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VOTE: 0-8-0
1 - Short Title and Enactment
(1) This Act may be cited as the Financial Crimes Act.
(2) This Act may be numbered as P.B. 01-014.
(3) This Act shall be enacted immediately upon its signage.
(4) This Act was authored by Capt11543, a member of the Labour Party, and MP JunoAndrist.
(5) This Act was co-sponsored by MP MrRoyaltys.
(6) This Act is based on sections of the Commercial Standards Act of the Commonwealth of Redmont relating to financial crimes.
2 - Reasons
(1) Alexandrian law does not currently criminalize bad-faith financial activity.
(2) Bad-faith financial activity poses an active threat to the stability of Alexandrian society and the economy of the Kingdom.
3 - Amendments to the Alexandrian Criminal Code
(1) The Alexandrian Criminal Code shall be amended by inserting after Section 10 - Property Offenses the following section:
"11 - Financial Offenses
(1) Offenses
4 - Renumbering
A
BILL
TO
Amend the Criminal Code to include financial offenses
BILL
TO
Amend the Criminal Code to include financial offenses
1 - Short Title and Enactment
(1) This Act may be cited as the Financial Crimes Act.
(2) This Act may be numbered as P.B. 01-014.
(3) This Act shall be enacted immediately upon its signage.
(4) This Act was authored by Capt11543, a member of the Labour Party, and MP JunoAndrist.
(5) This Act was co-sponsored by MP MrRoyaltys.
(6) This Act is based on sections of the Commercial Standards Act of the Commonwealth of Redmont relating to financial crimes.
2 - Reasons
(1) Alexandrian law does not currently criminalize bad-faith financial activity.
(2) Bad-faith financial activity poses an active threat to the stability of Alexandrian society and the economy of the Kingdom.
3 - Amendments to the Alexandrian Criminal Code
(1) The Alexandrian Criminal Code shall be amended by inserting after Section 10 - Property Offenses the following section:
"11 - Financial Offenses
(1) Offenses
(a) Fraud (Felony)
(i) Definition: The act of willfully misrepresenting or concealing a material fact to one or more other persons who justifiably rely on said fact, and who suffer actual and quantifiable injury as a result of the act.
(ii) Minimum Punishment: £1,000 fine.
(iii) Maximum Punishment: £10,000 fine and 120 minutes in jail.
(iv) Any person convicted under this offense shall be ordered by the Court to pay restitution to the victims in the amount of the damages proven in criminal proceedings.
(b) Money Laundering (Felony)
(i) Definition: The act of concealing illegally obtained funds by passing them off as legally obtained funds.
(ii) Minimum Punishment: £500 fine.
(iii) Maximum Punishment: £5,000 fine and 60 minutes in jail.
(c) Identity Theft (Felony)
(i) Definition: The act of fraudulently representing oneself as another person, or as an agent or representative of one or more persons or entities.
(ii) Minimum Punishment: £1,000 fine.
(iii) Maximum Punishment: £10,000 fine and 120 minutes in jail.
(iv) Any person convicted under this offense shall be ordered by the Court to pay restitution to the victims in the amount of the damages proven in criminal proceedings.
(d) Insider Trading (Felony)
(i) Definition: The act of buying or selling one or more assets based on material, non-public information which, if it were available to the public, would affect a reasonable investor's decision to buy or sell said asset.
(ii) Minimum Punishment: £1,000 fine.
(iii) Maximum Punishment: £10,000 fine and 120 minutes in jail.
(e) Market Manipulation (Felony)
(i) Definition: The act of fraudulently inflating or deflating the valuation of a company or asset.
(ii) Minimum Punishment: £750 fine.
(iii) Maximum Punishment: £7,500 fine and 90 minutes in jail.
(iv) Any person convicted under this offense shall be ordered by the Court to pay restitution to the victims in the amount of the damages proven in criminal proceedings.
(f) Embezzlement (Felony)
(i) Definition: The act of fraudulently appropriating for one's own benefit assets entrusted to them by another person or entity.
(ii) Minimum Punishment: £1,000 fine.
(iii) Maximum Punishment: £10,000 fine and 120 minutes in jail.
(iv) Any person convicted under this offense shall be ordered by the Court to pay restitution to the victims in the amount of the damages proven in criminal proceedings.
(g) Tax Evasion, First Degree (Felony)
(i) Definition: The act of misrepresenting or concealing income or assets for the purposes of avoiding paying taxes due to the Crown, if the amount due is in excess of £1,000.
(ii) Minimum Punishment: A fine equal to £1,000 plus the amount of taxes due.
(iii) Maximum Punishment: A fine equal to £10,000 plus the amount of taxes due, and 120 minutes in jail.
(h) False Advertising (Misdemeanor)
(i) Definition: The act of willfully publishing, or causing the publication of, a false or misleading advertisement. Subsequent publications of the same misleading advertisement may be charged as multiple counts of false advertising.
(ii) Minimum Punishment: £250 fine.
(iii) Maximum Punishment: £1,000 fine.
(i) Tax Evasion, Second Degree (Misdemeanor)
(i) Definition: The act of misrepresenting or concealing income or assets for the purposes of avoiding paying taxes due to the Crown, if the amount due is not in excess of £1,000.
(ii) Minimum Punishment: A fine equal to £1,000 plus the amount of taxes due.
(iii) Maximum Punishment: A fine equal to £2,500 plus the amount of taxes due.
(2) The Ministry of Justice may pursue the following enhancements to certain offenses defined in this Section:(a) New Player Fraud
(i) Associated offense: Fraud
(ii) Criteria: The Ministry of Justice must prove that the fraudulent act was intended to exploit the victim's actual or perceived lack of experience in Alexandria.
(iii) Sentencing Modifiers: The Ministry of Justice may pursue additional fines and jail time not exceeding 50% of the maximum fines and jail time for Fraud.”
4 - Renumbering
(1) All subsequent sections shall be renumbered to accommodate the newly inserted text.
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