Beer Money Inc

Beer Money Inc

Beer Money, Inc. was a professional wrestling tag team which consisted of Robert "Bobby" Roode and James Storm in the professional wrestling promotion Total Nonstop Action Wrestling (TNA), where they are current record-tying five-time TNA World Tag Team Champions.
From 2008 to 2009, the team was managed by Storm's continuing manager Jacqueline.

James Storm and Robert Roode had teamed up on several occasions over the years following the end of their alliances in America's Most Wanted and Team Canada respectively, but it wasn't until the second quarter of 2008 that they started to become a regular tag team. On the June 12, 2008 episode of TNA's primary television program, TNA Impact!, Storm and Roode challenged The Latin American Xchange (LAX) (Homicide and Hernandez) for the TNA World Tag Team Championship. Storm and Roode were successful in winning the match following a superkick from Storm, which he named the Last Call, to Hernandez with a leather-belt wrapped around his boot. LAX's manager, Hector Guerrero, was at ringside and informed the referee about what happened and the match was restarted.

Beer Money, Inc. later engaged in a feud with Matt Morgan and Abyss, retaining the titles against them at Final Resolution. On the January 8 episode of Impact!, they lost the titles to Jay Lethal and Consequences Creed after Lethal cashed in his Feast or Fired briefcase. At Genesis, they won back the TNA World Tag Team Championship by defeating Matt Morgan and Abyss and Lethal and Creed in a 3-Way Dance. Beer Money faced Creed and Lethal again at Against All Odds, with Beer Money retaining the championship.

Off the Wagon Challenge and various feuds (2009–2010)

On the February 19, 2009 episode of Impact! Beer Money began a weekly segment they called the "Off the Wagon Challenge", where the stipulation was that any two wrestlers could challenge them and they would put the World Tag Team Championship on the line, however, if they were able to retain their belts the wrestler who was pinned or made to submit would be released from TNA.
After the match Team 3D (Brother Ray and Brother Devon) saved LAX from a beatdown and announced that they would accept Beer Money's Off the Wagon Challenge at Destination X.At Destination X, Beer Money got themselves disqualified, however Jim Cornette restarted the match and made it a No Disqualification match, in which Roode walked out with Storm draped over his shoulder, resulting in a countout.

At Lockdown, Beer Money lost the TNA World Tag Team titles to Team 3D in a match where Team 3D's IWGP Tag Team titles were also on the line. On the May 21, 2009 episode of TNA Impact!, Beer Money came to Team 3D's aid against The British Invasion (Doug Williams, Brutus Magnus and their bodyguard Rob Terry) and shook hands with 3D afterwards which turned them face. Beer Money then entered Team 3D's Invitational Tag Team Tournament, where the winners would receive a tag team title shot against Team 3D. Beer Money made it all the way to the finals, and they beat The British Invasion at Sacrifice on May 24, 2009 to face Team 3D for the TNA World Tag Team Titles.

The two teams would see their feud intervene with that of Team 3D and the British Invasion, causing a 4-way war that would last the next 3 months. Beer Money would go on to lose to the British Invasion in an IWGP Tag Team Championship match at Hard Justice,win a Lethal Lockdown match at No Surrender (teaming with Team 3D against MEM and the Invasion), and lose a 4-way Full Metal Mayhem match at Bound for Glory for both the TNA and IWGP Tag Team Championships, with Team 3D winning the IWGP belts and the British Invasion the TNA belts.

Fortune (2010–2011)

Hulk Hogan and Eric Bischoff taking over TNA at the beginning of 2010, Beer Money's TV time was significantly reduced. Upon their return to Impact!, Beer Money turned heel on the March 8 episode of Impact! by first volunteering to face Jeff Jarrett in a handicap match and then defeating him after a low blow and the DWI, claiming it was the only way they were going to get noticed by the new management, Roode and Storm have since acted as Bischoff's henchmen, taking on wrestlers he's had problems with, often in two-on-one situations.At Destination X Beer Money challenged Matt Morgan and Hernandez for the TNA World Tag Team Championship, but were unable to dethrone the defending champions.

After Victory Road Beer Money entered a Best of Five Series with the Motor City Machine Guns, contested for the TNA World Tag Team Championship. Beer Money won the first two matches, a ladder match and a Street Fight, after knocking their opponents out with beer bottles.

At Turning Point Fortune defeated EV 2.0 in a ten-man tag team match and, as a result, EV 2.0's Sabu was released from TNA.The following month at Final Resolution, Beer Money, Inc. returned to the TNA World Tag Team Championship picture by defeating Ink Inc. in a number one contender's match.On January 9, 2011, at Genesis, Beer Money, Inc. defeated the Motor City Machine Guns to win the TNA World Tag Team Championship for the fourth time.

On July 13, Beer Money, Inc. became the longest reigning TNA World Tag Team Champions in the title's history, breaking the previous record of 184 days set by A.J. Styles and Tomko in 2007. On August 7 at Hardcore Justice, Beer Money, Inc. successfully defended the TNA World Tag Team Championship against Mexican America (Anarquia and Hernandez).Two days later, at the tapings of the August 18 episode of Impact Wrestling, Mexican America defeated Beer Money, Inc. in a rematch, following interference from Jeff Jarrett, to win the TNA World Tag Team Championship, ending Roode's and Storm's record-setting reign at 212 days.


Bound for Glory Series and split (2011)

From June to September, Roode and Storm were two of the twelve participants in the Bound for Glory Series to determine the number one contender to the TNA World Heavyweight Championship. When the group stage of the tournament concluded, both of them finished in the top four and thus advanced to the finals at No Surrender along with Immortal members Bully Ray and Gunner.On September 11 at No Surrender, Storm was eliminated from the tournament after losing to Ray via disqualification. Meanwhile, Roode defeated Gunner via submission to set up a tiebreaker match against Ray later in the event, in which Roode managed to pick up the win via pinfall to become the number one contender to the TNA World Heavyweight Championship at Bound for Glory. On October 16 at Bound for Glory, Roode failed in his attempt to win the TNA World Heavyweight Championship when he was pinned by Kurt Angle, after the referee failed to notice his arm under the ropes or Angle using the ropes for leverage.

Occasional teaming (2013–2014)

Storm and Roode reunited for the first time in two years on December 4, 2013 (aired January 2, 2014) at Impact Wrestling. Beer Money defeated Kurt Angle and Gunner.

On February 2, Roode and Storm appeared as Beer Money in the TNA One Night Only Joker's Wild, where they were beaten by The Wolves.

Reunion (2016)

On January 5, 2016 on TNA's debut on Pop, James Storm returned to TNA to help Bobby Roode fight off Eric Young and Bram. After Storm told Roode he wanted to "get back to having fun". Storm handed Roode a beer officially reuniting Beer Money, Inc. On the January 26, 2016 edition of Impact Wrestling, Storm won feast or fired briefcase for future World Tag Team Championship. On February 9, 2016, Beer Money attempted to cash in their title shot against current champions the Wolves, however in their attempt to cash in, The Decay stopped them and mysteriously asked them to join their path of Decay. They eventually challenged the group to a match, but it ended in disqualification when Abyss pulled the referee out of the ring and began choking him.

On March 19, 2016 Impact Wrestling tapings, Decay defeated Beer Money to win the TNA World Tag Team Championship. After this, Bobby Roode left TNA, disbanding the team.

On February 15, 2009, Beer Money, Inc. made their debut for New Japan Pro Wrestling, defeating the team of Akira and Masahiro Chono at the Sumo Hall in Tokyo, Japan.

Time deposit

Time deposit

A time deposit or term deposit also known as a certificate of deposit in the United States, , is a deposit with a specified period of maturity and earns interest. It is a money deposit at a banking institution that cannot be withdrawn for a specific term or period of time (unless a penalty is paid).[citation needed] When the term is over it can be withdrawn or it can be held for another term

The opposite, sometimes known as a sight deposit or "on call" deposit, can be withdrawn at any time, without any notice or penalty: e.g., money deposited in a checking account in a bank.

A time deposit is an interest-bearing bank deposit that has a specified date of maturity. A deposit of funds in a savings institution is made under an agreement stipulating that (a) the funds must be kept on deposit for a stated period of time, or (b) the institution may require a minimum period of notification before a withdrawal is made.

"Small" time deposits are defined in the U.S. as those under $100,000, while "large" ones are $100,000 or greater in size. The term "jumbo CD" is commonly used in the United States to refer to large time deposits.

In the U.S., banks are not subject to a reserve requirement against their time deposit holdings.

Certificate of deposit

A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States and elsewhere by banks, thrift institutions, and credit unions.

CDs are similar to savings accounts in that they are insured "money in the bank" and thus virtually risk free. In the USA, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions.

The bank intends that the customer hold the CD until maturity, at which time they can withdraw the money and accrued interest.

Fixed rates are common, but some institutions offer CDs with various forms of variable rates. For example, in mid-2004, interest rates were expected to rise—and many banks and credit unions began to offer CDs with a "bump-up" feature. These allow for a single readjustment of the interest rate, at a time of the consumer's choosing, during the term of the CD. Sometimes, financial institutions introduce CDs indexed to the stock market, bond market, or other indices.


    A larger principal should/may receive a higher interest rate.
    A longer term usually earns a higher interest rate, except in the case of an inverted yield curve (e.g., preceding a recession).
    Smaller institutions tend to offer higher interest rates than larger ones.
    Personal CD accounts generally receive higher interest rates than business CD accounts.
    Banks and credit unions that are not insured by the FDIC or NCUA generally offer higher interest rates.


CDs typically require a minimum deposit, and may offer higher rates for larger deposits. The best rates are generally offered on "Jumbo CDs" with minimum deposits of $100,000.

Closing a CD

Withdrawals before maturity are usually subject to a substantial penalty. For a five-year CD, this is often the loss of up to twelve months' interest. These penalties ensure that it is generally not in a holder's best interest to withdraw the money before maturity.

Commonly, institutions mail a notice to the CD holder shortly before the CD matures requesting directions. The notice usually offers the choice of withdrawing the principal and accumulated interest or "rolling it over" (depositing it into a new CD). Generally, a "window" is allowed after maturity where the CD holder can cash in the CD without penalty. In the absence of such directions, it is common for the institution to roll over the CD automatically,

CD refinance

The Truth in Savings Regulation DD requires that insured CDs state, at time of account opening, the penalty for early withdrawal. It is generally accepted that these penalties cannot be revised by the depository prior to maturity.[citation needed] However, there have been cases in which a credit union modified its early withdrawal penalty and made it retroactive on existing accounts.

The penalty for early withdrawal deters depositors from taking advantage of subsequent better investment opportunities during the term of the CD. In rising interest rate environments, the penalty may be insufficient to discourage depositors from redeeming their deposit and reinvesting the proceeds after paying the applicable early withdrawal penalty. Added interest from the new higher yielding CD may more than offset the cost of the early withdrawal penalty.

Ladders

While longer investment terms yield higher interest rates, longer terms also may result in a loss of opportunity to lock in higher interest rates in a rising-rate economy. A common mitigation strategy for this opportunity cost is the "CD ladder" strategy. In the ladder strategies, the investor distributes the deposits over a period of several years with the goal of having all one's money deposited at the longest term (and therefore the higher rate), but in a way that part of it matures annually.

For example, an investor beginning a three-year ladder strategy starts by depositing equal amounts of money each into a 3-year CD, 2-year CD, and 1-year CD. From that point on, a CD reaches maturity every year, at which time the investor can re-invest at a 3-year term. After two years of this cycle, the investor has all money deposited at a three-year rate, yet have one-third of the deposits mature every year (which the investor can then reinvest, augment, or withdraw).

Deposit insurance

The amount of insurance coverage varies, depending on how accounts for an individual or family are structured at the institution. The level of insurance is governed by complex FDIC and NCUA rules, available in FDIC and NCUA booklets or online. The standard insurance coverage is currently $250,000 per owner or depositor for single accounts or $250,000 per co-owner for joint accounts.


Guaranteed Investment Certificate

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks.Due to its low risk profile, the return is generally less than other investments such as stocks, bonds, or mutual funds. It is similar to a time or term deposit as known in other countries.

The rate of return on a GIC varies depending on the various factors, such as the length of the term and specified interest rates from the Bank of Canada. At the time of purchase, the rate is higher than the interest on a savings account. The return on the investment will be low if the savings interest rate becomes higher than the GIC rate of return and will be high otherwise.

The principal amount is not at risk unless the bank defaults. The guarantee for GICs is provided by the Canada Deposit Insurance Corporation(CDIC) up to a maximum of $100,000 (principal and interest combined), as long as the issuing financial institution is a CDIC member and the original term to maturity is five years or less.

Market Growth GICs

The Market Growth GICs or Market Stock-Indexed GICs have their interest rates determined by the rate of growth of a specific stock market (such as the TSX or S&P 500). For example; if the TSX has a market growth increase of 30% in 3 years, beginning at the same point in time the GIC was issued, the GIC will return with an interest of 30%. However, unlike other GICs there is always a possibility that the market could perform poorly, having even no growth at all, in which the interest rate could return at 0%.
All Market Growth GICs have a maximum return. For example; if the GIC has a maximum return of 25% over 3 years, and the TSX has a market growth increase of 30% in 3 years, the GIC will return with an interest rate of only 25%. Maximum returns will typically range from 7% to 15% per year, depending on the market in which the GIC is invested and the length of the investment term.


Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The FDIC was created by the 1933 Banking Act during the Great Depression to restore trust in the American banking system; more than one-third of banks failed in the years before the FDIC's creation, and bank runs were common.

The FDIC and its reserves are not funded by public funds; member banks' insurance dues are the FDIC's primary source of funding.Only banks are insured by the FDIC; credit unions are insured up to the same insurance limit by the National Credit Union Administration, which is also a government agency.

As of May 1, 2017, the FDIC provided deposit insurance at 5,844 institutions.The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages receiverships of failed banks.

Formed     June 16, 1933
Jurisdiction     Federal government of the United States
Headquarters     Washington, D.C.
Employees     8,713 (December 2012)[1]
Agency executive    
Martin J. Gruenberg, Chairman

Ownership categories

Each ownership category of a depositor's money is insured separately up to the insurance limit, and separately at each bank. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 × $250,000 = $1,500,000


    Single accounts (accounts not falling into any other category)
    Certain retirement accounts (including Individual Retirement Accounts (IRAs))
    Joint accounts (accounts with more than one owner with equal rights to withdraw)
    Revocable trust accounts (containing the words "Payable on death", "In trust for", etc.)
    Irrevocable trust accounts
    Employee Benefit Plan accounts (deposits of a pension plan)
    Corporation/Partnership/Unincorporated Association accounts
    Government accounts


For joint accounts, each co-owner is assumed (unless the account specifically states otherwise) to own the same fraction of the account as does each other co-owner (even though each co-owner may be eligible to withdraw all funds from the account). Thus if three people jointly own a $750,000 account, the entire account balance is insured because each depositor's $250,000 share of the account is insured.

Board of directors
The Board of Directors of the FDIC is the governing body of the FDIC. The board is composed of five members, three appointed by the president of the United States with the consent of the United States Senate and two ex officio members. The three appointed members each serve six-year terms. No more than three members of the board may be of the same political affiliation.
The two ex officio members are the Comptroller of the Currency and the director of the Consumer Financial Protection Bureau (CFPB).

Establishment of the FDIC: 1933

President Franklin D. Roosevelt himself was dubious about insuring bank deposits, saying, "We do not wish to make the United States Government liable for the mistakes and errors of individual banks, and put a premium on unsound banking in the future." But public support was overwhelmingly in favor, and the number of bank failures dropped to near zero.On 16 June 1933, Roosevelt signed the 1933 Banking Act into law, creating the FDIC. The initial plan set by Congress in 1934 was to insure deposits up to $2,500 ($44,757 today) adopting of a more generous, long-term plan after six months. However, the latter plan was abandoned for an increase of the insurance limit to $5,000 ($89,515 today).

The 1933 Banking Act:

    Established the FDIC as a temporary government corporation. The Banking Act of 1935 made the FDIC a permanent agency of the government and provided permanent deposit insurance maintained at the $5,000 level.
    Gave the FDIC authority to provide deposit insurance to banks
    Gave the FDIC the authority to regulate and supervise state non-member banks
    Funded the FDIC with initial loans of $289 million through the U.S. Treasury and the Federal Reserve, which were later paid back with interest
    Extended federal oversight to all commercial banks for the first time
    Separated commercial and investment banking (Glass–Steagall Act)
    Prohibited banks from paying interest on checking accounts
    Allowed national banks to branch statewide, if allowed by state law.

Historical insurance limits

    1934 – $2,500
    1935 – $5,000
    1950 – $10,000
    1966 – $15,000
    1969 – $20,000
    1974 – $40,000
    1980 – $100,000
    2008 – $250,000

2008

In 2008, twenty-five U.S. banks became insolvent and were closed by their respective chartering authority.However, during that year, the largest bank failure in terms of dollar value occurred on September 26, 2008, when Washington Mutual, with $307 billion in assets, experienced a 10-day bank run on its deposits.

The deposit insurance limit was temporarily raised from $100,000 to $250,000.

2009

On August 14, 2009, Bloomberg reported that more than 150 publicly traded U.S. lenders had nonperforming loans above 5% of their total holdings. This is important because former regulators say that this is the level that can wipe out a bank's equity and threaten its survival. While this ratio does not always lead to bank failures if the banks in question have raised additional capital and have properly established reserves for the bad debt, it is an important indicator for future FDIC activity.

At the close of 2009, a total of 140 banks had become insolvent.This is the largest number of bank failures in a year since 1992, when 179 institutions failed.

2010

On February 23, 2010, FDIC Chairman Sheila Bair warned that the number of failures in 2010 could surpass the 140 banks that were seized in 2009. Commercial real estate overexposure was deemed the most serious threat to banks in 2010

On April 30, 2010, the FDIC was appointed as receiver for three banks in Puerto Rico at a cost of $5.3 billion.

In 2010, 157 banks with approximately $92 billion in total assets failed.

Ken Money

Ken Money

Kenneth Eric "Ken" Money (born January 4, 1935 in Toronto, Ontario) is the Senior Scientist at the Defence and Civil Institute of Environmental Medicine in Toronto. He has published over one hundred science articles and authored six different topics in the World Book Encyclopedia.

Education
Money attended North Toronto Collegiate Institute for high school. He then enrolled at the University of Toronto and earned his bachelor of science in physiology and chemistry in 1958, master of science in physiology in 1959 and Ph.D. in physiology in 1961.

Career

Some of his contributions in the scientific field include knowledge of the inner ear, motion sickness, disorientation, and biological effects of space flight. Some of Money’s interests include badminton, skiing, acrobatic flying, skydiving, fishing, and reading. In 1956, Money competed at the Olympic Games and placed fifth in the men's high jump event.

Money was selected by the National Research Council of Canada as an astronaut candidate in December 1983, but left the Canadian Astronaut Corps in 1992 without having flown in space. He acted as Spacelab Payload Operations Controller for a Spacelab mission in 1992.

During the same mission, Money served as the alternate astronaut, having the capability to fly if needed. He is credited with the invention of an experimental surgical operation called semicircular canal plugging, which is now being used in North America and Europe to treat particular types of dizzy spells.

Awards and service
In 1994, he was awarded the Meritorious Service Cross by the Governor General of Canada for his many contributions to science and technology.

Money market account

Money market account
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.The interest rates paid are generally higher than those of savings accounts and transaction accounts.

Money market accounts should not be confused with money market funds, which are mutual funds that invest in money market securities.

United States How it works

In the United States, deposit holders are permitted to write checks and use debit cards to withdraw funds from money market accounts on demand. However, for regulatory purposes, the accounts are regulated as savings accounts under Regulation D (FRB). Customers are permitted to make 6 withdrawals per month (excluding cash withdrawals from automated teller machines) and violations will result in service charges of approximately $10 per transaction and possible closure of the account.

History

The Depository Institutions Deregulation and Monetary Control Act of 1980 set in motion a series of steps designed to phase in the deregulation of bank deposits, permitting a wider variety of account types and eventually eliminating interest ceilings on deposits. By the subsequent Garn–St. Germain Depository Institutions Act of 1982, on December 14, 1982, money market accounts were authorized with a minimum balance of no less than $2,500, no interest ceiling, and no minimum maturity, allowing up to six transfers out of the account per month (no more than three by check) and unlimited withdrawals by mail, messenger, or in person.

Money laundering

Money laundering

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets. In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.

Some countries define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations. Other countries define money laundering in such a way as to include money from activity that would have been a crime in that country, even if the activity was legal where the actual conduct occurred.

History

In China, merchants around 2000 BCE would hide their wealth from rulers who would simply take it from them and banish them. In addition to hiding it, they would move it and invest it in businesses in remote provinces or even outside China.

Over the millennia many rulers and states imposed rules that would take wealth from their citizens and this led to the development of offshore banking and tax evasion. One of the enduring methods has been the use of parallel banking or Informal value transfer systems such as hawala that allowed people to move money out of the country avoiding state scrutiny.

In the 20th century, the seizing of wealth again became popular when it was seen as an additional crime prevention tool. The first time was during the period of Prohibition in the United States during the 1930s

In the 1980s, the war on drugs led governments again to turn to money-laundering rules in an attempt to seize proceeds of drug crimes in order to catch the organizers and individuals running drug empires. It also had the benefit from a law enforcement point of view of turning rules of evidence upside down. Law enforcers normally have to prove an individual is guilty to get a conviction.

The September 11 attacks in 2001, which led to the Patriot Act in the US and similar legislation worldwide, led to a new emphasis on money laundering laws to combat terrorism financing.The Group of Seven (G7) nations used the Financial Action Task Force on Money Laundering to put pressure on governments around the world to increase surveillance and monitoring of financial transactions and share this information between countries. Starting in 2002, governments around the world upgraded money laundering laws and surveillance and monitoring systems of financial transactions.

Definition

Money obtained from certain crimes, such as extortion, insider trading, drug trafficking, and illegal gambling is "dirty" and needs to be "cleaned" to appear to have been derived from legal activities, so that banks and other financial institutions will deal with it without suspicion. Money can be laundered by many methods which vary in complexity and sophistication.

Money laundering involves three steps: The first involves introducing cash into the financial system by some means ("placement");

Money laundering is the process of making illegally-gained proceeds (i.e., "dirty money") appear legal (i.e., "clean"). Typically, it involves three steps: placement, layering, and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system.

Methods

Money laundering can take several forms, although most methods can be categorized into one of a few types. These include "bank methods, smurfing [also known as structuring], currency exchanges, and double-invoicing

Structuring

Structuring, also known as smurfing in banking industry jargon, is the practice of executing financial transactions United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).

United States

In the United States, the Bank Secrecy Act requires the filing of a currency transaction report for transactions of more than $10,000 in currency (US or foreign).Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report.In 1986, the U.S. Congress enacted section 5324 of Title 31 of the United States Code

Bulk cash smuggling: This involves physically smuggling cash to another jurisdiction and depositing it in a financial institution, such as an offshore bank, with greater bank secrecy or less rigorous money laundering enforcement.

Cash-intensive businesses: In this method, a business typically expected to receive a large proportion of its revenue as cash uses its accounts to deposit criminally derived cash. Such enterprises often operate openly and in doing so generate cash revenue from incidental legitimate business in addition to the illicit cash – in such cases the business will usually claim all cash received as legitimate earnings.

Trade-based laundering: This involves under or overvaluing invoices to disguise the movement of money.

Sometimes referred to by the slang term rathole though that term usually refers to a person acting as the fictitious owner rather a business entity.

Round-tripping: Here, money is deposited in a controlled foreign corporation offshore, preferably in a tax haven where minimal records are kept, and then shipped back as a foreign direct investment, exempt from taxation

Tax amnesties: For example, those that legalize unreported assets in tax havens and cash.

Magnitude

Many regulatory and governmental authorities issue estimates each year for the amount of money laundered, either worldwide or within their national economy. In 1996, the International Monetary Fund estimated that 2–5% of the worldwide global economy involved laundered money. The Financial Action Task Force on Money Laundering (FATF), an intergovernmental body set up to combat money laundering, stated, "Overall, it is absolutely impossible to produce a reliable estimate of the amount of money laundered and therefore the FATF does not publish any figures in this regard.

Regardless of the difficulty in measurement, the amount of money laundered each year is in the billions of US dollars and poses a significant policy concern for governments.

Electronic money
In theory, electronic money should provide as easy a method of transferring value without revealing identity as untracked banknotes, especially wire transfers involving anonymity-protecting numbered bank accounts. In practice, however, the record-keeping capabilities of Internet service providers and other network resource maintainers tend to frustrate that intention.
In 2013, Jean-Loup Richet, a research fellow at ESSEC ISIS, surveyed a new techniques that cybercriminals were using in a report written for the United Nations Office on Drugs and Crime. A common approach was to use a digital currency exchanger service which converted dollars into a digital currency called Liberty Reserve and could be sent and received anonymously.

Reverse money laundering

Reverse money laundering is a process that disguises a legitimate source of funds that are to be used for illegal purposes. It is usually perpetrated for the purpose of financing terrorism but can be also used by criminal organizations that have invested in legal businesses and would like to withdraw legitimate funds from official circulation.

The problem of such fraudulent encashment practices (obnalichka in Russian) has become acute in Russia and other countries of the former Soviet Union. The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) reported that the Russian Federation, Ukraine, Turkey, Serbia, Kyrgyzstan, Uzbekistan, Armenia and Kazakhstan have encountered a substantial shrinkage of tax base and shifting money supply balance in favor of cash. These processes have complicated planning and management of the economy and contributed to the growth of the shadow economy.

Combating

Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. Anti-money laundering guidelines came into prominence globally as a result of the formation of the Financial Action Task Force (FATF) and the promulgation of an international framework of anti-money laundering standards.
An effective AML program requires a jurisdiction to criminalise money laundering, giving the relevant regulators and police the powers and tools to investigate; be able to share information with other countries as appropriate; and require financial institutions to identify their customers, establish risk-based controls, keep records, and report suspicious activities.

Criminalisation
The elements of the crime of money laundering are set forth in the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances and Convention against Transnational Organized Crime.

Global organizations

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism.

These entities have observer status with FATF, which does not entitle them to vote, but permits them full participation in plenary sessions and working groups.

FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions.

FATF's three primary functions with regard to money laundering are:

    Monitoring members’ progress in implementing anti-money laundering measures,
    Reviewing and reporting on laundering trends, techniques, and countermeasures, and
    Promoting the adoption and implementation of FATF anti-money laundering standards globally

Anti-money laundering measures by region

Many jurisdictions adopt a list of specific predicate crimes for money laundering prosecutions, while others criminalize the proceeds of any serious crimes.

Australia

AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's financial intelligence unit to combat money laundering and terrorism financing.

Australian responses to money laundering are similar to the majority of western countries. The Financial Transaction Reports Act 1988 (Cth) requires 'cash dealers' to report specific information to the Australian Transaction Reports and Analysis Centre. The purposes of the Financial Transaction Reports Act 1988 (Cth) would be frustrated if accounts could be opened in false names. The Act creates the offence of opening or operating an account in a false name: s 24.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) is the principal legislative instrument, although there are also offence provisions contained in Division 400 of the Criminal Code Act 1995 (Cth). Upon its introduction, it was intended that the AML/CTF Act would be further amended by a second tranche of reforms extending to designated non-financial businesses and professions (DNFBPs) including, inter alia, lawyers, accountants, jewellers and real estate agents; however, those further reforms have yet to be progressed.

AUSTRAC works collaboratively with Australian industries and businesses in their compliance with anti-money laundering and counter-terrorism financing legislation.

Bangladesh

The first anti-money laundering legislation in Bangladesh was the Money Laundering Prevention Act, 2002. It was replaced by the Money Laundering Prevention Ordinance 2008. Subsequently, the ordinance was repealed by the Money Laundering Prevention Act, 2009. In 2012, government again replace it with the Money Laundering Prevention Act, 2012

    While opening a new account, the account opening form should be duly filled up by all the information of the customer.
    The KYC must be properly filled.
    The Transaction Profile (TP) is mandatory for a client to understand his/her transactions. If needed, the TP must be updated at the client's consent.
    All other necessary papers should be properly collected along with the National ID card.
    If any suspicious transaction is noticed, the Branch Anti Money Laundering Compliance Officer (BAMLCO) must be notified and accordingly the Suspicious Transaction Report (STR) must be filled out.
    The cash department should be aware of the transactions. It must be noted if suddenly a big amount of money is deposited in any account. Proper documents are required if any client does this type of transaction.
    Structuring, over/ under invoicing is another way to do money laundering. The foreign exchange department should look into this matter cautiously.
    If any account has a transaction over 1 million taka in a single day, it must be reported in a cash transaction report (CTR).
    All bank officials must go through all the 26 circulars and use them.

Canada
In 1991, the Proceeds of Crime (Money Laundering) Act was brought into force in Canada to give legal effect to the former FATF Forty Recommendations by establishing record keeping and client identification requirements in the financial sector to facilitate the investigation and prosecution of money laundering offences under the Criminal Code and the Controlled Drugs and Substances Act.

In 2000, the Proceeds of Crime (Money Laundering) Act was amended to expand the scope of its application and to establish a financial intelligence unit with national control over money laundering, namely FINTRAC

In December 2006, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act was further amended, in part, in response to pressure from the FATF for Canada to tighten its money laundering and financing of terrorism legislation. The amendments expanded the client identification, record-keeping and reporting requirements for certain organizations and included new obligations to report attempted suspicious transactions and outgoing and incoming international electronic fund transfers, undertake risk assessments and implement written compliance procedures in respect of those risks

In Canada, casinos, money service businesses, notaries, accountants, banks, securities brokers, life insurance agencies, real estate salespeople and dealers in precious metals and stones are subject to the reporting and record keeping obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

European Union

The fourth and latest iteration of the EU’s anti-money laundering directive (AMLD IV) was published on 5 June 2015, after clearing its last legislative stop at the European Parliament. The new directive brings the EU’s anti-money laundering laws more in line with the US’s, which is welcome news for financial institutions that are operating in both jurisdictions.

India

In 2002, the Parliament of India passed an act called the Prevention of Money Laundering Act, 2002. The main objectives of this act are to prevent money-laundering as well as to provide for confiscation of property either derived from or involved in, money-laundering.

The recent activity in money laundering in India is through political parties, corporate companies and the shares market. It is investigated by the Enforcement Directorate and Indian Income Tax Department.[68] According to Government of India, out of the total tax arrears of ?2,480 billion (US$39 billion) about ?1,300 billion (US$20 billion) pertains to money laundering and securities scam cases.

Bank accountants must record all transactions over Rs. 1 million. Bank accountants must maintain this records for 10 years. Banks also must make cash transaction reports (CTRs) and suspicious transaction reports over RS. 1 million within 7 days of doubt.

Singapore
Singapore’s legal framework for combating money laundering is contained in a patchwork of legal instruments.

The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).This statute criminalises money laundering and imposes the requirement for persons to file suspicious transaction reports (STRs) and make a disclosure whenever physical currency or goods exceeding S$20,000 are carried into or out of Singapore.

The concealment, conversion, transfer or removal from the jurisdiction, or the acquisition, possession or use of benefits of drug dealing or criminal conduct .

United Kingdom

Money Laundering Regulations are designed to protect the UK financial system, as well as preventing and detecting crime. If a business is covered by these regulations then controls are put in place to prevent it being used for money laundering.

Bureaux de change
All UK Bureaux de change are registered with Her Majesty's Revenue and Customs, which issues a trading licence for each location. Bureaux de change and money transmitters, such as Western Union outlets, in the UK fall within the "regulated sector" and are required to comply with the Money Laundering Regulations 2007. Checks can be carried out by HMRC on all Money Service Businesses.

United States
 
The approach in the United States to stopping money laundering is usually broken into two areas: preventive (regulatory) measures and criminal measures.

Canadian Tire money

Canadian Tire money

Canadian Tire money, officially Canadian Tire ''money''(CTM) is a loyalty program operated by the Canadian retail chain Canadian Tire. It consists of coupons, issued by the company, which resembles real banknotes. It can be used as scrip in Canadian Tire stores, but is not considered a private currency.
Some privately owned businesses in Canada accept CTM as payment (see history below), since the owners of many such businesses shop at Canadian Tire. In Canadian Tire stores, CTM is accepted for Canadian money at par.

Denominations
Symbol     $
Banknotes     5¢, 10¢, 25¢, 50¢, $1 & $2
Coins     $1

User(s)     Canadian Tire, and other businesses in Canada

Central bank     Canadian Tire
Printer     Canadian Bank Note Company & British American Banknote Company.
Mint     Royal Canadian Mint (coin only)

History and dynamics

A recognizable facet of CTM is the man featured on the face of each bill. According to Canadian Tire representatives, the fictional character represented is referred to as "Sandy McTire" and sports a tam o' shanter and a stylized waxed moustache.

It was introduced in 1958, and was inspired by Muriel Billes, the wife of Canadian Tire's co-founder and first president, Alfred J. Billes, as a response to the promotional giveaways that many gas companies offered at the time. It was only available at Canadian Tire gas bars but was so successful that, in 1961, it was extended to the retail stores as well,

Canadian Tire Money is given out for purchases paid for by cash or debit, based on the pre-tax total, excluding labour and shop supplies costs. The initial coupon rate earned was 5% of the eligible purchase price, but it was lowered to 3%, then to 1.4%, and now is 0.4%. Customers can use Canadian Tire Money to buy anything in the store

It can also be used to cover the sales tax on the purchases, since it is accepted as cash after the taxes are calculated. Also, even if a purchase was made entirely in these coupons, it is also considered as a cash purchase and more coupons will be calculated and paid out.
In Ontario, the Retail Sales Tax law and Bulletins state that the "coupon must be reimbursed by the franchisee". By submitting them to other merchants, the merchants were in essence breaking Ontario law when they failed to include the discount in the value of the goods being calculated for being taxed

In 2012, Canadian Tire began a pilot program to make its money "plastic", to make it into a more manageable and trackable loyalty program.The new plastic loyalty card can earn points at more than twice the rate of the traditional paper money.According to customer service in July 2017 the rate on purchases made with the Canadian Tire "Options" card on in-store products is 4%. The reward rate for purchases at other stores is 0.8%.

Denominations

In 1958, five different denominations (composed of 5-cents, 10-cents, 25-cents, 50-cents, and $1) were issued. The revision of 1962 included the introduction of four lower values (1 to 4 cents), and 12 higher denominations, including 35 and 60 cents. A sequence of six denominations was introduced in 1985 including the 3-cents, 5-cents, 10-cents, 25-cents, 40-cents, 50-cents, and $1. A $2 note was added in 1989, and the 3 cents was dropped in 1991

CTM is treated as real currency by the franchise and cannot be directly exchanged for real Canadian currency for customers. If an item bought with Canadian Tire Money is returned the customer receives either Canadian Tire Money back or is given the amount on a gift card. If an item is bought with cash or card and is returned for a refund the customer receives the refund less the value of the CTM issued on the item unless the CTM is also returned.

On December 2, 2009, as part of an advertised deal, Canadian Tire had handed out the first Canadian Tire coin, redeemable with the purchase of at least $40 of merchandise.

Usage beyond Canadian Tire
In late 2004 in Moncton, New Brunswick, several customers at a Canadian Imperial Bank of Commerce ATM were dispensed a total of 11 bills of Canadian Tire money instead of real bills. They were compensated by the bank

Culturally, Canadian Tire money is sometimes referred to by comedians: perhaps as a national version of "Monopoly money", perhaps invoking a pejorative comparison of the value of Canadian dollars against U.S. dollars, or perhaps as a misunderstood exotic element of Canadian society

In the mid-1990s, a man in Germany was caught with up to $11 million in counterfeit Canadian Tire money.

Special Issuances

A 10 cent note was released by the company between June 30th and July 2nd, 2017 to celebrate the 150th birthday of the Confederation of Canada in 1867 as part of national festivities.

Three for the Money

Three for the Money

Three for the Money is an American game show produced by Stefan Hatos-Monty Hall Productions that aired on NBC from September 29 to November 28, 1975. Dick Enberg was the host with Jack Clark announcing. Enberg was also hosting Sports Challenge at the time and had just joined NBC's sports division.

Game play
Two teams of two studio contestants and one celebrity captain competed all week in a question-and-answer game. The team trailing in score at the start of the game (or the team that won a coin toss, for the first game of the week) chose how many of the opposing team they wanted to challenge.
For each contestant on the defending knocked out with a correct answer from the offense, the cash values were as the following: one contestant for $100, two for $200, and all three for $300; a correct answer from the defending team earned that team $100. A wrong answer gave the other team the remaining clue(s) without opposition.
After the three categories were played came the "Catch-Up Round", a two-minute rapid-fire speed round. The Catch-Up Round was played similarly to the first part of the game, but there were no categories.
If the game ended in a tie, Enberg read one last question with a three-on-three challenge, and the team who rang in got to answer, and if correct, won the game, but otherwise, the opponents had a chance to answer.
If a teammate gave a wrong answer, he or she was knocked out, though the other teammates could continue to answer. The jackpot started at $1,000 and increased $1,000 every day during the week, up to $5,000 on Friday (thus, winning all five bonus rounds throughout the week would earn a team $15,000).

The two civilians stayed together all week (celebrity captains alternated teams daily), and the scoring money progressed through the course of the week, with the civilian contestants splitting winnings equally. In addition, the two civilians on the team which earned the most money during the week each received a new car.


Created by     Stefan Hatos
Monty Hall
Wes Cox (Concept)
Directed by     Hank Behar
Presented by     Dick Enberg
Narrated by     Jack Clark
Country of origin      United States
No. of episodes     45

Producer(s)     Stu Billett
Location(s)     NBC Studios, Burbank, California
Running time     25 Minutes
Production company(s)     Stefan Hatos-Monty Hall Productions

Original network     NBC
Picture format     NTSC
Original release     September 29 – November 28, 1975

Time-based currency

Time-based currency

In economics, a time-based currency is an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit. Some time-based currencies value everyone’s contributions equally
one hour equals one service credit  (e.g. minutes, ten minutes – 6 units/hour, or 15 minutes – 4 units/hour)  it is also possible to exchange goods by 'pricing' them in terms of the average national hourly wage rate (e.g. if the average hourly rate is $20/hour, then a commodity valued at $20 in the national currency would be equivalent to 1 hour).

19th Century
Time-based currency exchanges date back to the early 19th century. The National Equitable Labour Exchange was founded by Robert Owen, a Welsh socialist and labor reformer in London, England, in 1832. It was established in Birmingham, England, before folding in 1834.
In 1848, the socialist and first self-designated anarchist Pierre-Joseph Proudhon postulated a system of time chits. In 1875, Karl Marx wrote of "Labor Certificates" (Arbeitszertifikaten)

20th Century

Edgar S. Cahn coined the term "Time Dollars" in Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal, a book co-authored with Jonathan Rowe in 1992. He also went on to trademark the terms "Time Bank" and "Time Credit"
In the 1940s, Mizushima had already foreseen the emerging problems of an ageing society such as seen today. In the 1990s the movement took off in the USA, with Dr Edgar Cahn pioneering it there, and in the United Kingdom, with Martin Simon from Timebanking UK.

21st Century

According to Edgar S. Cahn, time banking had its roots in a time when "money for social programs [had] dried up and no dominant approach to social service in the U.S. was coming up with creative ways to solve the problem.
As a philosophy, time banking, also known as Time Trade is founded upon five principles, known as Time Banking's Core Values:

    Everyone is an asset
    Some work is beyond a monetary price
    Reciprocity in helping
    Social networks are necessary
    A respect for all human beings


Time dollars

Time dollars are a tax-exempt complementary currency used as a means of providing mutual credit in Time Banking. They are typically called "time credits" or "service credits" outside the United States. Time Bank members exchange services for Time Dollars. Each exchange is recorded as a corresponding credit and debit in the accounts of the participants.

Time banks

Time banks have been established in 34 countries, with at least 300 time banks established in 40 US states and 300 throughout the United Kingdom. Time Banks also have a significant presence in Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain.Time Banks have been used to reduce recidivism rates with diversionary programs for first-time juvenile offenders; facilitate re-entry of for ex-convicts; deliver health care, job training and social services in public housing complexes; facilitate substance abuse recovery


The Time Dollar

The time dollar is the fundamental unit of exchange in a time bank, equal to one hour of a person's labor. In traditional time banks, one hour of one person's time is equal to one hour of anther's. Time dollars are earned for providing services and spent receiving services. Upon earning a Time Dollar, a person does not need to spend it right away: they can save it indefinitely


Time banking and the time bank

Time bank members earn credit in Time Dollars for each hour they spend helping other members of the community. Services offered by members in Time Banks include: Child Care, Legal Assistance, Language Lessons, Home Repair, and Respite Care for caregivers, among other things.Time Dollars earned are then recorded at the Time Bank to be accessed when desired.
The same organizations also often offer consulting services, training, and other materials for individuals or organizations looking to start Time Banks of their own


Time banking around the world

In 2013 TIMEREPUBLIK launched the global Time Bank. Its aim is to eliminate geographical limitations of previous Time Banks.

The system uses a base 'currency' of one hour, and the conversion rates between the different exchange groups are based on national average hourly wage rates. This allows time banks to trade with mutual credit exchanges in the same or different countries.

Studies and examples

Elderplan

Elderplan was a social HMO which incorporated Time Banking as a way to promote active, engaged lifestyles for its older members. Funding for the "social" part of social HMOs has since dried up and much of the program has been cut, but at its height, members were able to pay portions of their premiums in Time Dollars instead of hard currency.

Gorbals time bank study

In 2004, Dr. Gill Seyfang published a study in the Community Development Journal about the effects of a Time Bank located in the Gorbals area of Glasgow, Scotland, "an inner-city estate characterized by high levels of deprivation, poverty, unemployment, poor health and low educational attainment.

She writes that "the time bank had enabled people to access help they otherwise would have had to do without," help which included home repair, gardening, a funeral, and tuition paid in Time Dollars to a continuing education course.


Community currency

A community currency is a type of complementary currency that is used by groups with a common bond, like members of a locality, or association, and designed to meet their needs. A community currency may be geography-based, making it a type of local currency, or it may be used within a business-based, or online community
money is simply a social technology and the ways in which it is designed, produced and controlled – far from being neutral or predetermined factors – all influence the effects it has upon society at large.

Supporting small and medium enterprises: Community currencies can serve as a means to promote independent shops over large corporations since they keep on circulating locally.
Addressing environmental impacts: Community currencies can play a role in better valuation of environmental resources and providing an incentive for more sustainable behavior.

Software

Several software packages have been written supporting the management of community currencies. In 1998, Richard Kay, a Senior Lecturer at Birmingham City University, wrote a "Multi-registry System" specification for routing and processing community currency transactions using an approach designed to be decentralized, with no single point of control or failure, using the Domain Name System for server discovery.
References
Community Currencies in Action: SoNantes".
"TradeQoin is a network of entrepreneurs".
"We Create Meaningful Change In Communities".
"Comparison Matrix of Community Currency Software".
"Richard Kay".
"Multi-Registry System".

    Local exchange trading system
    Community Exchange System (CES)
    Collaborative finance
    Coproduction of public services by service users and communities
    Fiscal localism
    Labour theory of value
    Labour-time voucher


Local exchange trading system
A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency.

History
Michael Linton originated the term "Local Exchange Trading System" in 1983 and for a time ran the Comox Valley LETSystems in Courtenay, British Columbia

LETS networks facilitate exchange between members by providing a directory of offers (and wants) and by allowing a line of interest-free credit to each. Members' IOUs are logged in a centralised accounting system which publishes a directory and balances visible to all members.
For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network, or they may spend first and earn later.
The time-based currency mentioned in United Nations Millennium Declaration C6 to Governments was a UNILETS United Nations International & Local Employment-Trading System to restructure the global financial architecture.
Most groups range from 50-150 members with a small core who use the system as a way of life. After flourishing in the 1990s, the LETS movement is mostly now populated by the same aging people.


LETS are generally considered to have the following five fundamental criteria:[4]

    Cost of service: from the community for the community
    Consent: there is no compulsion to trade
    Disclosure: information about balances is available to all members
    Equivalence to the national currency
    No interes

Operation
The first LETS required nothing more than a telephone, an answering machine and a notebook. Since then there have been several attempts to improve the process with software, printed notes, and other familiar aspects of traditional currencies.

LETS is a full-fledged monetary or exchange system, unlike direct barter. LETS members are able to earn credits from any member and spend them with anyone else on the scheme. Since the details are worked out by the users, there is much variation between schemes.

Since its commencement over 20 years ago, LETSystems have been highly innovative in adapting to the needs of their local communities in all kinds of ways. For example, in Australia, people have built houses using LETS in place of a bank mortgage, freeing the owner from onerous interest payments.

Benefits

LETS can help revitalise and build community by allowing a wider cross-section of the community—individuals, small businesses, local services and voluntary groups—to save money and resources in cooperation with others and extend their purchasing power. Other benefits may include social contact, health care, tuition and training, support for local enterprise and new businesses.

Local exchange trading systems now exist in many countries. Currency exchange between countries is done automatically through the CES (Community Exchange Systems) if LETS members use the CES for their recorded transaction. On the CES such trading exchanges between countries are known as 'remote' trading.

Australia

Australia, in 1989 allocated $50,000 for the development of LETSystems, including the running of state conferences, the production of software, a LETSystems Training Pack, and assistance to Michael Linton to visit Western Australia. By 1995 there were 250 LETSystems in Australia, with Western Australia having 43 separate systems serving a population of 2.3 million (although actual participation is by only a tiny fraction of that population)

North America

Several Canadian cities have LETS groups, including Kitchener-Waterloo, Niagara, and Peterborough in Ontario; Halifax, Nova Scotia; and St. John's, Newfoundland

Ithaca, New York has been running its Ithaca Hours program since 1991.

South America
Ecuador had 140 Ecosimia-Groups (in 2000).

In Venezuela there are around a dozen LETS (as of 2011), with support from the national government

Europe

French speaking Europe has a coherent SEL (Système d'Échange Local, local exchange system) network.

In German speaking Europe there are lots of local "Tauschring", or "Tauschkreis" (exchange circles) networks which share all sorts of services. The Tauschring network in Germany provides software for most schemes in the German-speaking world, and CES now has over 250 participating associations, able to trade between each other with a process sometimes called intertrading.

In the Czech Republic, multiple LETS are present. Rozletse, operating in the region of city of Brno sharing the same Cyclos3 server with other smaller groups in the regions of Jeseník, Ostrava and Beskydy, Pralets for the capital of Prague, BudSob for the Ceské Budejovice region etc.

The Netherlands has spawned a number of innovative concepts based on the LETS formula, some of which try to lower participation barriers by completely moving their exchange platforms online, like NOPPES.

Norway has more LETS system, One of which is LETS NORGE.

Asia

In Japan, the Peanuts system is a LETS system in Chiba, near Tokyo. Approximately ten percent of all payments made at local stores are in the community currency (2002). The LETS movement saw its peak around 2002–2003, but since then it has been declining slowly[citation needed]. See also Fureai kippu.

Africa

In 2003 the Community Exchange System (CES) started operating an internet-based LETS in Cape Town, South Africa. This has grown into a global network of over 800 local exchange systems in more than seventy countries (2014), among them Australia, Finland, New Zealand, Poland, South Africa, Spain, USA, UK, Vanuatu etc.

Community Exchange System

The Community Exchange System (CES) is an Internet-based trading network which allows participants to buy and sell goods and services without using a national currency. While the relatively new system can be used as an alternative to traditional currencies such as the dollar or Euro or South African rand, the Community Exchange System is a complementary currency in the sense that it functions alongside established currencies.

Background

While money typically takes the form of a national currency such as dollar bills or euro coins, there have been other types of currencies ranging from simple IOU notes––in which one person declares a debt to a second person in a written document––to more sophisticated programs such as airline miles in which points are accumulated in a side-system as a result of purchases.

History

The system known as the Cape Town Talent Exchange began in February 2003 in Cape Town by Ashoka fellow Tim Jenkin. The abstract unit of currency (unit of account/value) was called the Talent although there were no physical bills or coins made. The purpose was to bring the advantages of a trading network to destitute persons who were unable to get credit or loans by using traditional national currencies, as well as assist marginalized communities such as Khayelitsha within the city of Cape Town to become self-sustaining.

Size

Reports vary about the number of complementary currency exchanges linked up in the network. One report in 2011 suggested that the network consisted of 100 linked exchanges which operated in 15 different countries; a second report counted the number of exchanges at approximately 300 in 30 different countries.One estimate was that there were 2,000 members in 2006 with a total of 6,700 members in 50 groups in eight countries. By 2011, the number of participants in the Cape Town Talent Exchange was estimated to be 4,000.A report in Time Magazine suggested that alternative forms of money are "growing in popularity" in places such as South Africa and elsewhere.

Method of operation

A person wishing to join can sign up with a particular local exchange via the Community Exchange System website. He or she gets an account and makes an offering. At this point, the person is considered as a registered member which gives them access to an online community, sometimes described as an online shopping mall which is similar in some respects to a social networking website. The person can then offer to sell goods or services, and as work happens, or if the person sells items or services, their credits accumulate, which in turn allows them to buy things on the exchange as well from participating sellers or merchants or service workers.

And in South Africa, proprietary software keeps track of Community Exchange System (CES) Talents; one ambitious plan is to make Khayelitsha, a vast, desolate township of perhaps 1 million inhabitants near Cape Town, a self-sustaining community.

when an individual person's credit becomes too extensive, other members will urge that person to begin trading to bring down this amount. It is taxed like any currency and a "nation's tax rules apply.

Benefits

Advocates suggest the Community Exchange System is a "means of empowerment" for poor people, the elderly, disabled persons or those described as underemployed.An advantage cited is that a destitute person can begin earning credits by working, since it does not require such a person to first have an acceptable credit history or credit score to qualify for a traditional job. Regardless of a person's past financial situation, each person's new contributions have exchangeable value based on the worthiness of their contribution.

Money is not used as a commodity in itself - to be lent and borrowed and kept out of use. By contrast, the supply of national currencies everywhere comes into existence as a commercial debt to a bank, without reference to whether or not that extra money is needed to match the supply of goods and services.

Persons can borrow or take a loan using the system, although generally these amounts are not large, and there are forces pushing persons to not have either a large deficit or a large surplus in their particular account.

Drawbacks

The network still incurs administrative costs, although with Internet technology, the costs are less than a LETS group. There is a small fee required to help defray administrative costs which is either a one-time fee or else a small "transaction tax in talents" to compensate the system's organizers for their work.Other drawbacks include being "unwieldy" since money is useful primarily when it is "widely accepted", and for a Consumer Exchange Service to operate effectively, lots of consumers and merchants and employers need to be using the system, and there are no indications that the system has been widely adopted throughout any particular countries at this point.

One source suggested that an administrative upper-limit ceiling for the number of trades was 700 million; if the system gets more trades than this, it becomes difficult to manage in an administrative sense.

Collaborative finance

Collaborative finance is a category of financial transaction that occurs directly between individuals without the intermediation of a traditional financial institution. This new way to manage informal financial transactions has been enabled by advances in social media and peer-to-peer online platforms. The wide variety of collaborative finance resources may vary not only in their organizational and operational aspects, but also by geographical region, share of the financial market etc.

It does not require a license – most informal suppliers work without an operating license to supply money.
It is non-profit motivated – profit, if any, is ploughed back into the community and its members.
It has multiple proprietorship – proprietorship lies not with one or two persons, but the group as a whole.
It is not regulated by the central bank – with respect to limits and restrictions, reporting requirements etc.
It encourages community participation in other fields of development – the participatory approach of informal initiatives is easily replicate to a wide range of other community development issues.

Origin
A new movement is beginning, and it is inspired by the public anger at a host of things, from the behavior of Wall Street and massive bank bonuses to the widening gap between the interest rate offered to savers and the rate charged to borrowers.

Development
A Rotating Savings and Credit Association or ROSCA is a group of individuals who agree to meet for a defined period of time in order to save and borrow together. "ROSCAs are the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs.
For example, a group of 12 persons may contribute US$35 per month for 12 months. The US$420 collected each month is given to one member.
Partner hand, an online platform founded in 2010, is the first UK based organization facilitating online 'Pardners' (the west Indian name given to Rosco's) between verified individuals.

Collaborative lifestyles
 
This system is based on the sharing and exchange of resources and assets such as space, skills, time and money. Such a system, while on-trend and sensible, will further dampen demand for and purchase of new products making economic growth very difficult.

Coproduction (public services)

Co-production is a practice in the delivery of public services in which citizens are involved in the creation of public policies and services. It is contrasted with a transaction based method of service delivery in which citizens consume public services which are conceived of and provided by governments.
citizens are not only consulted, but are part of the conception, design, steering, and management of services.

"The public sector and citizens making better use of each other's assets and resources to achieve better outcomes and improved efficiency" (Governance International).

"A way of working whereby citizens and decision makers, or people who use services, family carers and service providers work together to create a decision or service which works for them all. The approach is value driven and built on the principle that those who use a service are best placed to help design it."

Emergence of co-production
Experiments on co-production on public services have been launched in many countries, from Denmark to Malaysia, the UK and the US

The term ‘co-production’ was originally coined in the late 1970s by Elinor Ostrom and colleagues at Indiana University to explain why neighborhood crime rates went up in Chicago when the city’s police officers retreated from the street into cars.

Challenges for co-production
 
Co-production, as a method, approach and mind-set, is very different from traditional models of service provision. As has been shown, it fundamentally alters the relationship between service providers and users; it emphasizes people as active agents, not passive beneficiaries; and, in large part because of this alternative process, it tends to lead towards better, more preventative outcomes in the long-term.