Magister Legum - LLM / Today corruption is a major concern for most countries.1 Civil forfeiture of the proceeds of corruption has been embraced as a key strategy by many states in recovering public funds lost through corruption.2 It may be defined as a remedial statutory device designed to recover the proceeds of a crime as well as its instrumentalities.3 Originally, asset recovery regimes adopted by most states were predominantly criminal forfeiture. This mode of forfeiture is preceded by a conviction, after which the state takes possession of the proceeds of the crime from a convicted individual.4 Its proceedings are in personam and the standard of proof is proof beyond a reasonable doubt. Thus, actual forfeiture only takes place after the issue of a conviction order. As a consequence, it is always lengthy and often results in delayed realisation of the proceeds of crime. 5 The inherent weaknesses of criminal forfeiture gave birth to the idea of developing a civil forfeiture system.6 This mode is different from the former in that its proceedings are in rem. Hence the standard of proof is proof on a balance of probabilities and a conviction order is not required.7

本研究探討台灣上市櫃公司發行可轉債及現金增資的決策議題。從發行公司的角度來看，利用錯誤評價及成長機會，同時輔以一些公司特徵變數以了解發行動機。後續並追蹤發行公司發行後資金運用情形，以了解發行公司發行動機及目的是否一致。另一方面，從投資人角度來看，觀察可轉債及現金增資公司宣告效果，並由後續資金配置驗證宣告效果之可靠性。 本研究採用Rhodes-Kropf, Robinson and Viswanathan(2005)提出的方法，將市值帳面比(M/B)拆解成錯誤評價與成長機會。以2001年至2011年台灣上市上櫃公司發行可轉債或現金增資為研究對象，發現無論是可轉債或現金增資，發行公司發行前錯誤評價及成長機會皆顯著較未發行公司高。接著，利用logit模型，發現可轉債發行公司之成長機會及代理問題為其主要發行動機，而現金增資公司則利用資訊不對稱擇時與調整資本結構為發行考量。本文進一步檢視發行後資金配置情況，發現成長機會越高之可轉債，後續資金用途顯著投資於資本支出與研發費用上，符合實質投資理論之觀點。另一方面，錯誤評價越高之現金增資，在前兩年有累積現金之現象，但不用於償還長期負債，且顯著運用於資本支出與研發費用上，僅部分符合行為理論之解釋。因此，本研究歸納現金增資公司發行動機除擇時外，亦有投資需求。最後，在宣告效果上，可轉債與現金增資均呈現負向宣告效果，且投資人給予現金增資較為負向的宣告效果，本文認為此乃投資人意識到公司利用資訊不對稱擇時，且後續資金配置不完全符合行為理論的預期造成的結果。 / This study examines the issuance of convertible bonds (CBs) and seasoned equity offerings (SEOs) for listed companies in TSE and OTC market in Taiwan. From the aspects of issuers, we use mispricing and growth opportunities along with other firm characteristics to understand the motivation of the issuance. We also track the use of post-issue proceeds and relate to the motivations of issuers. From the aspects of investors, we look at the announcement effects to examine appropriateness. We decompose market-to-book ratios into mispricing and growth option components through a methodology proposed by Rhodes-Kropf, Robinson and Viswanathan (2005). By using the samples of CB and SEO issuance between 2001 and 2011, we find that issuing firms of both types are overvalued and have greater growth opportunities relative to non-issuers. Next, we find that CB issuers show greater pre-issue growth opportunities and agency problems, while SEO issuers have greater pre-issue mispricing and tend to adjust capital structure implied by logit model. Furthermore, we examine the post-issue use of proceeds. For CB, firms with greater growth opportunities invest more in capital expenditures and R&D, consistent with real investment explanations. On the other hand, for SEO, firms with greater mispricing stockpile cash in the first two years but don’t pay down long-term debt. They also invest in capital expenditures and R&D. Thus, we conclude that the motivation of SEO firms might be timing and investment needs, partly consistent with behavioral explanations. Finally, the announcement effect of SEO is more negative than CB. Judging from the evidence above, it seems that investors know something.

Ce mémoire traite du blanchiment d’argent. Précisément, il propose une réflexion sur la question suivante : les avocats, cabinets d’avocats et notaires du Québec devraient-ils être assujettis à la Loi sur le recyclage des produits de la criminalité et le financement des activités terroristes? Pour en arriver à une réponse, nous dressons d’abord une définition du recyclage des produits de la criminalité et en analysons l’historique. Puis, nous étudions la pièce maitresse de la stratégie canadienne de prévention du blanchiment d’argent, soit la Loi sur le recyclage des produits de la criminalité et le financement des activités terroristes. Par la suite, nous examinons la question de l’assujettissement des avocats, des cabinets d’avocats et des notaires du Québec en exposant le risque de blanchiment d’argent chez ces professionnels, les multiples tentatives du législateur canadien de légiférer en la matière et une analyse de la décision récente de la Cour suprême du Canada sur ce sujet. Enfin, nous offrons des solutions à l’assujettissement de ces professionnels afin d’éliminer le risque de voir leurs services utilisés à des fins illégitimes. / This thesis focuses on money laundering. Specifically, it reflects on the following question: should lawyers, law firms and Quebec notaries be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act? In order to obtain an answer, it first sets out to seek a definition of money laundering and examines its history. Furthermore, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is analyzed in great detail. Finally, the question whether lawyers, law firms and Quebec notaries should be included in the scope of the Act is studied by exposing the risk of money laundering with these professionals and by undertaking an examination of the Canadian legislator’s multiple attempts to include them as well as an analysis of the Supreme Court of Canada’s recent decision on that matter. In conclusion, it proposes solutions to include these legal professionals in order to eliminate the risk that their services will be used for illicit purposes.

In dieser Arbeit untersuchen wir mathematische Modelle für Finanzmärkte mit einem großen Händler, dessen Handelsaktivitäten transienten Einfluss auf die Preise der Anlagen haben. Zuerst beschäftigen wir uns mit der Frage, wie die Handelserlöse des großen Händlers definiert werden sollen. Wir identifizieren die Erlöse zunächst für absolutstetige Strategien als nichtlineares Integral, in welchem sowohl der Integrand als der Integrator von der Strategie abhängen. Unserere Hauptbeiträge sind hier die Identifizierung der Skorokhod M1 Topologie als geeigneter Topologue auf dem Raum aller Strategien sowie die stetige Erweiterung der Definition für die Handelserlöse von absolutstetigen auf cadlag Kontrollstrategien. Weiter lösen wir ein Liquidierungsproblem in einem multiplikativen Modell mit Preiseinfluss, in dem die Liquidität stochastisch ist. Die optimale Strategie wird beschrieben durch die Lokalzeit für Reflektion einer Diffusion an einer nicht-konstanten Grenze. Um die HJB-Variationsungleichung zu lösen und Optimalität zu beweisen, wenden wir probabilistische Argumente und Methoden aus der Variationsrechnung an, darunter Laplace-Transformierte von Lokalzeiten für Reflektion an elastischen Grenzen. In der zweiten Hälfte der Arbeit untersuchen wir die Absicherung (Hedging) für Optionen. Der minimale Superhedging-Preis ist die Viskositätslösung einer semi-linearen partiellen Differenzialgleichung, deren Nichtlinearität von dem transienten Preiseinfluss abhängt. Schließlich erweitern wir unsere Analyse auf Hedging-Probleme in Märkten mit mehreren riskanten Anlagen. Stabilitätsargumente führen zu strukturellen Bedingungen, welche für ein arbitragefreies Modell mit wechselseitigem Preis-Impakt gelten müssen. Zudem ermöglichen es jene Bedingungen, die Erlöse für allgemeine Strategien unendlicher Variation in stetiger Weise zu definieren. Als Anwendung lösen wir das Superhedging-Problem in einem additiven Preis-Impakt-Modell mit mehreren Anlagen. / In this thesis we study mathematical models of financial markets with a large trader (price impact models) whose actions have transient impact on the risky asset prices. At first, we study the question of how to define the large trader's proceeds from trading. To extend the proceeds functional to general controls, we ask for stability in the following sense: nearby trading activities should lead to nearby proceeds. Our main contribution in this part is to identify a suitable topology on the space of controls, namely the Skorokhod M1 topology, and to obtain the continuous extension of the proceeds functional for general cadlag controls. Secondly, we solve the optimal liquidation problem in a multiplicative price impact model where liquidity is stochastic. The optimal control is obtained as the reflection local time of a diffusion process reflected at a non-constant free boundary. To solve the HJB variational inequality and prove optimality, we need a combination of probabilistic arguments and calculus of variations methods, involving Laplace transforms of inverse local times for diffusions reflected at elastic boundaries. In the second half of the thesis we study the hedging problem for a large trader. We solve the problem of superhedging for European contingent claims in a multiplicative impact model using techniques from the theory of stochastic target problems. The minimal superhedging price is identified as the unique viscosity solution of a semi-linear pde, whose nonlinearity is governed by the transient nature of price impact. Finally, we extend our consideration to multi-asset models. Requiring stability leads to strong structural conditions that arbitrage-free models with cross-impact should satisfy. These conditions turn out to be crucial for identifying the proceeds functional for a general class of strategies. As an application, the problem of superhedging with cross-impact in additive price impact models is solved.

Made available in DSpace on 2016-04-26T20:25:32Z (GMT). No. of bitstreams: 1 ANA PAULA SCHINCARIOL LUI.pdf: 1059573 bytes, checksum: d25bf442be18de4f864eb48223896d40 (MD5) Previous issue date: 2007-05-29 / This work aims at confronting constitutional, legal and academic analyses, related to the systems of establishment, calculation and collection of PIT, with the practical analysis, in other words, with the way by which the taxpayer raises the effective tribute calculation basis and calculates the due amount. Therefore, after the study of the constitutional text, of the constitutional definition of "income and proceeds of any nature", and of the analysis of the constitutional precepts applicable to the formation of the PIT calculation basis, which constitute the first stage of the work First and Second Chapters , the four systems of calculation and collection of the PIT are studied and their unconstitutional aspects identified on the second part of it Third Chapter. Thus, the concepts and definitions studied in the first part of the work will be applied to the second part, showing many times, in the attempt of facilitating and hastening the outturn, that the constitutional concept of "income and proceeds of any nature" is confronted, and the commandments extracted from the constitutional precepts are not observed, and also in the counting of the due tribute the reduction of the basic expenses, necessary to the taxpayer's maintenance and of his/her family, is not allowed, consequently starting to tax not the patrimonial increment but the taxpayer's patrimony / O presente trabalho tem por objetivo confrontar as análises constitucional, legal e acadêmica, relacionadas à sistemática de instituição, apuração e cobrança do IRPF, com a análise prática, ou seja, com a forma pela qual o contribuinte apura a efetiva base de cálculo do tributo e calcula o montante devido. Por isso, após o estudo do texto constitucional, da definição constitucional de renda e proventos de qualquer natureza e da análise dos princípios constitucionais aplicáveis à formação da base de cálculo do IRPF, que constituem a primeira etapa do trabalho Primeiro e Segundo Capítulos , passam-se a estudar, na segunda parte dele Terceiro Capítulo , as quatro sistemáticas de apuração e cobrança do IRPF e a se identificarem os seus aspectos inconstitucionais. Assim, à segunda parte do trabalho, serão aplicados os conceitos e definições estudados na primeira parte, ficando claro que, muitas vezes, na tentativa de facilitar e agilizar a arrecadação tributária, afronta-se o conceito constitucional de renda e proventos de qualquer natureza e não se observam os mandamentos extraídos dos princípios constitucionais ou, ainda, na apuração do tributo devido, não se permite o abatimento das despesas básicas, necessárias à manutenção do contribuinte e de sua família, passando-se a tributar não o acréscimo patrimonial, mas, sim, o patrimônio do contribuinte

我國經濟犯罪之範圍，係由司法機關(司法院)與行政機關(法務部) 分別以作業性之行政規則頒訂，仍以侵害個人財產法益之金融犯罪為 規範對象。 就經濟犯罪所得，由於其性質屬於準不當得利之衡平措施，自應予以 追繳或抵償(再發還被害人或充公收歸國有)以修復正義，該行為只要 與法規範對立矛盾(即具有不法構成要件該當之違法性)即足，無庸探 究行為人之罪責要件。我國將犯罪所得規定為從刑，須待行為人(即 被告)受有罪科刑判決方能併宣告沒收，緩不濟急。 建議將犯罪所得追繳後發還被害人之個別法律，移置於刑法總則一體 適用，定性為強制處分，並將沒收、追繳、追徵或抵償自從刑之規定 刪除，另於刑事訴訟法宣示判決之條文增加發還被害人或得請求損害 賠償之人，且得由法院依職權或依檢察官之聲請權單獨宣告。 我國附帶民事訴訟受請求之被告，不限於刑事訴訟進行中之被告，尚包括「其他依民法應負賠償責任之人」，刑事庭法官遇有此種情形，因對渠等並無確定刑罰權有無及範圍之權限，在刑事訴訟程序的操作上格格不入，有仿襲德國刑事訴訟法第403條規定，被請求人應以刑事被告為限。 由於附帶民事訴訟規範之目的在避免雙重工作負擔及二次裁判，惟依 現行刑事訴訟法之規定，法官除刑事判決外，另需製作一份民事訴訟 判決，如此顯違反前揭附帶民事訴訟規範之目的；故正本清源之道， 乃無庸另製作一份附帶民事訴訟之判決，就犯罪不法利得，逕於刑事 判決主文中諭知發還被害人或給付若干金額予被害人。 被害人與加害人間共同參與之修復式司法近年來在世界各國實務及 學說均肯定其實踐層面之重要性，為具體落實憲法訴訟權應保障犯罪 被害人公平且有效的權利救濟途徑及程序主體性之地位，本文建議在 審理刑事案件之前階段即擴大強制調解及和解制度之運用，由被告及 被害人共同參與決定採取何種途徑最有利於促成實質修復正義之結 果，俾利被害人程序主體性之建立及擴大紛爭解決一次性之要求。 / Economic crime in Taiwan is defined by the administrative regulations of the Judicial Yuan and the Ministry of Justice, respectively. Such regulations are aimed at financial crimes that damage personal property. Because the proceeds of economic crimes are “quasi-kondiktionelle Ausgleichsmaßnahme”, the courts should seize the profits, and then use them to either compensate victims or confiscate them in the name of serving justice. So long as this offense is contradictory to criminal law (i.e. constituting the penal code and finding no specific legal cause for that offense), the courts need not review the problem of offender's guilt. As ill-gotten gains are stipulated as “Nebenstrafe” in the Taiwan penal code, the courts cannot confiscate those gains unless there is a simultaneous conviction, which seems too slow. The following suggestions are presented. The individual laws regulating “Verfall” and compensation to the victims should be reorganized in the penal code and characterized as “maßnahme”. The legal effect of these laws as “Nebenstrafe” should be deleted. The articles relating to the compensation of criminal proceeds to the victims should be increased as well. In addition, the courts should be allowed to announce verdicts either alone by its authority or according to the prosecutor’s request. In Taiwan, defendants accused during the adhesion process are not limited to being defendants in the process of criminal litigation, but also include other persons who should bear damages in accordance with civil law. When criminal court judges face this situation, since it is not certain whether there is a right to impose criminal punishment, or what the scope of punishment should be, there are inconsistencies in the operations of the criminal litigation procedure. There have been attempts to imitate Germany’s Criminal Litigation Law Clause 403, in which the accused should be limited to criminal defendants. The purpose of the rules on the adhesion process is to prevent a double workload and multiple judgments. However, according to existing requirements for criminal litigation, in addition to criminal judgments, judges must also make civil litigation judgments. This violates the aforementioned purpose of adhesion process rules. Thus, the way to rectify this situation is to create another adhesion process judgment based on the proceeds of crime, in order to assign restitution or to pay a certain amount to the victim, inside the main text of the criminal judgment. Restorative justice, in which the victim and offender jointly participate, has recently been affirmed in its importance, both in theory and in practice, all over the world. In order to concretely realize the principle that constitutional litigation rights should protect crime victims, as well as provide fair and effective remedial paths and procedural subjectivity, this study suggested that in the stage prior to judging criminal cases, there should be expanded use of enforced arbitration and mediation systems, in which the defendant and the victim jointly participate, in order to determine the best course for promoting restorative justice, to satisfy the demand for victim procedural subjectivity, and to expand the one-time character of dispute resolutions.

This study evaluated money laundering investigation conducted at the Financial and Asset Forfeiture Investigation (FAFI) Unit of the Directorate for Priority Crime Investigation (DPCI) in Pretoria. Data were collected through semi-structured interviews conducted with financial and asset forfeiture investigators attached to the DPCI who are responsible for investigating money laundering. From the results of this study, it became apparent that participants experience a number of challenges in the investigation of money laundering. This study makes recommendations that could empower investigators at the FAFI of the DPCI with enhanced skills and knowledge to effectively investigate cases of money laundering. / Criminology and Security Science / M.A. (Criminal Justice--Forensic Investigation)

Money laundering involves activities which are aimed at concealing benefits that were acquired through criminal means for the purpose of making them appear legitimately acquired. Money laundering promotes criminal activities in South Africa because it allows criminals to keep the benefits that they acquired through their criminal activities. It takes place through a variety of schemes which include the use of banks. In this sense money laundering control is based on the premise that banks must be protected from providing criminals with the means to launder the benefits of their criminal activities. The Financial Intelligence Centre Act 38 of 2001 (‘FICA’) in aggregate with the Prevention of Organised Crime Act 121 of 1998 (‘POCA’) form the backbone of South Africa’s anti-money laundering regime. Like its international counterparts FICA imposes onerous duties on banks seeing that they are most often used by criminals as conduits to launder the benefits of crime. In turn, POCA criminalises activities in relation to the benefits of crime and delineates civil proceedings aimed at forfeiting the benefits of crime to the state. This study identifies the idiosyncrasies of the South African anti-money laundering regime and forwards recommendations aimed at improving its structure. To this end nine issues in relation to money laundering control and banks are investigated. The investigation fundamentally reveals that money laundering control holds unforeseen consequences for banks. In particular, a bank that receives the benefits of crimes such as fraud or theft faces prosecution if it fails to heed FICA’s money laundering control duties, for example, the filing of a suspicious transaction report. However, if the bank files a suspicious transaction report, it may be sued in civil court by the customer for breach of contract. In addition, if the bank parted with the benefits of fraud or theft whilst suspecting that the account holder may not be entitled to payment thereof, it may be sued by the victim of fraud or theft who seeks to recover loss suffered at the hand of the fraudster or thief from the bank. Ultimately, this study illustrates that amendment of some of the provisions of South Africa’s anti-money laundering legislation should enable banks to manage the aforementioned and other unforeseen consequences of money laundering control whilst at the same time contribute to the South African anti-money laundering effort. / Criminal and Procedural Law / Mercantile Law / LL.D.

Money laundering involves activities which are aimed at concealing benefits that were acquired through criminal means for the purpose of making them appear legitimately acquired. Money laundering promotes criminal activities in South Africa because it allows criminals to keep the benefits that they acquired through their criminal activities. It takes place through a variety of schemes which include the use of banks. In this sense money laundering control is based on the premise that banks must be protected from providing criminals with the means to launder the benefits of their criminal activities. The Financial Intelligence Centre Act 38 of 2001 (‘FICA’) in aggregate with the Prevention of Organised Crime Act 121 of 1998 (‘POCA’) form the backbone of South Africa’s anti-money laundering regime. Like its international counterparts FICA imposes onerous duties on banks seeing that they are most often used by criminals as conduits to launder the benefits of crime. In turn, POCA criminalises activities in relation to the benefits of crime and delineates civil proceedings aimed at forfeiting the benefits of crime to the state. This study identifies the idiosyncrasies of the South African anti-money laundering regime and forwards recommendations aimed at improving its structure. To this end nine issues in relation to money laundering control and banks are investigated. The investigation fundamentally reveals that money laundering control holds unforeseen consequences for banks. In particular, a bank that receives the benefits of crimes such as fraud or theft faces prosecution if it fails to heed FICA’s money laundering control duties, for example, the filing of a suspicious transaction report. However, if the bank files a suspicious transaction report, it may be sued in civil court by the customer for breach of contract. In addition, if the bank parted with the benefits of fraud or theft whilst suspecting that the account holder may not be entitled to payment thereof, it may be sued by the victim of fraud or theft who seeks to recover loss suffered at the hand of the fraudster or thief from the bank. Ultimately, this study illustrates that amendment of some of the provisions of South Africa’s anti-money laundering legislation should enable banks to manage the aforementioned and other unforeseen consequences of money laundering control whilst at the same time contribute to the South African anti-money laundering effort. / Criminal and Procedural Law / Mercantile Law / LL.D.

The researcher conducted a critical analysis of the policing of counterfeit crime in South Africa. A pure qualitative research design and approach was adopted. A literature review, interviews and observations were conducted to provide an overview of this problem nationally and internationally. Interview schedules were designed with pre-determined open-ended questions, which allowed participants to explain their perceptions, opinions and viewpoints on the policing of counterfeit in South Africa. Some of the designed questions were mailed to respondents. Questions were posed to members of the Specialised Commercial Crime Unit, members of the South African Police Service’s Crime Prevention Unit, members of the Department of Trade and Industry who deal with counterfeit, prosecutors who normally prosecute counterfeit cases, brand owners/holders/representatives, and attorneys who assist in the policing of counterfeit crime. The findings of this study informed the proposed recommendations for preventative and reactive response mechanisms. These proposed recommendations suggest ways of improving efficiency and effectiveness in policing counterfeit in South Africa. / Criminology and Security Science / Ph. D. (Criminal Justice)