Category: Money

It is common knowledge that the easier it is to access services and products on a given website the more likely users will be encouraged to come back. This usability test was carried out to evaluate the effectiveness of the website, GE Money.com.au both in terms of ease of use and the ease of learning. It did so by answering the following five questions:

1. Whether the site is one that users could visit often.
2. Whether the website serves the purpose for which it was created
3. Whether the site was visually appealing in its design
4. Whether the website is accessible
5. Whether the information on the site was presented

Objectives

The first step in the procedure was to come up with a checklist that would guide the entire process. This checklist had five major assessment objectives:

1. To find out the accessibility of the site
2. To assess the visual attractiveness of the site
3. To assess the ease of navigation within the website
4. To assess the ease of communication with the administration
5. To assess the functionality of every item on the website

Test environment

Since the logistics could not allow for all participants in the project to test the website at the same time, the analysis was spread over two days. The participants were led into a room with a computer that had been connected to the internet. The room was an average living room and this was so that test subjects could not feel intimated because it had been established that the less comfortable the testers were the less accurate the results obtained. Only the subject and the monitor were allowed into the room for the entire period of the test to keep distractions at a minimum.

User profile

Eight people from various walks of life participated in this test. Below are their brief profiles.

Method

The first step was to get the participants comfortable with their environment. They were assured that this was not a test and that there were no wrong answers. It was also necessary to inform the testers that any difficulty in carrying out a given function was a fault of the website and not the users shortcoming.

The participants were then told the name of the website and given the URL. Their opinions about the content they expected from the website were noted down.

Next, the testers were allowed to have an initial glimpse of the site. There first impressions were recorded before proceeding to the tasks that were set out. Each individual was to perform the following four tasks (one at a time):

1. Apply for a loan
2. Apply for a credit card
3. Contact the customer service
4. Read the companys privacy policy

In order to achieve even more results with the tasks, scenarios were formulated for each task as it was found out that people generally tend to respond more naturally to scenarios than to instructions. The following four questions were formulated for each respective task:

1. You want to purchase a car and you need to get a loan for this purpose. Send in your application to the company online.
2. You need a credit card because it has become unsafe for you to walk around with cash. Apply for one online.
3. You have lost your credit card and you need to contact customer service. Unfortunately your mobile phone battery is dead and all you have is a laptop. Send a brief email to the company asking that they block the card usage.
4. You are interested in reading the privacy policy of the company since you are one of their clients. Find it on the companys website.

The testers were also encouraged to note down any problems that they encountered in the usage of the site.

Role of the test monitors

During the period that the test subjects were performing the tasks, the evaluators stood quietly and at no time were they allowed to voice their opinions. Whenever it was necessary to give feedback to points raised by the subjects, this feedback was to be neutral at all time. Ideally, the monitors were to be out of the direct view of the testers so as not to give clues via facial expressions.

Post test feedback

After all the tasks were done, opinions of the subjects regarding the website were sought. The testers were asked to give a general opinion of the site and whether their expectations had been met. The participants were also asked to detail what they remembered about the site. This was supposed to establish whether the site was structured in a logical way.

Findings

When the testers were told the name of the website and the URL, most of them confessed to initially thinking that it was a gambling website. They said that GE Money did not sound like the name of a website that was intended to handle genuine financial issues and one of the testers said that it sounded more like the stage name of a rapper or a wrestler. Suggestions were made that if possible, a more formal-sounding title be obtained for the website.

On first arrival at the site, the most unanimous conclusion was that the website looked more like a fun project than a serious website targeted at handling peoples finances. This was due to the minimal provision of data on all pages. One lady actually said that she would go through the pages just to see the services offered but she would rather physically visit the companys offices to do the application as compared to doing it online.

Applying for a loan was the most easily undertaken task. However, most of the individuals wanted to find out more information about the various packages that the company offered. A few went ahead to click on the loan adviser link hoping to get more information but to no avail. Most of the participants found the first part of the online application form useless because individuals could easily provide information which they knew the automated system required and move on with the application process. Getting back to the homepage was quite challenging since there was no clear home tab on the website. Most of the test participants suggested that instead of using the website title as the link to the homepage, it was more practical to have a tab labeled home.

Accessing the companys privacy policy proved very difficult to all the participants. This was because the link to this page was hidden at the very bottom of the page and even the most attentive of users did not bother to scroll that far down. Suggestions were made that the tab panel at the top of the page be designed in such a way that it contained links to all the vital pages of the website.

The lack of a site search box on the homepage was also seen as major weakness of the website. Whenever the testers could not find the kind of information they were looking for, they automatically moved to the top right corner of the page trying to find the search box. Most of the participants claimed that on every occasion that they happened to use websites and could not find information that they were sure was on the particular site, the search option was always their next stop and in most websites it happened to be positioned at the top right corner.

When it came to contacting customer care, the participants searched around for the contacts. However, most were confused as to whether to click on the customer care tab or on the contact us tab. With either option, they still expected to find a well configured email box where they could type in their queries directly to customer care but were disappointed to find telephone numbers only. It was agreed that most people would rather leave a typed message for customer care than have to pick a phone and call.

One major weakness that was found with the website and actually with the whole company in general was that it lacked an area of expertise. The numerous services the website was trying to sell made the company appear like a jack of all trades and a master of none. Most of the interviewees said they found it hard to trust the company since they could not find a history of its successes anywhere on the website. One individual noted that the way the website displayed its telephone contacts prominently and kept the most important information hidden or even absent made it all look like a con-scheme.

When it came to the task where the testers were to apply for a credit card, they all moved swiftly and clicked on the appropriate tab. However, proceeding from there took quite some time as they went through the ten choices trying to find sufficient information that would guide them on what choice to make. They all looked frustrated having not found enough information on the cards and most of them just picked one at random and proceeded with the application procedure. A suggestion was made that if the company could not reduce the number of cards they were offering, it was only desirable for them to present enough details for each card.

The website was also found to be very lacking in terms of helping out the visitors. This was because there was no help page and the FAQ page contained less than ten items; a figure that is insignificant compared to the number of queries visitors can have per day. The testers suggested that a page be created with the largest number possible of help guidelines and it be given a well labeled link on every other page.

Evaluation

The usability test was very effective in evaluating the GE Money website. From the findings it is evidently clear that the website lacked in a lot of departments as summarized below.

Navigation through the website was found to be wanting with improper placement or lack thereof of links to several pages. Maneuvering through related pages was also quite challenging since no special method of coding for these relations was provided on the website.

Accessibility was average and the time it took to load the website was in tandem with the content. However, communicating with the administration was very challenging as there were two links that were supposed to carry out this function but it was not immediately evident which one was ideal for this purpose.

As far as clarity of communication was concerned, the website did not meet the expectations of the users and did not completely fulfill the purpose that it was created for. The numerous services that the website was peddling made the company lose its trustworthiness.

Consistency in the website design was one of the aspects that received high ratings. All the pages had the same colors and mode of presentation. However, some slight changes were suggested especially in the titling of the different pages since at some point it became impossible to distinguish the GE Money-UK from the GE Money-NZ page and since there was no proper home tab on either page, it became very difficult for the users to navigate back to the original GE Money homepage once they landed on either of these two pages.

The visual presentation of the website also did not serve to push the agenda of the company. The minimalistic approach in terms of the information presented on the website pages was not ideal for a company that claimed to offer important financial services. The testers noted that the graphic layout seemed more appropriate for a company that sells fun products like holiday packages. It was recommended that the creators of the website borrow some ideas from bank websites such as the Barclays bank site.

Below is the post-test questionnaire which was used in the usability analysis.

Conclusion

While creativity is highly encouraged especially in building of websites, it is also important to bear in mind the purpose for which the said website is intended for. This will help create a product that will meet the functions of the organization. Before launching a website, it is advisable that a usability test be carried out so that embarrassing situations like the ones noted in this report can be avoided. The usability is even more mandatory in institutions that cannot re-brand once they have lost reputation. This project was indeed very educational as it provided for the chance to apply theoretical knowledge to a real life situation.

It is common knowledge that the easier it is to access services and products on a given website the more likely users will be encouraged to come back. This usability test was carried out to evaluate the effectiveness of the website, GE Money.com.au both in terms of ease of use and the ease of learning. It did so by answering the following five questions:

1. Whether the site is one that users could visit often.
2. Whether the website serves the purpose for which it was created
3. Whether the site was visually appealing in its design
4. Whether the website is accessible
5. Whether the information on the site was presented

Objectives

The first step in the procedure was to come up with a checklist that would guide the entire process. This checklist had five major assessment objectives:

1. To find out the accessibility of the site
2. To assess the visual attractiveness of the site
3. To assess the ease of navigation within the website
4. To assess the ease of communication with the administration
5. To assess the functionality of every item on the website

Test environment

Since the logistics could not allow for all participants in the project to test the website at the same time, the analysis was spread over two days. The participants were led into a room with a computer that had been connected to the internet. The room was an average living room and this was so that test subjects could not feel intimated because it had been established that the less comfortable the testers were the less accurate the results obtained. Only the subject and the monitor were allowed into the room for the entire period of the test to keep distractions at a minimum.

User profile

Eight people from various walks of life participated in this test. Below are their brief profiles.

Method

The first step was to get the participants comfortable with their environment. They were assured that this was not a test and that there were no wrong answers. It was also necessary to inform the testers that any difficulty in carrying out a given function was a fault of the website and not the users shortcoming.

The participants were then told the name of the website and given the URL. Their opinions about the content they expected from the website were noted down.

Next, the testers were allowed to have an initial glimpse of the site. There first impressions were recorded before proceeding to the tasks that were set out. Each individual was to perform the following four tasks (one at a time):

1. Apply for a loan
2. Apply for a credit card
3. Contact the customer service
4. Read the companys privacy policy

In order to achieve even more results with the tasks, scenarios were formulated for each task as it was found out that people generally tend to respond more naturally to scenarios than to instructions. The following four questions were formulated for each respective task:

1. You want to purchase a car and you need to get a loan for this purpose. Send in your application to the company online.
2. You need a credit card because it has become unsafe for you to walk around with cash. Apply for one online.
3. You have lost your credit card and you need to contact customer service. Unfortunately your mobile phone battery is dead and all you have is a laptop. Send a brief email to the company asking that they block the card usage.
4. You are interested in reading the privacy policy of the company since you are one of their clients. Find it on the companys website.

The testers were also encouraged to note down any problems that they encountered in the usage of the site.

Role of the test monitors

During the period that the test subjects were performing the tasks, the evaluators stood quietly and at no time were they allowed to voice their opinions. Whenever it was necessary to give feedback to points raised by the subjects, this feedback was to be neutral at all time. Ideally, the monitors were to be out of the direct view of the testers so as not to give clues via facial expressions.

Post test feedback

After all the tasks were done, opinions of the subjects regarding the website were sought. The testers were asked to give a general opinion of the site and whether their expectations had been met. The participants were also asked to detail what they remembered about the site. This was supposed to establish whether the site was structured in a logical way.

Findings

When the testers were told the name of the website and the URL, most of them confessed to initially thinking that it was a gambling website. They said that GE Money did not sound like the name of a website that was intended to handle genuine financial issues and one of the testers said that it sounded more like the stage name of a rapper or a wrestler. Suggestions were made that if possible, a more formal-sounding title be obtained for the website.

On first arrival at the site, the most unanimous conclusion was that the website looked more like a fun project than a serious website targeted at handling peoples finances. This was due to the minimal provision of data on all pages. One lady actually said that she would go through the pages just to see the services offered but she would rather physically visit the companys offices to do the application as compared to doing it online.

Applying for a loan was the most easily undertaken task. However, most of the individuals wanted to find out more information about the various packages that the company offered. A few went ahead to click on the loan adviser link hoping to get more information but to no avail. Most of the participants found the first part of the online application form useless because individuals could easily provide information which they knew the automated system required and move on with the application process. Getting back to the homepage was quite challenging since there was no clear home tab on the website. Most of the test participants suggested that instead of using the website title as the link to the homepage, it was more practical to have a tab labeled home.

Accessing the companys privacy policy proved very difficult to all the participants. This was because the link to this page was hidden at the very bottom of the page and even the most attentive of users did not bother to scroll that far down. Suggestions were made that the tab panel at the top of the page be designed in such a way that it contained links to all the vital pages of the website.

The lack of a site search box on the homepage was also seen as major weakness of the website. Whenever the testers could not find the kind of information they were looking for, they automatically moved to the top right corner of the page trying to find the search box. Most of the participants claimed that on every occasion that they happened to use websites and could not find information that they were sure was on the particular site, the search option was always their next stop and in most websites it happened to be positioned at the top right corner.

When it came to contacting customer care, the participants searched around for the contacts. However, most were confused as to whether to click on the customer care tab or on the contact us tab. With either option, they still expected to find a well configured email box where they could type in their queries directly to customer care but were disappointed to find telephone numbers only. It was agreed that most people would rather leave a typed message for customer care than have to pick a phone and call.

One major weakness that was found with the website and actually with the whole company in general was that it lacked an area of expertise. The numerous services the website was trying to sell made the company appear like a jack of all trades and a master of none. Most of the interviewees said they found it hard to trust the company since they could not find a history of its successes anywhere on the website. One individual noted that the way the website displayed its telephone contacts prominently and kept the most important information hidden or even absent made it all look like a con-scheme.

When it came to the task where the testers were to apply for a credit card, they all moved swiftly and clicked on the appropriate tab. However, proceeding from there took quite some time as they went through the ten choices trying to find sufficient information that would guide them on what choice to make. They all looked frustrated having not found enough information on the cards and most of them just picked one at random and proceeded with the application procedure. A suggestion was made that if the company could not reduce the number of cards they were offering, it was only desirable for them to present enough details for each card.

The website was also found to be very lacking in terms of helping out the visitors. This was because there was no help page and the FAQ page contained less than ten items; a figure that is insignificant compared to the number of queries visitors can have per day. The testers suggested that a page be created with the largest number possible of help guidelines and it be given a well labeled link on every other page.

Evaluation

The usability test was very effective in evaluating the GE Money website. From the findings it is evidently clear that the website lacked in a lot of departments as summarized below.

Navigation through the website was found to be wanting with improper placement or lack thereof of links to several pages. Maneuvering through related pages was also quite challenging since no special method of coding for these relations was provided on the website.

Accessibility was average and the time it took to load the website was in tandem with the content. However, communicating with the administration was very challenging as there were two links that were supposed to carry out this function but it was not immediately evident which one was ideal for this purpose.

As far as clarity of communication was concerned, the website did not meet the expectations of the users and did not completely fulfill the purpose that it was created for. The numerous services that the website was peddling made the company lose its trustworthiness.

Consistency in the website design was one of the aspects that received high ratings. All the pages had the same colors and mode of presentation. However, some slight changes were suggested especially in the titling of the different pages since at some point it became impossible to distinguish the GE Money-UK from the GE Money-NZ page and since there was no proper home tab on either page, it became very difficult for the users to navigate back to the original GE Money homepage once they landed on either of these two pages.

The visual presentation of the website also did not serve to push the agenda of the company. The minimalistic approach in terms of the information presented on the website pages was not ideal for a company that claimed to offer important financial services. The testers noted that the graphic layout seemed more appropriate for a company that sells fun products like holiday packages. It was recommended that the creators of the website borrow some ideas from bank websites such as the Barclays bank site.

Below is the post-test questionnaire which was used in the usability analysis.

Conclusion

While creativity is highly encouraged especially in building of websites, it is also important to bear in mind the purpose for which the said website is intended for. This will help create a product that will meet the functions of the organization. Before launching a website, it is advisable that a usability test be carried out so that embarrassing situations like the ones noted in this report can be avoided. The usability is even more mandatory in institutions that cannot re-brand once they have lost reputation. This project was indeed very educational as it provided for the chance to apply theoretical knowledge to a real life situation.

Seemingly, weddings and funerals have lots of similarities. For instance, individuals dress up; families assemble, part of the crowd weep and guests of honor travel in expensive vehicles. After considering that huge sums of money are time and again spent on ceremonials, researchers have attested the availability of a lot of money in different nations of the world. In fact, while looking for new torrents on income, most families tend to add multipurpose regional centers for the purpose of societal meetings as well as post-funeral receptions.

In spite of the fact that marriages and funeral ceremonies have turned out to be highly expensive, it is asserted that 2,300,000 weddings are celebrated each year along with infinite figures of funerals in the United States. This essay tries to explore, compare and contrast the activities in a wedding and funeral ceremony with special emphasis on Rebeccas one perfect day: the selling of the American wedding and Jessicas book entitled The American way of death revisited.

According to Rebecca, Americas wedding lacks total uniformity. However, there are some basic aspects that have been observed in nearly all marriages in the United States. Generally, the bride put on a white gown, a religious ceremony is performed, and subsequent to this is a reception along with drinking, eating and dancing. Wedding celebrations in the United States are seen as events for self expression. This tendency in the US is inevitable and distinct.

They also present themselves extremely beautiful, well dressed and affluent. Marriage is the most conformist, respected and highly exalted ceremony within the US society. Various irresistible forces have developed in the wedding sector which has posed a challenge to the conventional way wedding. American wedding is presently shaped by commerce as well as marketing (Mead 16). Marriage usually changes an individuals lifestyle to a prospective purchaser of bridal manufactured goods.

Researchers approximated that the American wedding industry had accumulated to 161 US dollars to the United States economy in 2006. In most cases, brides who purchase wedding merchandises from the industry are assured of a happily life ever after. This incites them into spending much while approaching their wedding ceremonies.

Rebecca states that her stand regarding the amount of money spent in wedding ceremonies is sternly negative. She sees this as a waste of money and a creator of havoc to the financial stability of the newlywed couples. Rebecca asserts that most brides are always gripped by the desire to have their guests chair-backs tied with ribbons and colored to coordinate precisely with the envelopes in which their save-the-date cards have been sent out (Mead 20). All these cannot be attained without money.

Rebecca explores the extent to which wedding ceremonies have been transformed through selfish interests into machines of income. The bridal media has influenced the industry through brokering relationships between brides and industries that serve them.

Wedding ceremonies are also performed through hiring of vehicles and also hiring places where the bride and groom spent their times together. Different varieties of wedding gowns have been manufactured to provide a variety of choice to the newlywed couples. Wedding gowns worn in America were initially manufactured in the US but they are currently manufactured in Chinese Factory Floor.

Department stores in the wedding registry have progressively strived to secure brides as their clienteles for life. The significance of religion in a customary wedding has been mentioned along with the ways through which nuptial spirituality is marketed. Honeymoons along with journeys traveled by couples are also recognizably expensive.

Mitfords book concentrates on the field of death. Death has also been considered as an expensive activity. Jessicas book focuses on the high costs of funerals as a reason behind her discouragement of funeral activities. She talks of how the writing of her book was troubled and discouraged by most Americans especially the media mortuary experts.

As a matter of fact, the standard cost of a funeral nationally had risen from seven hundred and fifty US dollars in 1963 to one thousand six hundred and fifty US dollars in 1977 in exclusive of a burial plot (Mitford 10). The price of cremation had also doubled within a period of thirteen years.

In consideration of this, Jessica asserts that from the probable profitability, a Neptune Society was initiated by an enterprising businessman, a (for profit) direct cremation business enterprise that enjoyed instantaneous achievement and soon attracted customers from different parts of the world.

Cremation, which was the sole alternative for low class individuals due to the fact that it is cheap and simple, has turned out to be extremely expensive. Jessica also explains how the Federal Trade Commissions Consumer Protection Bureau had initiated a policy to restrict reckless funeral buyers in their contracts with the undertakers.

This rule that was brought forth by the Federal Trade Commission had a great deal of loopholes. Most individuals in the United States have gone further to construct their own mortuaries and cemeteries as their sole source of income.

The major difference between Rebeccas book and Mitfords is the fact that Rebeccas book focuses on weddings as events that consume huge amounts of income while Mitfords book concentrates on funerals as events that consume a lot of income from the individuals involved.

Despite the fact that the two activities produce similar impacts, they are totally of different settings. Rebeccas book talks of pricey reception services entailing drinking, eating and dancing along with traveling in fancy vehicles, provision of special treats to the guests of honor, purchasing of costly gowns, preparation and distribution of wedding cards to the invited guests, honeymooning and traveling for fun On the contrary, high costs entailing pricey reception have not been mentioned in Mitfords book.

Both books regard marriage and funeral ceremonies as extremely pricey events. Marriage entails couples traveling in fancy vehicles, purchasing of costly gowns, feeding of individuals at reception centers, preparation and distribution of wedding cards to the invited guests, honeymooning and traveling for fun as well as paying for the hired activity places.

Funerals entail expensive mortuary services, caskets, cemetery services as well as burial plots (Mitford 20). Both books clarify that the costs of marriage and funeral have been gradually increasing as compared to the previous years where all classes of individuals could afford the services. In fact, the costs of wedding gowns, reception centers, rings, fancy vehicles and weddings invitation cards have sharply increased. In Mitfords book, the cost of mortuary services and burial plots have also increased.

Rebeccas book discourages the way in which the expenses in marriage have sharply increased. The highly exalted conventional marriage has been gradually replaced with a business oriented activity. Marriage is seen as an activity that individuals show off their status in terms of capital.

Presently, people in America try to employ all means to make their wedding ceremonies expensive than their colleagues. Business persons also strive to make the brides their permanent clienteles in each and every way. Similarly, the values of funeral services have progressively increased from affordable prices to highly unaffordable prices. The outlays of funeral services have progressively increased from $750 to $1650 within a period of seventeen years.

When Rebecca tried to bring to people attention that the high costs of marriage ceremonies should be done away with, she was shunned by both the media and the managers of different business corporations. This was due to the fact that if the weddings were averted, then most marketing corporations would their sources of income.

Marriages are presently considered as major sources of capital in most corporations (Mead 13). Likewise Mitford was also troubled in the publication of her book. She was not even allowed by the media to publicize her stand regarding the cost of funerals. In revisiting the American way of death, Mitford asserts that the changes in the costs of funerals are not positive and thus there is need for restructuring the system. She was objected by different people as well as the media.

In Rebeccas book, weddings are regarded as sources of income to various corporations. First of all, the media gets cash in advertising new wedding gowns introduced to the market. Companies also get capital from the sale of wedding gowns and rings. Individually owned centers are also sources of income as they serve as reception centers during wedding celebrations. In Mitfords book, funerals have been regarded as sources of income to various corporations. Individuals have also constructed their own cemeteries and mortuaries for income.

Conclusively, both marriage and funerals are expensive events. They should therefore be done away with. Fault concepts that the lives of couples can only be happier if their wedding ceremonies are well celebrated should be done away with. The amount of money spent in these events should be reduced so that the money is channeled to other important sectors of the nation. It is also important to note that different nations around the globe are unknowingly surrounded by money.

Works Cited

Mead, R. One Perfect Day: The Selling of the American Wedding. New York: Penguin Press HC, 2007. Print.

Mitford J. The American Way of Death Revisited. New York: Vintage, 2000. Print.

The article in question is about whether one should give spare change to the panhandlers we meet on the street or contribute to an organization involved in charity in the hope that they would do something good for society. The author goes to great lengths to point out the fallacy of giving money to the undeserving poor as he calls them rather than the normal usage of deserving poor. Later, he explains in detail his rationale for not giving to the beggars he meets on the streets and instead contribute to an organization like United Way.

To address the central theme of the article, one need to delve deeper into the psyche of giving alms and money to the poor people we meet on the street. Many religions prescribe charity and charitable giving as a means of worship to the almighty. Similarly, there are many people who would not think twice before giving alms to the poor. This is because they have been raised thinking that giving money to the poor is one way of easing the conscience pangs one encounters when we see the poor or the needy on the street.

However, it is open to debate whether the organizations involved in charitable work are much better at providing support to the poor. In many cases, the people we meet on the street are discards from the same organizations or worse, they would have run away from there because they could not stand the discipline and orderliness of the organizations. There are many shelters for the homeless in all the cities in the United States. Despite this, many of the poor chose to roam the sidewalks and make a living off other people. Or to put it in other words, make a living by living off other people.

This brings us to the next question: How much are we liable for another persons conscience or upkeep? Are we to undertake charitable deeds just to satisfy our conscience or help others out of a genuine concern for their plight? If indeed we are concerned about their plight, there are better ways of handling the situation rather than just distributing spare change. As the Chinese saying goes, You give a Fish to a person and then you can feed him for a day. But, if you teach the person fishing, you can feed him for life.

Thus, what is important is how much we can do given the limited set of options at our disposal. In my view, giving spare change to an undeserving poor or deserving poor (that would raise the hackles of the author) is merely a view point. There are no absolutes and in resolutely deciding against giving money to the people we meet on the street, we are just proving to ourselves the merits of our ideology. And this ideology is that one can only contribute to the larger cause and not to the people we meet on the street.

The author may seem hard hearted when talks about the singers and musicians who he meets on the street and considers himself not to be part of their audience. But, the point is well made when he says that they are at least working for their living. And this is the authors contention, that one cannot expect anything for nothing in this world and it is better one works for what one gets. There is no escaping the fact that one needs to put in the hours as long as one is capable of.

The author uses the word undeserving poor to describe the people whom he does not want to be charitable with. He cites instances of a fellow whom he meets at the bus stop everyday and hence concludes that he can very well work instead of loitering around the bus stop looking for spare change. The other point is that many of these beggars use the money that get from begging for alcohol or drugs. This, according to the author, is completely unacceptable as far as giving alms goes. He would prefer to help a charitable organization but not the people on the streets who do not deserve his charity simply because they can do productive things in the time they spend on the street.

In conclusion, I would tend to take a middle path between the authors assertions of a principled stand and the need to balance the commitment towards society. Or, giving back to society. I would instead argue that one needs to take an approach that is dictated by the circumstances at hand rather than a dogmatic approach. In this way, we can avoid the traps of ideology and follow our conscience. If there is indeed a deserving poor, let us help them. Let us not be blinded by our own rigidities and instead look at each person differently. I am sure that the author may agree to this subtle distinction.

Introduction

According to Space Foundation (2016), over 70 countries as at 2015 had developed space programs. Only Russia, United States of America and China have achieved spaceflight as the standard of space programs. Other countries yet to go into space have designed budgets and policies aimed at reaching the space at one point in time. By the end of 2010, over 52 countries had sent satellites that orbit the earth as part of the steps geared towards achieving space exploration.

The ability to launch and recover several satellites has been achieved by several agencies. Some of the agencies established around the world include China National Space Administration (CNSA), National Aeronautics and Space Administration (NASA), European Space Agency (ESA), Japan Aerospace Exploration Agency (JAXA), Indian Space Research Organization (ISIRO), and the Russian Federal Space Agency (RFSA). Arguments for or against space programs have led to an intense debate on their usefulness or irrelevance. In this paper, I argue that space programs are necessary for research and scientific developments so that job creation and technological development improves lives.

Space Exploration: Pros and Cons

Billions of dollars have been spent in space exploration. However, little achievements have been realized regarding improving the lives of people. Improved technology as part of exploration has been realized through massive spending (Baum 2009). The world has serious problems such as global warming and climate change which should be tackled. Budgets should be allocated towards reducing cases of serious issues such as high temperatures, droughts, floods, and hurricanes that continue to cause death in various parts of the world.

The depletion of rainforests should be considered a key priority that is spending money on the development of space technologies. Furthermore, pollution of oceans is a more pressing issue that pride of reaching the space. Desertification is at an alarming rate. Without adequate resources to tackle real problems that affect the planet, space exploration and programs are likely to be futile in the near future. Research on space exploration is, therefore, a waste of money, time, and effort.

Crucial resources from the planet should be spent in the management of challenges affecting humanity (Baum 2009). The Central American rainforest is facing the reality of being depleted. However, government authorities would rather spend resources on space exploration than consider the long-term sustainability of resources. All space exploration programs depend on the sustainability of current resources. As a result, there is no need to waste time in space when in the long-term; resources will not be enough to guarantee continued presence in space. The civilization of the world has serious consequences to the world.

The development of cities and technologies has led to massive deaths over years. The way forward is not to spent time in space but to look for ways in which the plant can be sustainable to the need of all people. Funding should be channeled to the science of seed clouds so that farmers continue in agriculture that can sustain humanity (Baum 2009). Since the population is on the rise, resources should be channeled into food so that famine and suffering do not continue affecting humanity.

According to Ehrenfreund (2012), the ingenuity to develop technologies and work in space is part of the progress that comes from space programs. Technologies such as satellites and spec exploration tools cannot be developed without exploration. Research and innovation are futile when students and members of the public are not supported to engage in space exploration. The development of space-shift has opened the world to several opportunities of developing alternative technologies that improve life. Technologies such as airline crash protection have been developed to improve air transport safety (NASA 2004).

Without space programs, safety programs designed to improve safety of air transport is likely to be futile. Space programs also create jobs for citizens. Space agencies as well as networks that support space programs contribute to the employment of millions of citizens, directly and indirectly. Universities and other institutions benefit through the employment of students into space programs. As a result, the economic impact of space programs to any nation motivates the high level of space programs and budgets around the world. In the case of Curiosity Mars rover landing, NASA asserts that over $2.5 billion was spent. A large amount of the money was spent on projects that affect the lives of people on earth. In the United States, space programs create over 7,000 jobs in over 30 states.

Conclusion

Space programs are not a waste of money. Space programs have led to the development of technologies that improve air transport. Spending over $2 billion in space exploration is not a waste of money considering the number of people employed directly or indirectly in space projects on earth. Genuine scientific discoveries cannot be achieved without funding. Despite the challenges that affect the planet, there is still need for space programs while allocating resources that deal with global warming and climate change. The need to gather knowledge in space is necessary for designing programs surrounding climate change and global warming.

Reference List

Baum, S 2009, Cost-benefit analysis of space exploration: some ethical considerations, Space policy, vol. 25, no. 2, pp. 75-80. Web.

Ehrenfreund, P 2012, Toward a global space exploration program: A stepping stone approach, Advances in Space Research, Vol. 49, No. 1, pp.248. Web.

NASA 2004, The Vision for Space exploration. National Aeronautics and Space Administration. Web.

Space Foundation 2016, Global Space Programs. Web.

The connection between money and happiness is an eternal issue which has raised enormous discussions and debates. Through the years people have tried to find out and to prove if money buys or not happiness. This issue became one of the most important issues in a world where the money was gaining more and more power day by day. The term of materialism became very popular among people and gaining money turned into an essential challenge. People become seeking money desperately. All the occurrences through years lead us to think that money really brings happiness. This is only what can we see from the first view because the reality may be really different. The question about money and happiness is not so easy to be answered and there has never been a unique universal answer about it.

It is possible to give the right to the ones who think that money can buy happiness. It is proved that people want to take revenues from their activities as more possible. The economists explain that this thought leads only to a logical conclusion. This conclusion is that the more money you have, the happier you must be. This conclusion is not accepted by psychologists who think that wealth brings the happiness only in the moment when it helps the people to pass the poverty but it can do much after that phase. Another argument about this statement is that the growth through the years, especially after the World War II, of the gross domestic products in many states has not always provided happiness to its citizens. Surveys conduced in United States, Japan and Western Europe show clearly that the people who live in these states are not happy although they are supposed to have more money that they had before the war.

The best things in life are a good health, a loving family and peace of mind. Many people may have a large house with all the commodities, but they may lack love and harmony within it. Many others may be poor but may have harmony in their homes which makes them see the life more beautiful than it is.

Another think very interested to be asked is that why money does not bring happiness. Peoples happiness is directly connected with their health, their success in marriage and of course with the well-being of their children. The happiness consists in elements like that. It does not come from nothing. If we have money but we do not have all that, it is very likely for us to be unhappy.

Thinking about earning money people forgets doing other activities from which they acquire pleasure. They are likely to spend more time working and as a result they do not pay attention to other things very important in life. They forget thinking about love and affection. A greater income is the only think that concerns them. People who think like use to spend a lot of time in passive leisure such as TV or simply relax meanwhile they forget active leisure such as exercise. If ones life becomes only work, relax and TV it is logical that this person is unlikely to be happy.

On my opinion the happiness does not have a certain formula. It depends only on what is important to you. I would be very happy to have emotional and social wealth. For me it is important to be healthy, to have a loving family, to have real friends and a successful career. All that does not necessary come from money.

Money is often considered one and the most important factor of social position and status. In spite of great social and ideological changes in the modern era, money still plays a dominant role in views of people (Frisby 101). Two attitudes toward money involve negative perception of money as universal evil and positive perception of money as source of good life and prosperity. The impersonal meanings of money are changed from personal meaning and far from neutral to subjective social meaning.

The negative perception of money is associated with their influence an impact on people and their attitudes. The main argument is that money for many people is found to be as a potential source of degradation and awkwardness, of worry and nervousness; an interpretation that is independent of actual income. In contrast to this view, money understood as gentle, good and socially desirable issue comes only second in this ranking, and the practical value of money (calm and safety) comes fifth out of the seven points. While the sample is perhaps unusual, again there is predominance of negative emotions and feelings money. Critics admit that the main emotions and characterization of money as a negative issue involve anxiety, depression, anger and helplessness. Negative perception of wealth and money is found among poor and low class people (Frisby 87).

Positive perception of money is typical for people with high income citizens and wealthy individuals. These people associate money with aspects of power (of social status, social comparison, respect, control) and of freedom and liberation). For many people with high income, material comfort and safety receive less emphasis, perhaps assumed within notions of power and autonomy. The behavioral issues, the domain in which official objective opinions of money holds sway, seem roughly a postscript, an secondary aspect of money-meanings when explored from a social perspective. Two different attitudes towards money are stipulated by social position and personal beliefs of a person. Negativity is prevalent among those people who suffer poverty and were poor in childhood. Extensive negativity is uncovered and recognized but not explained (Frisby 43).

Two different attitudes towards money are related to understanding the function and appropriateness of money in some situations. Some individuals tend to think that money is not suitable for certain dealings, such as gifts, because it is too impersonal. The embarrassment stems, though, from the fact that money is, in another sense, too private. Money is so imbued with complex psychological structures, meanings held deliberately and automatically by both giver and receiver  and these concepts may not match  that to give money as a gift is burdened with difficulty. Money can be a token of comparative status and value and this makes it complex enough in dealings with others. In addition, the reminiscences of money from infancy have shown that money stories and life stories are linked. Critics agree that personal money attitudes are usually kept secret and that they this situation can be a source of negativity and anxiety (Frisby 23).

Positive and optimistic attitudes towards money depend on several factors. The first, and most significant, of these is the basic tendency or orientation developed in early infancy. Other more external or social factors will influence that fundamental orientation, encouraging it, locking it in, or disappointing, pushing it in other directions. The level of worry people fell about money is based on the extent to which their views and opinions are being threatened or subverted by parents. So am individual predisposed to holding in will feel far more nervous about new money into their savings than will individual who basically feels money is for spending, the individual who lets it go more easily.

Thos who have negative attitudes towards money may be anxious about taxation compliance, for instance; individuals may have money worries and feel negative; the wealthy may want to be diplomatic and consequently secretive. Negativity comes from the well-off as from the poor. Confidentiality is as common among the poor people as among the wealthy. Confidentiality and negativity go beyond income levels. The connections which exist between the two attitudes towards money or interest in money, which seem so different, come into view to be the most far-reaching. For with positive attitudes towards money is more typical to see money as a link between possessions-savings-money-power. For people with negative attitudes towards money, it is more natural to perceive money as morry-anziety -stress order. Some individuals want dependency; they seem unable to grasp a sense of themselves as independent, self-governing beings, preferring to let others take the lead. This approach to diminish personal value can also lead to self-defeating in financial behavior (Frisby 54).

In sum, two different and opposite attitudes towards money are created in yearly childhood and influence a person all his life. The children of wealthy parents usually create positive attitude towards money as source of freedom and material prosperity. Poor people usually develop a sense of anxiety connected with lack of financial resources and worries about future, job and security issues. In both cases, personal control is the input to understanding money attitudes.

Works Cited

Frisby, D. The Philosophy of Money. Routledge; 2 edition, 2002.

Money laundering refers to acts, whereby, criminals mask the nature of their illegal activities, sources of their finances, and proceeds of their activities. Money laundering corrupts the integrity of the whole financial system of a country (MacQueen, 1993). Participants of money laundering activities strive to establish legitimate reasons to conduct their illegal businesses.

Criminals, who deal in money laundering, conduct their transactions in least suspicious ways to hide from authorities such as, the government and business administration bodies that control money laundering. The practice of money laundering is widespread all over the globe. It is rampant in countries with loose anti laundering programs and in countries that have inefficient mechanism to detect money laundering.

The practice of money laundering affects the economy and security of a country (MacQueen, 1993). There have been increases in implications brought by money laundering, internationally. This calls immediate intervention from the mandated bodies, in the relevant countries.

The government of United States of America approximates losses 60 billion U.S dollars, annually. One of the main routes adopted for money laundering is through sale of drugs. Since sale and consumption of drugs is illegal in most of the countries, different innovative ideas are used to reach the prospective customers.

The same applies to ways adopted by money launderers. There are various techniques that are adopted (Module 8, slide 3). The money from the sales is transferred illegally. It is estimated that the drug trade is worth US$322 billion annually (Module 6, slide 2). Money laundering should be controlled; otherwise, economic progress may not be realized as quickly as projected.

Strategies Used to Combat Money Laundering

The increased concerns about the adverse effects of money laundering led to precautionary and combative measures to be developed, in various countries. Countries have directed their efforts to curb money laundering to control the downwards projections of their countries economies. Countries are also aware of the security challenges posed by money laundering. As a result, countries have joined regional blocks such as the E.U to enjoy platforms laid down to control money laundering.

Nations hope to do away with money laundering by applying their own strategies and those from regional blocks (MacQueen, 1993). Canada adopted a unique strategy to curb the use of drugs and indirectly minimize money laundering. The Canadian government decriminalized the use of drugs but kept it illegal (Module 6, slide 29). So gradually the use of drugs is expected to decrease. This will definitely have a positive impact on the financial figures of the country.

Another method that the Canadian government adopted to curb money laundering was to open dummy exchange office that allowed drug traffickers to deposit money in order to legalize it. Many drug traffickers were attracted to deposit huge amounts of illegal money. Almost US$165 million were collected through this (Module 7, slide 19). According to some scholars, the best way to demoralize money launderers is to freeze their valuable assets (Module 9, slide 7).

Effectiveness of the Strategies Applied to Combat Money Laundering

Several countries such as Canada have adopted legislative programs that have initiated strategies to combat money laundering. These programs aim to tackle money laundering issues at the basics. The legislative programs established have aimed at, evaluating and monitoring suspected illegal accrual of wealth.

The programs have provided a ground to report doubtful money or assets, held by various individuals. Changing times and technologies have made it possible to conceal of vital information on illicit wealth in a way that cannot be traced easily. Most countries have high levels of corrupt legislative officers, across the globe. Corrupts individuals manipulates money laundering corrupt officers through bribes, who allows money laundering activities to proceed.

The US government has set up a legislative control act (The Money Laundering Control Act), which encourage suspected people to report and justify the acquisition of their wealth, or to face charges amounting up to 3000 U.S dollars. On the other hand, Canada has established a national initiative to tackle money laundering cases.

The initiative has strategized ways to spot and limit the financing of terrorist activities in the country. The contents of the strategy: include provision of a background for in depth investigation of money laundering cases, and ruthless prosecution of money laundering offences (Stephen, 2004).

The United Nations (UN) has implemented anti terrorism measures. The Security Council, a wing of the United Nations, commissioned a set of sanctions against persons associated with money laundering. The sanctions intend to freeze all assets these individuals have, and also ban them to travel to other countries. The United Nations together with bodies set up by different countries have stepped up their efforts, and realized considerable results in curbing money laundering cases.

The Croatian government reported a 40% decrease in losses that arose from money laundering. Following this incidence, the government has combined efforts with the U.N to trace terrorism financing roots. This strategy has covered a considerable ground and has reduced money laundering activities by 12%, in 2012. The strategy has also realized massive gains with regard to the high number of money laundering cases reported, in Croatia (David, 2009).

The Most Effective Strategies of Money Laundering Control

Supervisory authorities have played the most significant role to curb money laundering. The inclusion of financial institutions such as, banks and insurance supervisors in the monitoring of monetary transactions have helped, countries, significantly to get the sources and destinations of finances that have been involved in money laundering activities (Gilmore, 1999).

Financial institutions supervisors have helped to trace the locations of the participants of money laundering, and bring them for prosecution. Financial institution strategy has complemented the other strategies to curb money laundering. Financial institutions help to detect terrorists financing agents, and provide data for the legislative bodies to take actions.

Financial institutions strategy is the most effective way of controlling money laundering, and thus demands undivided attention. However, the effectiveness of this strategy is not guaranteed if authorities do not take actions. The strategy is also subject to manipulation by influential participants in money laundering. Money laundering is an illegal activity that engages in transactions that revolve around several countries.

This fact calls for cooperation among countries. Cooperation should facilitate the exchange of information that is useful in anti money laundering campaign (Gilmore, 1999). In addition, established bodies such as the United Nations should provide a common ground to promote cooperation among countries.

Combined efforts provided by other bodies and treaties such as, the Mutual Legal Assistance Treaty, have helped significantly to step up anti laundering campaigns, in various member countries. Other countries are undertaking zonal participation, in curbing the menace, as a result of the alarming cases, and more awareness created by U.N conventions.

Therefore, governments should step up their fight against money laundering. They should enhance cooperation among financial institutions, in order for them to access the necessary information from suspected money laundering individuals, and thus control money laundering activities to the minimum level possible.

References

David, C., & Sharman, J. (2009). Corruption and Money Laundering: A Symbiotic Relationship. Palgrave: Macmillan.

Gilmore, W. C. (1999). Dirty Money: The Evolution of Money Laundering Counter-measures. Strasbourg: Council of Europe Pub.

MacQueen, H. L., & David Hume Institute. (1993). Money Laundering. Edinburgh: Edinburgh University Press.

Module 6. (n.d.). The Drug Trade  Study Materials (Slides 2 & 29). Retrieved from: file:///C:/Users/admin/Downloads/eConcordia%20-%20Governance%20and%20Organized%20Crime%20-%20Module%206-%20The%20Drug%20Trade%20(Print%20Version).html

Module 7. (n.d.). Law Enforcement Strategies  Study Materials (Slide 19). Retrieved from: file:///C:/Users/admin/Downloads/eConcordia%20-%20Governance%20and%20Organized%20Crime%20-%20Module%207-%20Law%20Enforcement%20Strategies%20(Print%20Version).html

Module 8. (n.d.). Money Laundering  Study Materials (Slide 3). Retrieved from: file:///C:/Users/admin/Downloads/eConcordia%20-%20Governance%20and%20Organized%20Crime%20-%20Module%208-%20Money%20Laundering%20(Print%20Version).html

Module 9. (n.d.). Combating Money Laundering  Study Materials (Slide 7). Retrieved from: file:///C:/Users/admin/Downloads/eConcordia%20-%20Governance%20and%20Organized%20Crime%20-%20Module%209%253a%20Combating%20Money%20Laundering%20(Print%20Version).html

Stephen, S. (2004). Money Laundering in Canada: An Analysis of RCMP Cases. Nathanson Centre for the Study of Organized Crime and Corruption. New York: York University.

The main goal of the article Gods Money is Now My Money is to discuss the issues of fraud and describe different cases and reasons for various religious institutions and churches becoming victims of this crime. It remains apparent that the majority of violations and frauds are committed by the treasurers, volunteers, and other employees of the church. For example, one of the treasurers of the religious institution took advantage of its funds and with the assistance of the construction company, transferred substantial sums of money via online banking. Using this complex framework made this transaction unnoticeable for a long period of time. Alternatively, some individuals utilized simple schemes and used this money to pay their bank loans directly. Meanwhile, others employed a more complex mechanism such as converting funds into false interests. Despite using different schemes, all cases mentioned above have an adverse effect on the financial prosperity of the religious institutions and damage their reputation.

One of the potential reasons for the occurrence of these incidents is the fact that the majority of the pastors and church leaders do not have sufficient business background. For example, the education of pastors is highly focused on counseling, pastoral care, and theology while not being able to cover important managerial and financial aspects. At the same time, they have a tendency to devote substantial attention to the congregations and organizing various events and services. It could be said that different priorities and the lack of time for supervision of the employees are the critical reasons for the violation of rules and high frequency of fraud in the religious institutions and churches.

Despite having positive intentions and being one of the main values of the religious institution, trust could be considered as another potential reason for the occurrence of fraud. As it was mentioned earlier, the majority of the wrongful practices are committed by the trusted and recognized members of the church. In this case, one of the groups is volunteers, who are engaged in a long-term relationship with the church. Alternatively, another group can be defined as volunteers, who are interested in filling the vacant spots rapidly and are eager to help quickly. In this case, the incidents of fraud have a tendency to occur, as the pastors and leaders of the religious institutions do not suspect these groups of being involved in unlawful practices. Consequently, in this instance, trust and benevolence can be discovered as the central causes of fraud and other wrongful practices, as the actions of the members of the church are not controlled.

Nonetheless, there are several ways that may help prevent fraud in churches and other religious institutions. One of the solutions is to organize the auditing committees that have to pay vehement attention to reviewing bank, insurance, and accounting statements. Using this method will assist in addressing the issue of fraud rapidly by depicting the flow of cash and its equivalents. At the same time, it is essential to control and establish financial committees, as they will help maintain the financial resources organized. It will assist in managing invoices and enhancing verification procedures. Lastly, despite a pivotal role in financial services, one cannot underestimate a critical role of supervision. In this case, the leader needs to expand his/her duties and pay substantial attention to devising the responsibilities and controlling their successful implementation.

The world market becomes more transparent as international organizations introduce new laws and regulations to comb money laundering and resist tax evasion. The legal maintenance of counteraction to the legalization of criminal incomes is carried out by means of a system of laws and regulations, controlling financial, bank, and customs relations and establishing the order of licensing and registration of companies for anti-money laundering¹.

In plenty of countries, specific laws act as a framework for legal measures to combat money laundering supporting international prospects. This paper proposes the importance of the study of anti-money laundering law in the struggle against this worldwide menace in the UAE. The research will be conducted in terms of the economic growth framework, which refers to increased economic capacity. In particular, it is expected to explore gross national product (GNP) and gross domestic product (GDP) concerning the analysis of money laundering.

It is suggested that the major benefit of anti-money laundering laws in the UAE is the provision of additional resources to support the countrys economy. The review of the specialized economic analysis will provide a basis for comparing the UAE and other countries and the subsequent conclusions and recommendations.

Definition of Major Concepts

Money laundering refers to the concealment of the factual source of income when real transactions are replaced with fictitious ones, and documents may be falsified or used by the third parties². For money laundering, criminals traditionally utilize offshore banks, the banking systems of which ensure anonymity and confidentiality of the beneficiaries, as stated by Kumar ³. Among the most prominent and valuable activities of anti-money laundering (AML), there are the Organization for Economic Co-operation and Development (OECD) initiatives, the European Union (EU) directive, and the Foreign Account Tax Compliance Act (FATCA) ⁴. The UAEs core financial regulator regarding money laundering is the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU).

Literature Review

In the international law, the detailed definition of money laundering, or legalization, of proceeds from criminal activity is given in the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, which had a significant influence on the development of the relevant legislation in various countries⁵. The above document recognized money laundering received from illicit drug trafficking as a crime. Simultaneously, the development of organized crime led to an increase in the incomes of criminal organizations obtained from other spheres of illegal activity, including the slave trade, prostitution, human organ trafficking, etc.

The fight against money laundering is global in nature and is coordinated at the level of both intergovernmental and local organizations. Cox considers that ensuring the adherence to laws and regulations, they monitor the activities of the participating countries in the above area, collect and systematize useful information, and participate in specific national projects in this field.⁶ As noted by Kumar (2012), money laundering causes a diversion of resources to less productive areas of the economy which in turn depresses economic growth⁷.

Among the countries with the highest rates of money legalization, there are Afghanistan, Uganda, Cambodia, Kenya, etc.⁸.Speaking of the current tendencies, one may note the effectiveness of the Financial Action Task Force (FATF) (see Table 1).⁹

Nevertheless, it is essential to consider the literature on the UAE compared to the experience of other countries rather thoroughly. It should be noted that the UAEs economy is characterized by the presence of the trading companies, exchange houses, hawaladars, plenty of immigrants, cash couriers, a wide-ranging offshore financial center, etc. All the mentioned issues are money laundering vulnerabilities that need to be considered while studying the economic benefits of anti-money laundering laws in the UAE.

The Federal National Council of the United Arab Emirates adopted a bill aimed at combating money laundering and financing of terrorism in accordance with the international recommendations of FATF¹⁰. The latter noted that the UAE is one of the areas of the high risk of money laundering, yet, at the same time, through the adoption of the new legislation, the country is actively fighting money laundering and activities related to it¹¹.

The above conclusions are based on IMF and World Bank data. Recently, sanctions against countries that fall into the risk zone have become tougher, fulfilling the list of countries of high risk by Iran, Sudan, and Russia¹².The detailed information on the Middle East and North Africa is presented in Table 2¹³.

According to the new law, a special body will be established at the state level, which will include representatives from several government agencies of the UAE to monitor the work, combat money laundering, and elaborate measures¹⁴.

At the legislative level, money laundering will be punished by a fine or imprisonment for up to ten years. Money laundering by an individual or company was attributed to criminal offenses in the UAE in 2002, while the Central Bank has the right to impose sanctions and revoke the licenses of banks that contributed to money laundering¹⁵. According to the new legislation, all founders, managers, and employees of an organization will be held accountable for not reporting the companys activities aimed at money laundering.

In 2015, AMLSCU announced the strengthening of the fight against money laundering. In particular, it is expected to oblige all brokers in the UAE to toughen methods for combating money laundering and report to the Central Bank of the United Arab Emirates on all questionable and suspicious transactions¹⁶. For such a struggle, the mentioned organization will utilize the technical system called Unit, which proved to be a reliable method, combining an enhanced level of security to keep all customer transactions electronically, thereby detecting the fraudulent financial schemes. Table 3 reflects the key economic consequences of money laundering¹⁷.

Problem Identification

The differences in the legislation of individual countries are associated with the definition of the list of acts that can be regarded as the source of origin of legalized funds. In the legislation of some countries such as the US, the UK, etc., all incomes fall under the definition of the so-called dirty money, the receipt of which is accompanied by any violation of the criminal law. In some countries, money received in the form of bribes that refers to corruption is also included in the category of dirty money¹⁸.

In this regard, it becomes evident that there is a need to adequately identify money laundering definition in every country. More to the point, the mechanisms of money laundering are extremely diverse and cover different operations that significantly complicate the regulation of this problem based on legislative acts ¹⁹. The main idea of the recommendations provided by various organizations is that the financial system should become more transparent so that illegal transactions with cash can be discovered and reported to the corresponding instance.

Since the principal goal of the criminal activity of transnational criminal corporations is to extract maximum profits, it seems that one may state that international cooperation in combating money laundering is the most promising direction for this crime²⁰.

The assistance in investigations and litigation, the adoption of preliminary measures, such as the freezing or seizure of property, which may be subject to a request for confiscation, and the confiscation of property that presents income from criminal activity, may significantly reduce money laundering rates²¹. It should also be noted that the transnational crime and its money laundering activities are one of the most important problems facing the world community today and are a factor in the threat to international security in its most important spheres, including economic, political, military, and environmental²². However, the research shows the lack of data on the economic benefits of anti-money laundering initiatives.

Objectives of the Proposed Study

With these problems in mind, it is necessary to emphasize the importance of the research on the positive and negative effects of the current anti-money laundering law in the UAE²³. The information regarding the UAE may be different from that of the other countries due to their economic peculiarities that make it beneficial to focus on the given country. It is also necessary to identify the key spheres, organizations, and banks affected by this law, analyzing their economic indicators and providing interviews with their chief managers. Furthermore, it is essential to provide several recommendations based on the collected data.

Hypotheses and Research Questions

The struggle against money laundering allows for resolving three rather important tasks. First, a set of measures aimed at combating money laundering protects the legal economy from criminal investments, as noted by Aluko and Bagheri, and, consequently, from the establishment of control by the criminals²⁴. Secondly, the identification and confiscation of criminal proceeds undermine the financial basis of criminal activities and obstruct their further development²⁵.

The restoration of the entire chain of motion of money laundering allows tracking from the lowest level executors to the leadership of a criminal organization²⁶. The effective anti-money laundering laws and regulations allow improving the economic state of the UAE in general by providing a safe and secure platform for financial operations.

Taking into account the specifics of the selected theme, the research questions for the proposed study may be identified as follows:

• Research Question 1. Is the current UAE law of anti-money laundering effective? This question will be answered based on the analysis of the economic indicators between 2010 and 2015-2016 revealed from the official sources and the literature review. Also, the identification of the effectiveness may be specified, focusing on the success of the preventative measures taken against money laundering. Most importantly, the level of economic growth will also serve as a significant indicator of the current anti-money laundering effectiveness in the UAE. Either reduced or increased cases of money laundering are another means to make relevant conclusions.
• Research Question 2. Is there a need to have new regulations or laws in the financial system?
• Research Question 3. What are the differences between the anti-money laundering laws of different countries?

Methodology

To conduct the proposed study, it seems appropriate to apply the method of literature review. Considering time constraints, the research will be provided online, focusing on credible peer-reviewed journals, official websites, and other related sources. In particular, the UAE anti-money laundering standards, and the effectiveness of the Financial Action Task Force (FATF) will be analyzed and interpreted. Also, the information to be collected will embrace data on several years, so that a researcher will be able to identify any positive or negative tendencies and come up with appropriate conclusions.

Primary and secondary data analysis will allow considering the main concepts and theories relevant to the selected field of research based on the recent works in this field. It will also show how the proposed research relates to previous studies in this area, revealing their strong and weak points, thus enlightening the potential niches for future research²⁷. The literature review as a method of investigation will promote the substantiation of arguments, providing a review of the essential number of references to reliable sources. Simultaneously with the identification of the collected material, data will be grouped and compared.

Such a classification will make it possible to penetrate the essence of the topic under consideration in the shortest and correct way. Neuman and Robson state that it will facilitate the search and help to establish previously unnoticed connections and patterns²⁸. Throughout the process of studying the data, interpretation and analysis will promote accurate, relevant, and evidence-based conclusions. All this is likely to contribute to the core goal of the proposed study that is to either verify or reject the hypotheses and pinpoint potential implications.

Conclusion

Drawing from the evidence presented in this paper, one may conclude that anti-money laundering effectiveness leaves many questions and needs to be explored in future studies. This proposal revealed the necessity of the problem and enlightened the key prospects of the given theme. It is expected that the UAE focused research will promote the understanding and transparency of the economic benefits of anti-money laundering laws and regulations.

Bibliography

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Footnotes

1. (Cox, 2014).
2. (Joshi, Vyas, & Joshi, 2012).
3. (Kumar,2012).
4. (Al-Zaqibh, 2013).
5. (Al-Zaqibh, 2013).
6. Cox (2014).
7. Kumar (2012) (p. 115).
8. (Basel AML Index 2016 Report, 2016).
9. Table 1. FATF effectiveness 2015-2016.
10. (Unger & Van der Linde, 2013).
11. (Goby & Nickerson, 2015).
12. (Abiola, 2014).
13. Table 2. Money laundering risk rates in the Middle East and North Africa(FATFAnnual Report 2015-2016).
14. (Kassem, 2017).
15. (Alhosani, 2016).
16. (Gamal &Dahalan, 2015; Monteiro, 2017).
17. Table 3the effects of money laundering (Unger & Van der Linde, 2013).
18. (The UAE, some European countries, etc.) (Bin Belaisha& Brooks, 2014).
19. (Unger & Van der Linde, 2013).
20. (Bin Belaisha& Brooks, 2014).
21. (Rahman, 2016; Zhang &Lavena, 2015).
22. (Baird, 2014; Trautsolt& Johnson, 2012).
23. (Al-Tamimi& Hussein, 2014).
24. Aluko and Bagheri (2012).
25. (Choo, Amirrudin, Noruddin, & Othman, 2014).
26. (Idowu&Obasan, 2012).
27. (Neuman& Robson, 2014).
28. (Neuman& Robson, 2014).