PW calls for change in banking secrecy laws

Article Abstract:

Price Waterhouse (PW) attributes the delay in the discovery of bank fraud at the Bank of Credit and Commerce International (BCCI) to foreign banking secrecy laws. PW, BCCI Holdings (Luxembourg) SA's worldwide auditor, was unable to provide evidence of fraud to the Bank of England until it gained access to the books of BCP, a BCCI affiliate in Switzerland. BCP was used by BCCI to cover the international currency transfers used to paper over its massive deficits. PW's findings were reported to the Bank of England in June, 1991 and was later used to justify the closure of BCCI's British operations. The Swiss audit of BCP was not made public as it was covered by the 1987 UK Banking Act, which provides anonymity to bank transfers routed through countries with bank secrecy laws such as Switzerland. PW maintains that shareholders cannot hold it liable for the delay.

Central Reserve Depository, National commercial banks, Banking industry, Bank of England, Accounting and auditing, Central banks, Powers and duties, Confidential communications, Bank secrecy, Bank fraud, BCCI Holdings (Luxembourg) S.A., BCP

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Patronage in the public eye

Article Abstract:

Businesses can complement their marketing plans through corporate sponsorship of the arts. Corporate sponsorship of the arts increases a firm's visibility and creates an image of social responsibility and public spiritedness that can be beneficial to the firm. Accounting firms traditionally have not been in the forefront of corporate sponsorship since the firms projected themselves as groups of individuals rather than as corporate entities. However, with the increasing perception of accounting firms as corporate entities, accounting firms are getting more involved with corporate sponsorship. Firms seeking to sponsor the arts should be careful when selecting a project. The arts organization being considered for support should be thoroughly researched in order to ensure that it is a reputable organization.

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Art for everbody's sake

Article Abstract:

UK accounting firms are buying art to enhance their office environment in order to impress their clientele, create a pleasant work environment for their employees, and to support their local communities. UK accounting firms typically patronize British artists. Sponsorship of the visual arts can complement a firm's marketing plans by projecting an image of involvement with the community. A corporate art collection can also counter current and potential clients' perceptions of a firm as conservative or stuffy. Leading UK accounting firms that have created corporate art collections include Arthur Andersen, KMPG Peat Marwick McLintock, and Price Waterhouse.

Arthur Andersen & Co. (New York, New York), KPMG Peat Marwick Mclintock

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