calls on PPI Claimants to Reclaim their PPI

An undercover investigation by a Times Magazine reporter revealed that Lloyds’ Royal Mint Court Centre intentionally mishandled many consumer PPI claims. Martin Lewis calls on UK customers to reclaim their PPI as soon as they can.

A Times Magazine reporter went undercover as a recruit for Lloyds’ PPI claims handling centre in Royal Mint Court. The reporter shed light about bank trainers telling recruits that the job was “morally difficult” because they need to keep a “blind eye” on obviously forged documents and treat them as if the customer actually filled them up. They also encouraged recruits to reject claims because the Financial Ombudsman can resolve the claims more effectively.

Public outrage sparked against Lloyds, who pointed to contractor Deloitte for the shortcomings. Lloyds said they have fired Deloitte, their contractor in Royal Mint Court, because they have not met the standards set by Lloyds for handling PPI claims.

Martin Lewis said that if Lloyds or any bank or lender has turned your PPI claim down, it is important that you fight if you feel you were mis sold the insurance policy. Lewis, one of the founders of Money Saving Expert, said that re-filing your claim was part of the system.

Lloyds said that it does not endorse the comment and statements the trainers made to recruits following The Times reporter’s undercover report because they do not reflect the high straining standards of their claims handlers.