Instruction

Please choose One question from the following to answer:

1. Dealsgate is a Victorian town in Southern-East England, famous for its beautiful beach. It used to attract many world-renowned writers and scholars to live there; for instance, Charles Dickens, Karl Marx, and Hans Christian Andersen, etc. It also has a good ferry link to the Continental Europe.

Thanks to the above conditions, tourists from Europe, US, and China surged to Dealsgate. Although aware of the legal tender concept, the local business owners have felt, that if other currencies such as the Euro, the US Dollar, and RMB are accepted, it will be more attractive to the tourists. They have approached Dealsgate Chamber of Commerce for suggestions.

Please advise Dealsgate Chamber of Commerce.

2. "The current regulatory regime in the UK is insufficient to prevent and control money laundering; for instance, in the context of financial innovation".

Assess the above statement.

3. "The money paid into the banker's is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker's money; he is known to deal with it as his own." (Foley v Hill (1848) 2 HLC 28)

Critically evaluate the above statement in the background of modern financial world.