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Made available in DSpace on 2014-06-11T19:25:34Z (GMT). No. of bitstreams: 0 Previous issue date: 2011-05-19Bitstream added on 2014-06-13T18:29:02Z : No. of bitstreams: 1 penalva_d_me_ift.pdf: 1147387 bytes, checksum: 8e6d7c8702b105a6e1f45a6db2ac7b9e (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Em sistemas onde muitos agentes interagem, permitindo obter medidas que podem se apresentar intermitentes, muitas vezes podemos extrair padrões que denotam comportamento de grupo destes agentes, este é o caso do mercado financeiro e sua estrutura de correlações emergentes. Este trabalho visa reproduzir e sintetizar o que é entendido como estrutura de correlações no mercado financeiro. A análise da estrutura consistirá de 2 partes, uma dinâmica, acessando dependências temporais, e outra topológica e economica, acessando a importância das conexões entre ações. Na análise dinâmica são investigadas a correlação instantânea, quanto o comportamento ao longo das escalas de tempo , e a não instantânea, quanto ao decaimento temporal em relação ao máximo de correlação. A topologia é analisada obtendo-se um grafo a partir da matrix de correlação instantânea e analisando a conectividade dos vértices, partindo do mais conectado(chama-se raíz) analisa-se os diversos clusteres de ações obtidos, comparando com a classificação economica conhecida. A analise topológica é feita em várias escalas de correlação instantânea visando a comparação entre elas. Introduzo noções gerais de sistemas complexos no capítulo 1. No capítulo 2 dou uma breve descrição do mercado através das varíaveis mais importantes e seu comportamento, i.e. as escalas de preços e de tempo. O capítulo 3 descreve os métodos utilizados para análise da estrutura de correlação do mercado, é apresentado o estimador de Pearson para correlação linear bem como o método de Kruskal, utilizado para obter o grafo árvore que contém todas ações e minimizar a soma das arestas (ponderadas pela distância definida a partir da correlação). No capítulo 4 apresento os resultados referentes à análise da estrutura de correlações para o mercado Bovespa / In systems where many agents interact, allowing for measures that may be erratic, many times we can extract behavior patterns that denote a group of agents, this is the case of financial market and its emerging structure of correlations. This work aims to reproduce and synthesize what is perceived as a correlation structure in financial markets. Analysis of the structure will consist of 2 parts, one dynamic, accessing temporal dependencies, and other topological and economical by accessing the importance of connections between assets. In analysis of dynamics are investigated instantaneous correlation, it’s behavior across scales of time, and the not instantaneous, it’s decay from the maximum correlation. The topology is analyzed by a graph from the instantaneous correlation matrix and analyzing the connectivity of vertices, starting from the most connected (called root) analyzes the various clusters of shares obtained by comparing with known economic classification. The topological analysis is performed at several scales of correlation in order to instantly compare them. Introduce general notions of complex systems in Chapter 1. In Chapter 2 give a brief description of market through the most important variables and their behavior, ie the ranges of price and time. Chapter 3 describes the methods used for analysis the correlation structure of the market, the estimator is presented by Pearson’s linear correlation and the Kruskal method is used to obtain the graph tree containing all assets and to minimize the sum of edges (weighted by the distance defined from the correlation). In Chapter 4 I present the results of the analysis of correlation structure for the market Bovespa

Magister Legum - LLM / In 20 the years after the genocide that afflicted Rwanda, the country has made considerable progress towards developing human resources in the public sector. It has kick-started its economy and improved sectors such as public health and education. There is still a need to attract direct foreign investment to boost the economy even further. However, Rwanda needs to take precautionary measures to ensure that it does not fall prey to economic criminality which will impede its economic progress. The fact of the matter is that young transitional democracies are prone to attract economic delinquents who take advantage of loopholes in the law to advance their criminal goals. This is particularly so in a country such as Rwanda, where the government has to prioritise other pressing needs that must be addressed. This paper assesses the extent to which Rwanda is prepared to deal with the menace of money laundering, a threat that may well stunt its ambitions to build a strong economy.

The variations that exist in the definitions or interpretations of money laundering is not relevant to the actual meaning of the term money laundering, but rather to the transactions that could be indicative of money laundering. Therefore money laundering becomes easier when poorly legislation creates loopholes that can be demoralised by criminal syndicates and terrorist financing. Since 1996, the South African Reserve Bank has been in negotiations with the International Monetary Fund (IMF), the United States Federal Reserve Bank and many European financial institutions to ensure that South Africa can compete in the International sphere. To comply with International banking standards, South Africa has promulgated a number of laws, for example The Prevention of Organised Crime Act of 1996, The Proceeds of Crime Act of 1997, The Money Laundering Control Act of 2000 and The Financial Intelligence Centre Act of 2003. Money laundering attracted increasing interest since the late 1980‘s. To control the increase in money laundering, a number of initiatives were adopted, for example the Financial Action Task Force on money laundering in 1989. The Eastern and Southern African countries also formed the Eastern and Southern Africa Anti-Money laundering Group (ESAAMLG) in 1999. The advances in technology and particularly electronic funds transfers brought a dramatic increase in organised crime. In respect hereof, South Africa received attention in terms of The Prevention of Organised Crime Act 121 of 1998 as well as the Financial Intelligence Centre Act 38 of 2001 to prevent the increase of money laundering. With South Africa returning into the International sphere, South Africa is becoming increasingly attractive to the practical dilemmas of money laundering. Certain challenges on money laundering have an impact on legislators, both in South Africa and Africa. These challenges include criminal syndicates profiting from criminal activities to financing of terrorism such as 11 September 2001. By using South Africa as an example against the selected African countries, it is indicated how the certain implications of money laundering undermine the legitimate private sector. One way to address the challenges of money laundering is that legislators must understand how these criminal syndicates operate as well as the terrorist financing thereof. This mini-dissertation gives an historical overview of what money laundering entails in South Africa as well as the selected African countries, the typologies thereof as well as the legislation dealing with money laundering in South Africa. It also provides the practical implications of implementing the money laundering measures in South Africa as well as the selected African countries against the background of the challenges and realities thereof. Money laundering is difficult to measure, but a preliminary attempt was made to give recommendations on this global predicament. / Dissertation (LLM)--University of Pretoria, 2011. / Mercantile Law / unrestricted

Law enforcement organisations and intergovernmental bodies, such as the Financial Action Task Force (FATF), have become increasingly focused on the role that legal and financial professionals play in the facilitation of money laundering, with claims that stringent anti-money laundering controls and increasingly complex laundering methods have led criminals to become more reliant on the services provided by professionals to manage their illicit funds. As a result, a number of legislative and policy measures aimed at preventing professionals from becoming involved in money laundering have been implemented at national and international levels. However, the role played by professionals in the facilitation of money laundering has received limited academic attention and there has been little empirical research in the area, resulting in a lack of understanding about the nature of this role and allowing an official narrative about professionals’ involvement in money laundering to persist without challenge. This thesis explores the role of legal and financial professionals in the facilitation of money laundering, using the concept of ‘situated action’ to explain the actions of professionals involved in laundering criminal proceeds, and an analytical framework which directs attention towards the relationship between these actions and the organisational setting and wider contexts in which they occur. The thesis also considers the criminal justice and regulatory response to professionals’ involvement in money laundering in the UK. The research utilised a qualitative methodology, combining semi-structured interviews with individuals from law enforcement and criminal justice bodies, regulatory bodies, and the relevant professions, with data on 20 cases of professionals convicted of money laundering in the UK. The research found that the facilitation of money laundering by professionals is complex and diverse, comprising a variety of actions, purposes, actors and relationships. While some professionals are complicit in the laundering, many cases involve a more ambiguous ‘grey area’ of intent, which is not about making a deliberate choice to offend or taking opportunities to facilitate money laundering. Instead, decisions to proceed with transactions involving criminal proceeds are shaped by the nature of the occupational role, social relationships and dynamics, and the particular circumstances leading up to and surrounding the point at which the decision is made. A mixed response, involving both criminal justice and regulatory processes, may be the most effective approach to professional involvement in money laundering. However, there are a number of problems with such a model at the current time, including a lack of communication and trust between law enforcement and regulatory bodies, and limitations in the scope of regulation.

The thesis sets out to determine the causes of the gold hoarding and dishoarding in Argentina between 1900 and 1914. It was found that gold (dis)hoarding was part of a mechanism whereby the money supply was altered to meet demand through the exchange of gold pesos for paper. Speculation was important only in late 1913 and 1914 when the possibility emerged that paper would become inconvertible, the price of gold would rise and capital gains would accrue to gold holders. Five assumptions were made: (1) that the money supply was a function of the gold stock, (2) that the demand for money was a function of the level of income, (3) that the Neoclassical explanation of the determination of income fitted Argentina during this period, (4) that price and money income levels were given on world markets, and, (5) that the level of exports determined the level of income. In Argentina during the period 1900 - 1914, gold served two functions: (1) it provided the money supply, and (2) it balanced the international accounts. The thesis argues that although Argentinians were constrained by fixed levels of prices and income and by the rules of the gold standard they were able to alter the real supply of domestic currency by (dis)hoarding gold from their private stocks. Hoarding was found to be correlated with the velocity of money. Consequently it is argued that gold was used to adjust the money supply toward the level of income regardless of what the level of income was. Gold was also found to be correlated with income, although less highly than with velocity. Consequently gold tended to be dishoarded in years after a good spring crop when paper was needed to buy land and real estate and to expand production. In this way gold acted as a precautionary asset which could be used to make advantageous purchases and which was secure in value, the two criterion suggested by Keynes. However, gold behaved in the opposite way to the precautionary balance described by Friedman who felt that the asset would be dishoarded when income was low. Other possible determinants of gold (dis)hoarding were tested and rejected. Two proxies for the interest rate, railroad receipts, and the note issue (the money supply) were correlated with gold (dis)hoarding but the coefficients were not significant. The thesis also suggested that the definition of balance of payments equilibrium should allow for a persistent gold import which would provide a domestic money supply. In equilibrium the rate of gold import equals the rate of growth of income if a constant velocity of money is desired. A second subconclusion was that the international import of gold responded to demands for reserves made by the countries doing the trading. Although these demands were satisfied in the long run, they were not satisfied in the short run, and gold (dis)hoarding took place / Arts, Faculty of / Vancouver School of Economics / Graduate

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A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment, 2017 / Capital markets reforms in emerging, and particularly African markets are of a growing concern. Despite various institutional reforms that began in the early 1980s, the capital markets in emerging countries still exhibit signs of illiquidity, high volatility of returns, high concentration levels and inefficiency. Ambiguous results for such reforms have brought into question the affectivity of major capital markets reforms such as change of settlement cycles, particularly in countries where stock markets are sponsored with public funds. This thesis, therefore, intends to assess the effectiveness of capital markets reforms on development of stock markets by looking at the impact of changing settlement cycle on risk and liquidity at JSE. The objective is met through an assessment of a link between institutional structures and stock micro-structural variables, especially liquidity and risk in the literature review and an assessment of past studies on effects of stock market reforms and changes of settlement cycle on liquidity, risk and efficiency of stock markets. The study then tests the effects of settlement cycle on risk by assessing changes in abnormal returns and changes of variance of returns as a result of settlement cycle change at JSE. It also looks at the impact on liquidity by assessing the effects on the illiquidity measure first proposed by Amihund and Mendeison (2002). The study finds that change of settlement cycle at JSE had positive effects of reducing risk and increasing liquidity. The study also finds that there are no effects on trading activity and concludes that changing settlement cycle impacts largely on risk and to a smaller extend liquidity. / MT 2019

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