The 'Ultimate' Asset Protection Trust

International Trust Laws is a wide-ranging comparative guide to the law of trusts across a number of important jurisdictions, with analysis of issues surrounding the creation of trusts, the powers and duties of trustees, mechanisms of control, and the special uses of trusts. The book combines academic rigour and analysis with a practical focus on trusts in the real world, including assets which modern settlors wish to envelop in a trust; liability concerns of trustees; and the governance, command, and control mechanisms which increasingly form the largest feature of trust creation. It also provides valuable background for trust law practitioners, whether they advise on trusts, draft trust documents, or litigate trust-related matters. The new edition has been fully revised and updated to address important developments in case law and legislation, including the UK Supreme Court decision on the “rule in Hastings-Bass” (Pitt and Futter cases), the Privy Council decision on ‘reserved powers trusts’ (TMSF), decisions on forced heirship issues in Jersey and Guernsey, decisions on ‘asset protection trusts’ in the US, the Trusts (Amendment N. 5) (Jersey) Law 2012 and Trusts (Amendment N. 6) (Jersey) Law 2013, Hong Kong's Trust Law (Amendment) Ordinance 2013, the Virgin Islands Special Trusts (Amendment) Act 2013 and Trustee (Amendment) Act 2013, Cyprus' International Trusts (Amendment) Law 2012 Cayman Islands, Trusts Law (2011 Revision), and amendments to the trusts law of New Zealand. It also offers new coverage of the retirement, removal, and appointment of trustees, with a special emphasis on trustee indemnity; and the recognition of trusts in non-trust jurisdictions (civil law jurisdictions, Eastern Europe, Islamic countries, and China).

Download Full-text

Corruption as distinct crime: the need to reconceptualise internal control on controlling bureaucratic occupational fraud

Journal of Financial Crime ◽

10.1108/jfc-04-2021-0100 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Ach Maulidi ◽

Jake Ansell

Keyword(s):

Local Government ◽

Internal Control ◽

Local Governments ◽

Internal Controls ◽

Financial Statement Fraud ◽

Content Type ◽

Practical Applications ◽

Occupational Fraud ◽

Asset Protection ◽

Control Framework

Purpose The purpose of this study is to provide theoretical guidance that enables local governments to deal with occupational fraud. Design/methodology/approach The quantitative approach is used to examine the efficacy of the Committee of Sponsoring Organisations of the Treadway Commission (COSO) internal control framework in tackling occupational fraud in local government. To achieve the goals, the authors performed a survey of the Indonesian auditor institutions. Findings It is not appropriate to argue that all types of local government fraud can be deterred by a single internal control. The study suggests that COSO internal controls are not effective for dealing with corruption cases. However, the authors do find the efficacy of those controls are obvious for controlling asset misappropriation and financial statement fraud. This result indicates that if the COSO internal control framework is only designed for routine financial control and asset protection, it significantly and negatively influences its efficacy to deal with occupational fraud. This study has both theoretical and managerial implications, discussed separately. Originality/value In the field of prevention, the authors cannot make generalised theories and approaches for dealing with occupational fraud. Whilst previous authors have offered fraud deterrents in terms of internal controls, they have failed to realise the need to understand their effectiveness for particular forms of fraud. This paper sheds light on the effectiveness of internal controls in achieving their goals. This has both practical applications and stimulates theoretical insights.

Download Full-text

Cloud Environment Controls Assessment Framework

Software Testing in the Cloud - Advances in Computer and Electrical Engineering ◽

10.4018/978-1-4666-2536-5.ch002 ◽

2012 ◽

pp. 28-53

Author(s):

Bharat Shah

Keyword(s):

Low Cost ◽

Business Organizations ◽

Cloud Environment ◽

Related Services ◽

Organizational Policies ◽

Asset Protection ◽

Information Technology Services ◽

Technology Services ◽

Reliability Performance ◽

Privacy And Confidentiality

Recent years have seen the rapid growth of on-demand, flexible, low-cost cloud-based information technology services. Government and business organizations around the world have started transforming their traditional in-house data center environments to cloud-based outsourced data centers. This transformation is opening doors to new risks given that the cloud computing delivery models, related services, and technologies are still maturing and evolving. Before deployment, organizations must implement cloud environment assessment methodologies to comply with the applicable standards and regulations. They must evaluate the environment’s quality attributes of Internet connectivity, user access control, privacy and confidentiality, asset protection, multiple platforms locality, availability, reliability, performance, and scalability. The purpose of this chapter is to assist organizations that are considering providing and consuming cloud-based services in developing an assessment plan specific to organizational policies, strategies and their business and applicable legal and regulatory requirements; and assessing the cloud environment controls for infrastructure, platform, and software services.

Download Full-text