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Description
The modern business environment can be filled with ethical minefields, some of which we step on knowingly, and some unknowingly.
In this timely and practical workshop, we take a deeper look at some ethical issues that may surface from Money Laundering and Business Payments. Money Laundering is in the limelight recently, for all the wrong reasons. It is not a stand-alone crime. More than merely an economic issue, it also poses an ethical threat.
Business Payments and Transactions are part and parcel of doing business. What are some ethical threats that can surface from these seemingly common business payments? And what can a business do ethically to protect itself from non-payments?
Programme Outline
Dangers and Ethical Threats of Money Laundering
- What is Money Laundering?
- Offences related to Money Laundering
- Avoiding innocent Money Laundering
- Ethical Issues surfacing from Money Laundering
- Current cases
Business Payments
- Chainani v Singh - authority of directors making payments
- Payments to related parties : loans or gifts, fiduciary duties, duties of care and skill (the gold taps case)
- Innocent receipts from a fraudster
- Criminal offences related to payments - cheating, criminal breach of trust, money laundering
- Payments for property and trusts
- Why paying late is an ethical business issue
Recovering Payments
- Liquidator's duty to act fairly
- Total failure of consideration
- Mistaken payments including the largest tax avoidance case
- Mistakes in pricing
- Payments favouring certain creditors
- Quistclose trust - payments only for a specific purpose
- Protected payments under the Housing Developers Act
- Trust accounts
- Clawbacks when money comes from fraud: Envy Asset case
- Ethical Issues to consider in recovering payments
Safeguards Against Non-payments
- Guarantees
- Performance bonds
- Escrow accounts
- Progress payments
- Retention of title
- Charges
This workshop qualifies for 7.0 CPE hours in Ethics and Professionalism (Category 2).
What you will learn
- Appreciate and understand the Dangers and Ethical Threats arising from Money Laundering
- Understand the ethical issues that may arise in business payments and non-payments
- Learn practical pointers on how you manage the ethical dilemmas that may arise from these issues
Target Audience
- Accountants and Auditors
- Directors and Business Managers
- Anyone who is interested in gaining a practical insight on common ethical issues surfacing from Money Laundering and Business Payments
Expert Speaker
Terence Tan
Terence is an Advocate and Solicitor for over 20 years, and was formerly Asst Professor in the Law Faculty of NUS where he taught Insolvency Law, Company Law and Computer Law.
Terence was named in Parliament in 1995 by the then Minister of Law for his comments on a loophole in the proposed Bankruptcy Act. His comments on bankruptcy legislation were expressly discussed by the High Court and the Court of Appeal.
Besides contributing articles in legal journals, Terence also regularly provides legal training and education for professional organizations, overseas universities and MNCs.