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CFE LAW > LAW > Flashcards

LAW Flashcards

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1
Q

What are the two types of the legal system? What are the two sources.

A

Common law
Common law past decisions by judge
Statutory law created by legislature

Civil law
Applies laws from an accepted set of codified prinicples or compiled statues.
Judges only bound by civil code, not previous decisions.

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2
Q

What are the diferent processes (fact finding) in common law and civil law.

A

Common law uses adversarial process means, attorney’s gather and present evidence to the court.

Civil law uses inquisitorial process. Judge runs the show, acts for discovery and asks witnesses questions.

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3
Q

Jursitiction vs venue

A

Juristictions is power over the case

Venue is location over case

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4
Q

International issues. Two defiend for example: live in US, buy property in Mexico and owner lives in Canada.

A

Choice of law: courts choose which jurisdictions law to apply to each issue.

Enforcement of judgement: contries and judges can decide whether or not to enforce a foreign judgement. Depends in internal laws ans treaties between contries.

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5
Q

What is Parallel proceedings

A

Simultaneously criminal and civil actions against the same defendant

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6
Q

What penalties can be assessed in admistrative proceedings.

A

Conducted by government agencies
Monetary fines
License suspension

DEBARMENT: does not allow individuals or buisness to participate in government programs.

You cannot do business anymore with the government.

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7
Q

What does someone need to sue for defamation?

A

Untrue statement of fact
Communicated, PUBLISHED to a third person or party…

Statement damaged the subjects reputation.

Unprivileged occasion- means there is no buisness reason to be discussing such matters.

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8
Q

What are the two ways of invasion privacy

A

Intrusion into an individuals private matters.

Public disclosure of private facts.

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9
Q

Public disclosure of private facts. Vs defamation

A

Makes public statements about another partys private life that are not of public concern statements are TURE.

Defamation are statements UNTRUE

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10
Q

Before collecting or processing personal data organizations must give notice of ? GDPR

A

Consent of collection of data
Right to erasure IF REQUESTED. Not automatic…
Data breaches might trigger notify subject WITHOUT UNDUE DELAY.

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11
Q

Data transfer laws. Ways management can legitimize cross boarder transfer of personal information.

A

Obtain consent.

Establish a contract between the entities exchanging the information.

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12
Q

What is the ICCPR

A

International covenant on civil and Political Rights

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13
Q

What does Respondent superioir mean?

A

A buisness is liable for acts of its employees that occur within the scope of emploment with some intent to benefit the corporation.

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14
Q

What does vicarious liability mean?

A

Is very broad and applies even if managment had no knowledge.

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15
Q

What is a corporate deferred prosecution agreement?

A

Prosecutors agree not to prosecute the organization if certain condtitions are met.
Used to help companies avoid trial and conviction, but there is still punishment.

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16
Q

What is the burden of proof for civil law? International

A

Conviction intime or inner conviction of the judge.

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17
Q

Discovery for inquisitorial phase. How many phases? What are the phases?

A

Investigative phase: prosecure, judge or both collect evidence.

Examination phase: judge completes a written record of the evidence, may also collect testimony.

Trial phase: exhibition if the examining record before the parties, jury, or panel, parties argue their case.

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18
Q

What is it called in civil court for an appeal?

A

Can perform DE NOVO (a new) review of BOTH law and fact by evaluating the evidentiary record. (Dossier)

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19
Q

Direct evidence vs circumstantial.

A

Direct: tends to prove or disprove a fact in issue directly.

Circumstantial: tends to prove or disprove a fact in issue indirectly by inference.

Direct: i saw dude rob bank.
Circumstantial: saw dude running with money… didnt see actual robbery.

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20
Q

What is the definition of fraud.

A

FRAUD includes any INTENTIONAL or deliberate act to deprive another of property or money by guile, deception or other unfair means.

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21
Q

Material facts. What are the elements to proving suspect delibertly made a false statement.

A

Made false statement.
False statement was MATERIAL
Suspect KNOWLEDGE that the representation was false
Victim RELIANCE on the misrepresentation
Victim had DAMAGES resulting from the misrepresentation.

22
Q

Official bribery vs commercial

A

Official: Corruption of a public official to influence official act

Commercial: corruption of a private individual to gain buisness advantage.

23
Q

Eliments of a conflict of interest.

A

Defendant is an agent of a principal or employer

Agent takes interest in a transaction

Agents interest is actually potentially adverse. Like personal interests ahead of companies.

Agent did NOT DISCLOSE or receive approval.

24
Q

Duty of loyalty and duty of care

A

Duty of loyalty: must act soley in best intrest of prinicpal. Free of sed dealing ir conflict of interest.

Duty of care: requires people in fiduciary relationships must act with such care as an ordinart prudent person would act. CANNOT ACT RECKLESS

25
Q

What is the OECD, Organization for Economic Cooperation and Development and what do they do?

A

Take concrete and meaningful steps to improve:

Banking requirements and accounting.

Laws and regulations related to Licenses and contract procurement and public subsides.

26
Q

What is FCPA and what does it mean?

A

Foreign corrupt practices act.

Prohibits making corput payments to foreign officials

Only enforced in the US but has international reach

Two principals:
anti bribery provisions: unlawful to bribe foeign official to retain buisness
Accounting provisions: keep accurate books

27
Q

What is a grease payment

A

A fee or payment made to expedite or secure performance of routine actions. (Fees).

Exception in the FCPA

28
Q

What is the diference between the FCPA and the UK bribery act

A

UK goes further making commercial bribery a crime.

UK does not allow grease payments.

An anti corruption program that complies with FCPA may not be sufficient for UK law

29
Q

Lay testimony vs expert testimony

A

Lay = factual testimony is testifying to what they have experienced first hand and their factual observations.

Expert= by reason of education, training, skill or experience are qualified to render an expert opinion or otherwise testify in area relevant to resolution of a legal dispute

30
Q

What is myopic vision

A

Great amount of time spent in one area

31
Q

What is a civil filing called and three elements needed for civil suit

A

File a PLEADING

Grounds of relief (what are you suing for how were you harmed)

Summary of evidence

Spacific facts on which tge claim is based.

Counterclaims can be added

32
Q

What type of discovery is interrogatory?

A

Written examination

33
Q

What are the legal remedies in civil court

A

Damages

Declatory: decide a controversy over contract or land

Equitable: injunctions. Do or do not do a certain act.

34
Q

What it is fidelity insurance

A

Insurance policy that pays in tge event if loss due to to employee dishonesty.

35
Q

What is a security?

A

A negotial financial instrument that represents an interest or right.

Traditional securities. Stocks, bonds, CD

36
Q

What terms are included in investment contracts

A

Investment
Common enterprise
Expectation of profits
Efforts of others

37
Q

Why are securities law and regulations needed

A

They must balance the legitament needs of buisnesses against the need to protect investors.

Foster an active competitive market
Maintain market confidence.

38
Q

What are self regulated organizations?

A

Non government entities

Execuse some regulatory authority over an industry

Establish standard rules under whixh members operate

Offer professional training testing and licensing

39
Q

What is churning?

A

Buying and selling not in your best interest, they are buying and selling to get the commison

40
Q

Definition of money laundering

A

Is a disguise of the existence, nature, source, beneficial ownership abs disposition of property derived from criminal activity

41
Q

What is the money laundering process

A

Placement: introduces illegal profits into financial systems. Includes STRUCTURING - breaking up transactions into smaller amounts
Layering: moving money around using layers of financial transactions ti confuse the audit trail, often moved out of country
Integration: money is integrated back into economy to make it aplear legitimate

42
Q

What is trade based money laundering?

A

Importers or exporters colluding to misrepresent the price, quanity or quality of imported or exported goods or services.

43
Q

What is Over invoicing?
Under invoicing
Over shipment
Under shipment?

A

Over invoice: exported invoices goods above market value

Under invoice: exporter invoices goods below market value

Over shipment: launderer ships more goods than invoiced for

Under ship: company invoices for more goods than shipped

44
Q

What are money services buisnesses? And def?

A

Refer to non depository financial providers that operate in:

Currency exchanges
Check cashers
Issuers, seller of travelers checks, money orders, or stored value
Western unions!

They are less strict regulations.

45
Q

Def of financial action task force and key measures.

A

Purpose is to develop and promote standards and policies to combat money laundering and terrorist financing

Use risk based approch
Create policies that increases cooperation and coordination with other countries
Spacifically criminalize money laundering and terroist financing
Enable authorities to trace, freeze, ans confiscate assesr suspected of money laundering
Require financial institues to keep certain recorda

46
Q

AML programs must contain what?

A

Customer due diligence
Must be ON GOING.
look at buisness relationships and transactions.
Report suspicious transactions.
Large cash transactions should be reported.
Disclosure requirements for carrying currency across boarders

47
Q

What types of bankruptcy are there?

A

Liquidation: chapter 7. Liquidating nonexempt assests to pay off creditors.
Can get court order to eliminate some or all debt.
Reorganization: chapter 11. Allows reorganize finances abs continue as a going concern. Hope the debtor will be able to oay back and stay in buisness

48
Q

What is a fraudulent conveyance sceme

A

A debtor attempts to conceal assests by transferring them into another person or company.

49
Q

What does the world bank principals oversee

A

Person or group appointed to oversee bankruptcy.

Has powers to cancel to fraudulent contracts.
Collect, preseve and dispose of debtors property
Interfere with contracts
Examine the debtor

50
Q

World bank principles to managment of buisness… three approches.

A

Managment replaced by impartial or independent representative

Governance reaponsibilities remain invested in management.

Exclusive control is entrusted to an independant representative

51
Q

Tax evasion vs tax avoidance

A

Evasion: fraudulent actions to avoid reporting or paying taxes. Requires a willfull attempt to evade or defeat tax in a unlawful manner.

Avoidance: legal means of lowering one’s tax bill through legitimate deductions, credits and shelters.

52
Q

What are types of tax evasion schemes?

A

Income and wealth. Faulsify or omit material information regarding income or wealth.

 Failing to report foreign bank accounts             or other taxable assests

Falsifying tax deductions. Faulse expenses, inflating expenses, false info

Tax credit sceme: misrepresenting eligibility for tax credit

Consumption tax: sales tax, value added tax, excise tax

CFE LAW (1 decks)

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