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Read the text “On the Money-go-round” in which some advice are given to Englishmen travelling abroad.
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Money, usually the lack of it - is a universal problem for travellers. Whatever the amount they take, there is a variety of ways to carry it. Since each has both advantages and disadvantages, a combination of two or three is advisable, the mixture depending on financial circumstances as well as destination.
Traveller's Cheques: One more possibility of making payments without using your cash is traveller's cheques. Traveller's cheques can provide you a safe and convenient way of travelling with large amounts of money. They come in twenty, fifty and one hundred dollar denominations. Traveller's cheques are insured against loss and theft and are treated as cash by most businesses. You may purchase traveller's cheques at most banks. Traveller's Chequeswill be replaced if lost or stolen, theoretically within 24 hours. You pay 1 to 1.5 percent of the value of the cheques but usually get a better rate when cashing them.
Foreign Currency: Carry a small amount (for taxis, porters, telephone calls, snacks) until you can get to a bank. Most UK banks need advance notice of your requirements, otherwise change sterling at the airport or port (though exchange rates are less favourable).
The commission and rate of exchange vary but shopping around is rather impractical. Some countries (in particular, Greece) restrict the amount of their currency that you can import. You should also carry some sterling for necessary expenses when you return.
Postcheques: Each cheque, when accompanied by a Postcheque Card (included free with your first order of cheques) can now be used to draw up to £100 in local currency from 90,000 post offices in most of Europe and around theMediterranean as well as Hong Kong, the Bahamas and Japan.
Credit Cards: Access (linked to Mastercard in the United States and Euro-card in Europe) and Barclaycard (linked to Visa) are accepted in nearly five million outlets each though they vary in their acceptability - Barclaycard, for example, is stronger in France, Spain and Italy, whereas Access is most useful in Germany and the United States. Their acceptance in Continental petrol stations, too, is not always certain. They may also be used for cash advances and instead of a deposit on car hire.
Charge Cards: American Express and Diners Club are less widely accepted than credit cards and the interest-free settlement period is shorter but there is no pre-sent spending limit. In addition to the initial starting and annual fee for the cards, both charge a one-percent processing fee for bills converted into sterling.
Eurocheques: can be used to withdraw local currency as well as pay for hotels, restaurants, garages and other services in nearly five million, mostly European, outlets. The cheques, made out to the exact amount you require, are then debited to your account in the same way as a domestic cheque.
Individual Cheques: can be cashed for up to a maximum of £100 or equivalent in local currency.
There is no limit to the number of cheques you can use to make а purchase. You pay around £3.50 for the card and there is also a commission 1.25 percent on the value of the transaction, plus roughly a 30-pence handling fee per cheque.
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Notes:
shopping around - искать более выгодные условия
2. Answer to the following questions:
1. What happens if you lose your traveller's cheques?
2. Where should the British traveller exchange sterling into foreign currency?
3. Why is the British traveller advised to carry sterling?
4. Where can you use Postcheques?
5. What are the advantages of credit cards?
6. What disadvantages do charge cards have?
7. How do you pay for Eurocheques?
8. What is the limit of a Eurocheque?
Text 5
1. Read the text ”Counterfeiting”. Sum up what the text says about the security features of American banknotes.
Counterfeiting of money is one of the oldest crimes in history. In the United States, for example, it was a serious problem in the past, when each bank issued its own currency. Therefore they adopted a national currency in 1863. But it did not solve the counterfeiting problem. The national currency, or the dollar, was soon counterfeited so widely, that it became necessary for the US Government to take special measures. In 1865 the United States Secret Service was established to suppress counterfeiting. It curtailed counterfeiting to a certain extent but this crime still exists.
The US dollars are now the most counterfeited currency in the world. Modern photographic and printing devices, colour copies, laser scanners have made the production of counterfeit money relatively easy. A lot of special security features are usually used in making banknotes of every country.
In making American dollars, for example, the following security features are used:
- red and blue fibres, embedded in the paper
- the intaglio printing of some features and many others.
Besides, not long ago, a few more new security features were added to US dollars. These features are as follows:
- invisible thread embedded in the paper
- micro printing and others.
These new features appeared first in banknotes of certain denominations only. Other denominations will be gradually made with the same security features.
Notes:
curtail - сокращать, урезывать
embed - запечатлеть
intaglio printing - глубокая печать
thread - нить
2. Complete the sentences with the following words: crime(s), currency, counterfeiting, established, features.
1)… of money is one of oldest... in history.
2) Thеу adopted a national... in 1863.
3) In 1865 the United States Secret Service was... to suppress...
4) It curtailed … to a certain extent but this... still exists.
5) The US dollar is now the most counterfeited... in the world.
6) New security... is added to the dollar from time to time.
3. Give the English equivalents for the following:
метод защиты, глубокая печать; волокна, вкрапленные в бумагу; невидимая нить, микропечать, современные ксероксы, цветные принтеры, лазерный сканер, подделывать деньги, средства защиты денег, национальная валюта
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Text 6
1. Scan through the text “ Money laundering”.
Criminals use the financial system to put money which has been obtained illegally into legal business and bank accounts, so that they can hide it or use it. These activities are commonly referred to as money laundering. In January 1989 the Basle Statement of Principles on Money Laundering was circulated to all institutions authorised under the Banking Act. The Statement of Principles does not restrict itself to drug related money laundering, but extends to all aspects of laundering through the banking system, i.e. the deposit, transfer and / or concealment of money derived from illicit activities whether robbery, terrorism, fraud or drugs. The Statement of Principles seeks to deny to those who involved money laundering by the application of the following principles:
(a) Know your customer - banks should make reasonable efforts to determine the customer's true identity, and have effective procedures for verifying the bona fides of new customers, that is, they are who they say they are.
(b) Compliance with laws - banks should ensure that business is conducted in conformity with high ethical standards and laws; that a service is not provided where there is good reason to suppose the transactions are associated with laundering activities.
(с) Сooperation with law enforcement agencies - within any соnstraints imposed by rules relating to customer confidentiality banks should co-operate fully with national law enforcement agencies including, where there are reasonable grounds of suspecting money laundering, taking appropriate measures which are consistent with the law.
Notes:
Money-laundering - отмывание денег; laundered money -отмытые деньги; circulate / extend -распространять;
concealment - утаивание;
illicit - незаконный;
deny - не допускать;
verify - удостоверять подлинность;
bona fides - добросовестность, честность;
law compliance - соблюдение закона;
constraints - ограничения;
consistent - согласующийся;
mistaken identity -принятие одного лица за другое.
2. Work in pairs to answer the questions that follow.
1) What is commonly referred to as money laundering?
2) What was circulated to all banks in 1989?
3) What does the Statement of Principles extend to?
4) How many principles are included in the Statement of Principles?
5) What is the first one?
6) What is the second one?
7) What is the third one?
3. Agree or disagree with the following statements.
1) Banks should determine the customer's mistaken identity.
2) Banks should not check the bona fides of new customers.
3) If you check someone's bona fides, you check that they are who they say they are. 4) Banks should ensure that business is conducted in a way that obeys rules.
5) Banks should make it certain that a service is not provided where there are laundering activities.
6) Banks should disobey law enforcement agencies.
7) Banks should take correct or suitable measures against money laundering.
4. Complete the following statements.
1) Criminals use... 2) These activities are referred to as… 3)... was circulated to... 4) The Statement of Principles does not restrict... but extends to... 5) Banks should make… 6) Banks should have... for verifying... 7) Banks should ensure that business is... 8) Banks should ensure that a service is... 9) Banks should co-operate... including taking...
5. Translate the following words, phrases and statements from Russian into English.
Ошибочное опознание личности; применение; разумный; подлинный; опознание личности; удостоверять подлинность; добросовестность; соблюдение закона; обеспечивать; соответствие; предоставлять; предполагать; распространять; трансферт; утаивание; незаконный; мошенничество; искать; не пускать; сделка; отмывание денег; узаконить; отмытые деньги; ограничивать; ассоциироваться; полицейский орган; ограничения; конфиденциальность; согласующийся. Отмытые деньги - это средства, посланные последовательно через большое число депозитарных институтов в попытке скрыть источник денег. Гангстеры отмывают деньги для придания видимости легальности нелегальным источникам своего обогащения.
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DEVELOPING VOCABULARY
1. Fill in the gaps with the words: value, cost, price.
1. He learnt the... of a friend.
2. The oil... is falling in the world-market.
3. The... of living has risen, whereas wages have remained the same.
4. The...of this information is enormous.
5. He set a high... on this time.
6. At Christmas sales one can buy goods at reduced....
2. Put each of the following words or phrases in the correct space in the sentences below.
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