Defence and unilateral action define US cybersecurity

2021 ◽  
Keyword(s):  
Federal Government ◽  
Money Laundering ◽  
House Of Representatives ◽  
Critical Infrastructure ◽  
Mandatory Reporting ◽  
Recent Analysis ◽  
Content Type ◽  
Unilateral Action ◽  
Reporting Requirements ◽  
The Government

Significance A recent analysis identified 96 pieces of cybersecurity legislation in the House of Representatives and 61 in the Senate as of December 2021. However, the federal government is moving slowly on changing regulation to boost cybersecurity of critical infrastructure. Impacts Bills to promote the development of the cybersecurity workforce enjoy broad bipartisan support, and are more likely to pass. Cryptocurrency traders should expect more oversight and regulation, especially on transparency requirements and anti-money laundering. Mandatory reporting requirements for ransomware and other types of cyberattacks are likely to be passed eventually. Critical infrastructure firms will face the greatest obligations to inform the government about their cybersecurity.

Mandatory corporate social responsibility in India: reporting reality, issues and way forward

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pawan Taneja ◽  
Ameeta Jain ◽  
Mahesh Joshi ◽  
Monika Kansal
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Mandatory Reporting ◽  
Content Type ◽  
Csr Reporting ◽  
Reporting Requirements ◽  
Expectation Gap ◽  
The Government ◽  
Corporate Social ◽  
The Impact

Purpose Since 2013, the Indian Companies Act Section 135 has mandated corporate social responsibility (CSR) reporting by Indian central public sector enterprises (CPSEs). CSR reporting is regulated by multiple Government of India ministerial agencies, each requiring different formats and often different data. This study aims to understand the impact of these multiple regulatory bodies on CSR reporting by Indian CPSEs; evaluate the expectation gap between regulators and the regulated; and investigate the compliance burden on CPSEs. Design/methodology/approach An interview-based approach was adopted to evaluate the perspectives of both regulators and regulated CPSEs on the impact of the new regulations on CSR reporting quality. The authors use the lens of institutional theory to analyse the findings. Findings Driven by coercive institutional pressures, CPSEs are overburdened with myriad reporting requirements, which significantly negatively impact CPSEs’ financial and human resources and the quality of CSR activity and reports. It is difficult for CPSEs to assess the actual impact of their CSR activities due to overlapping with activities of the government/other institutions. The perceptions of regulators and the regulated are divergent: the regulators expect CPSEs to select more impactful CSR projects to comply with mandatory reporting requirements. Originality/value The findings of this study emphasise the need for meaningful dialogue between regulators and the regulated to reduce the expectation gap and establish a single regulatory authority that will ensure that the letter and spirit of the law are followed in practice and not just according to a tick-box approach.

scholarly journals Trade-based money laundering (TBML) empowers criminals to run free post-Brexit

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mariola Jolanta Marzouk
Keyword(s):  
Developing Countries ◽  
Law Enforcement ◽  
Money Laundering ◽  
Subject Matter ◽  
Small Sample ◽  
Subject Matter Experts ◽  
Structured Interviews ◽  
Content Type ◽  
The Government ◽  
The Uk

Purpose This paper aims to provide unique empirical findings exploring the impact of the UK’s post-Brexit Economic Strategy to boost trade with developing countries on the UK banking sector’s ability to manage trade-based money laundering risks. Design/methodology/approach Exploratory research design that used structured literature review, followed by semi-structured interviews with key subject matter experts employed by large UK banks. Findings Both banks and law enforcement struggle to prioritise trade-based money laundering (TBML) intelligence discovery due to deficient skills, resources, technology and lack of strong regulatory stimulus. The regulated sector calls for the UK anti-money laundering (AML) reform that would better incentivise TBML deterrence, yet the Government underestimates the money laundering risks while trading with high-risk jurisdictions post-Brexit. Research limitations/implications The findings are based on a small sample of six semi-structured interviews with difficult to access population of key subject matter experts. Despite the small sample, participants provided well-articulated and informed insights. Practical implications The UK’s post-Brexit Economic Strategy to boost trade with developing countries downplays the TBML risks it carries. The findings should alert UK banks, law enforcement and the Government who will collectively bear the responsibility to effectively manage TBML while enabling smooth trading. Originality/value The research provides unique perceptions of UK banks’ senior subject matter experts on managing TBML threats from opportunistic criminals.

Legal analysis of Qatar’santi-money laundering and combating terrorist financing legislation and regulation amidst the summer 2017 GCC crisis

2020 ◽  
Vol 23 (4) ◽  
pp. 793-804
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
International Standards ◽  
Legal Analysis ◽  
Content Type ◽  
Non Profit ◽  
Terrorist Financing ◽  
The Past ◽  
Regulatory Bodies ◽  
The Government ◽  
Financing Of Terrorism

Purpose The recent diplomatic split between members of the Gulf Cooperation Council (GCC) and Qatar with accusations of terrorist financing (TF). This paper aims to study Qatar’s domestic legislations, which specifically targets money laundering and TF activities. The country has stringently worked in compliance with international standards on combating financing of terrorism (CFT) and anti-money laundering (AML) practices by imparting autonomous power to regulatory bodies, such as the Qatar Central Bank and other agencies. Design/methodology/approach This paper studies independent legislations passed under the Emir’s decree over the past decade advancing Qatar’s AML ranking, with significant effort in CFT regulations. The paper also analyses the advancement in AML/CFT regulation and their validity with respect to international standards set by various governmental, intergovernmental and non-profit agencies. Findings The analysis finds Qatar in compliance with strong AML/CFT regulations. Further, it finds the government to have provided transparent oversight to international organizations that attest to the findings of the legislative efforts. This paper disproves claims and accusations that have possibly been presented to the GCC and subsequently led members to abruptly end diplomatic relations with Qatar over allegations of TF activities, amongst others. Originality/value The paper offers insight into Qatar’s legislative and regulatory advancement with respect to the AML/CTF in the past decade. The paper also discusses Qatar’s legislative advancement in relation to the evolutions of the country’s financial system, adopting a more robust mechanism to combat financing of terrorism and ML.

Morocco's parliamentary poll will be tight contest

2016 ◽  
Keyword(s):  
Education System ◽  
House Of Representatives ◽  
Prime Minister ◽  
Coalition Government ◽  
Focus Attention ◽  
Content Type ◽  
Justice And Development Party ◽  
Lower House ◽  
The Government ◽  
First Time

Significance The election for the House of Representatives, the lower house of parliament, will be the second since the constitution was revised in 2011. This specified that the leader of the party winning the largest number of seats should be given the first opportunity to form a government. The revision led to the moderate Islamist party, the Justice and Development Party (PJD), leading the government for the first time after its victory in the November 2011 poll. Impacts The election will focus attention on contentious reforms to pensions, subsidies and the education system. The months ahead will be dominated by speculation about party alliances and the likely shape of a future coalition government. The palace seems ready to accept a second term for Prime Minister Abdelilah Benkirane, but is also keen to see PAM within government.

Odebrecht scandal may hit Dominican government hard

2017 ◽  
Keyword(s):  
Civil Society ◽  
Dominican Republic ◽  
Money Laundering ◽  
Pressure Group ◽  
Government Action ◽  
Content Type ◽  
Civil Society Organisation ◽  
Construction Firm ◽  
Group A ◽  
The Government

Subject Corruption investigations in the Dominican Republic. Significance On March 26, major protests took place in the Dominican Republic to demand government action against corruption, specifically corruption linked to bribes paid by Brazilian construction firm Odebrecht. The march was organised by Marcha Verde -- a new civil society organisation, created to act as an anti-corruption pressure group. A series of marches in recent months indicates growing popular dissatisfaction with the government’s response to the Odebrecht scandal, which is set to undermine the popularity of President Danilo Medina’s administration. Impacts With elections not due until 2020, Medina may feel he has time to ride out the scandal and regain popular support. The government will nevertheless accelerate investigations in response to the protests and to boost its international anti-corruption image. Anti-money-laundering legislation is being considered by the legislature to strengthen the country’s counter-crime framework.

Corruption and constitution challenge Panama’s Cortizo

2019 ◽  
Keyword(s):  
Latin America ◽  
Money Laundering ◽  
Trade Union ◽  
Public Private Partnerships ◽  
Domestic Production ◽  
Content Type ◽  
Social Democratic ◽  
Price Controls ◽  
Economic Slowdown ◽  
The Government

Significance Despite a recent economic slowdown, Panama remains one of the most dynamic economies in Latin America. Cortizo needs to attract more investors and keep up the pace of development, while demonstrating that his government’s social democratic approach can make headway against corruption and poor governance. Impacts The removal of price controls on basic foodstuffs suggests Cortizo is committed to market-friendly growth. As a former farmer and agriculture minister, Cortizo will strive to boost domestic production of food and reduce reliance on imports. The Cortizo administration is preparing legislation to promote public private partnerships, which could face trade union opposition. Cortizo will try to continue the strengthening of Chinese relations begun under the last administration, while maintaining close US ties. The government will strive to improve anti-money laundering regulations fast, to get Panama removed from international ‘grey lists.’

Pemex business plan draws scepticism in Mexico

2019 ◽  
Keyword(s):  
Federal Government ◽  
Oil Prices ◽  
Business Plan ◽  
Content Type ◽  
Public Finances ◽  
Rating Agencies ◽  
Insurmountable Obstacle ◽  
Oil Sector ◽  
The Government ◽  
Substantial Drop

Significance It has proven a disappointment, failing to explain how ambitious targets will be met, while confirming the reversal of the oil sector liberalisation enacted by the Pena Nieto administration, which had been showing some promising results. Impacts The government cannot mount a massive rescue of Pemex without endangering its own finances. Any substantial drop in global oil prices could present an insurmountable obstacle for Pemex, and a significant blow to public finances. A downgrade of Pemex’s debt could push rating agencies to do the same with the bonds of the federal government.

Black money, “white” owners, and “blue” tenants in the Bangladesh housing market

2016 ◽  
Vol 23 (2) ◽  
pp. 501-526 ◽  
Author(s):  
S.M. Solaiman
Keyword(s):  
Housing Market ◽  
Money Laundering ◽  
Ethical Behaviour ◽  
Positive Contribution ◽  
Human Beings ◽  
Economic Sectors ◽  
Content Type ◽  
The People ◽  
The Government ◽  
The Impact

Purpose The main purpose of this paper is to critically examine the impact of black money whitening opportunity on the Bangladesh housing market and its ramifications for honest taxpayers and criminal conduct of the people in the country. Design/methodology/approach This paper relies on both primary and secondary materials and carries out an archival analysis of the resources available in libraries and online databases. Findings It demonstrates that black money whitening opportunity has failed to create additional demands for housing property, rather it encourages money laundering, corruption and other criminal activities. Hence, a set of specific recommendations have been submitted to effectively deal with the prevention of generation of black money instead of allowing them to be invested in properties with impunity. Research limitations/implications The discussions are concentrated on the legality of offering amnesty to black money holders and the impact of such indemnities on the housing market in Bangladesh; hence, it does not consider impacts on other economic sectors. It is expected that the publication of this paper will stimulate the government of Bangladesh to discontinue the disputed amnesty in Bangladesh, and other nations having similar problems with black money will be encouraged to follow suit. Practical implications It is anticipated that the implementation of the recommendations furnished in this paper will contribute to significantly decreasing money laundering, corruption and other offences involving money in Bangladesh and in other countries. Social implications Prevention of corruption and other financial crimes. Originality/value This paper represents its originality in its critical analysis of frequent offerings of the opportunity for whitening black money and their unfair impacts on honest taxpayers and resultant stimulation for engaging in money laundering, corruption and other felonies. It evidently justifies the assumption that such amnesties to wrongdoers are contrary to the national constitution, anti-corruption and anti-money laundering legislation and they wound the sense of ethical behaviour of human beings. Moreover, it proves the hypothesis that such opportunities being offered to black money holders have no positive contribution towards creating additional demands in the country’s property markets.

Local ceasefires in Libya encourage unity agreement

2015 ◽  
Keyword(s):  
House Of Representatives ◽  
Peace Agreement ◽  
Content Type ◽  
Foreign Companies ◽  
The Past ◽  
Final Draft ◽  
National Congress ◽  
Water Provision ◽  
The Government

Significance They will probably discuss the final draft of the peace agreement between the two main rival political blocs: the pro-Islamist Libya Dawn bloc led by the Tripoli-based General National Congress (GNC) parliament, and the Tobruk-based House of Representatives (HoR) supported by the anti-Islamist Dignity bloc led by General Khalifa Haftar. Efforts to reach agreement on creating a single government -- the Government of National Accord (GNA) -- have been bulding over the past year. This has stoked rejectionists and spoilers on both sides, although an increase in local ceasefire initiatives has increased the prospects of a deal. Impacts Any new government would likely move quickly to sign deals with foreign companies on construction, electricity and water provision. However, it would likely be split between those preferring to work with European and Turkish or US and UK companies. Fragmentation and the need to meet urgent political deadlines, such as on the constitution, will hamper the GNA's effectiveness.

Thailand’s Prayut may keep power in a civilian regime

2018 ◽  
Keyword(s):  
Political Parties ◽  
House Of Representatives ◽  
Prime Minister ◽  
The United States ◽  
Economic Recovery ◽  
National Council ◽  
Political Pressure ◽  
Content Type ◽  
The Government ◽  
The Military

Subject Thailand's long-delayed election. Significance More than 40 new political parties have been registered in Thailand since March 2, and established parties will be allowed to begin registering members on April 1, as Prime Minister Prayut Chan-o-cha and the military-led National Council for Peace and Order (NCPO) begin a process of preparing for a long-delayed general election. The 2017 constitution initiated by the NCPO allows the (to be re-established) House of Representatives to select an ‘outsider’ as prime minister if it is unable to decide on a party-affiliated figure. Impacts Persistent election delays will not affect Thailand’s current economic recovery. Despite mounting political pressure on the government to commit to a poll, anti-government protests will not grow. Improving relations with the United States could insulate the government from EU pressure on delayed elections.

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