scholarly journals Regulatory Technologies in the AML/CFT

2018 ◽  
Vol 3 (2) ◽  
pp. 394
Author(s):  
Zabelina O. A. ◽  
Vasiliev A. A. ◽  
Galushkin S. V.
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Cost Reduction ◽  
Information Technologies ◽  
Financial System ◽  
World Market ◽  
Terrorist Financing ◽  
The World ◽  
History Of

Currently, the AML / CFT sphere is actively developing and many highly skilled specialists are involved in it. However, there are many crimes in this area: criminals use more and more complicated ways of legalizing criminal proceeds, which are almost impossible for anticipation and prevention at the exact period. In the fight against ML/FT regulatory technologies come to the rescue.Regulatory technologies are a necessary part of effective AML / CFT systems. The article includes a brief overview and history of the emergence of "regulating technologies", reflects the main directions of development of the regtech on the world market of information technologies at present and possible prospects for development in the nearest future. In addition, the article reveals the benefits of applying regulatory technologies in order to improve control, security, cost reduction and time to eliminate vulnerabilities in existing AML / CFT systems.The article describes how the development of regtech innovations can improve the accessibility and quality of financial services for individuals, companies and communities and achieve the FATF goals of combating money laundering, terrorist financing and other threats to the integrity of the international financial system. Keywords: AML / CFT, FATF, AML / CFT systems, legalization, RegTech technologies.

The Relevance of Maqasid al Shari'ah to Anti-Money Laundering and Terrorism Financing

2020 ◽  
pp. 179-194
Author(s):  
Maruf Adeniyi Nasir
Keyword(s):  
Money Laundering ◽  
Financial System ◽  
Islamic Finance ◽  
Complex Relationship ◽  
Terrorist Financing ◽  
The World ◽  
Terrorism Financing ◽  
Illegal Activities ◽  
Muslim Scholars

The modern financial system has continuously been traumatised by money laundering and terrorism financing. This is partly because it is a concept that revolves around the complex relationship between money and crime. The challenges posed by these menaces have become a phenomenon that the world has ceaselessly looked for means to address. Yet launderers and terrorists continue to perfect methods of perpetuating their illegal activities, while the havoc created by the menace of these crimes are enormous and remains unquantifiable in term of the actual estimate. Interestingly, Maqasid al Shari'ah has caught the attention of several Muslim scholars as a useful tool that can resolve several contemporary issues. Consequently, examining the relevance of Maqasid al Shari'ah which is the basis of Islamic Finance on money laundering and terrorist financing (AML/CFT) is desirable. The focus of this chapter, therefore, is to examine the relevance of Maqasid al Shari'ah in the fight against the menace of money laundering and terrorism financing

The Opera and the Omnibus: Material Culture, Urbanism and Boieldieu's La dame blanche

2020 ◽  
Vol 32 (1) ◽  
pp. 90-114
Author(s):  
Nicole Vilkner
Keyword(s):  
Material Culture ◽  
Business Model ◽  
Public Transportation ◽  
Reception History ◽  
Transportation Systems ◽  
Mass Transportation ◽  
Musical Work ◽  
The World ◽  
History Of

AbstractIn the summer of 1828, the Entreprise générale des Dames Blanches launched a fleet of white omnibuses onto the streets of Paris. These public transportation vehicles were named and fashioned after Boieldieu's opéra comique La dame blanche (1825): their rear doors were decorated with scenes of Scotland, their flanks painted with gesturing opera characters, and their mechanical horns trumpeted fanfares through the streets. The omnibuses offered one of the first mass transportation systems in the world and were an innovation that transformed urban circulation. During their thirty years of circulation, the omnibuses also had a profound effect on the reception history of Boieldieu's opera. When the omnibuses improved the quality of working- and middle-class life, bourgeois Parisians applauded the vehicles’ egalitarian business model, and Boieldieu's opera became unexpectedly entwined in the populist rhetoric surrounding the omnibus. Viewing opera through the lens of the Dames Blanches, Parisians conflated the sounds of opera and street, as demonstrated by Charles Valentin Alkan's piano piece Les omnibus, Op. 2 (1829), which combines operatic idioms and horn calls. Through these examples and others, this study examines the complex ways that material culture affects the dissemination and reception of a musical work.

scholarly journals Exploring the Role of Islamic Fintech in Combating the Aftershocks of COVID-19: The Pen Social Innovation of the Islamic Financial System

2021 ◽  
Vol 7 (2) ◽  
pp. 136
Author(s):  
Mustafa Raza Rabbani ◽  
Abu Bashar ◽  
Nishad Nawaz ◽  
Sitara Karim ◽  
Mahmood Asad Mohd. Ali ◽  
...  
Keyword(s):  
Financial Services ◽  
Open Innovation ◽  
Financial Stability ◽  
Social Innovation ◽  
Global Financial Crisis ◽  
Financial System ◽  
Real Economy ◽  
Business Context ◽  
The World

The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the credentials of the Islamic financial system as a sustainable financial system which can save the long run interests of the average citizens around the world while adding value to the real economy. The basic ethical tenets available in the Islamic financial system make it more suited and readymade to fight the economic aftershocks of a pandemic like COVID-19. The basic principles of ethical Islamic finance have solid connections to financial stability and corporate social responsibility within the wide-reaching business context. With the emergence of Financial technology (Fintech) it has provided a missing impetus to the Islamic financial system to compete on equal ground with its conventional counterpart and prove its mettle. The study uses discourse analysis along with the content analysis to extract content and draw a conclusion. The findings of the study indicate that COVID-19 pandemic has provided the opportunity for the social and open innovation to grow and finance world have turned to open innovation to provide a speedy, timely, reliable, and sustainable solution to the world. The findings of the study provide significant implications for governments and policy makers in efficient application of Fintech and innovative Islamic financial services to fight the economic consequences of the COVID-19 pandemic.

scholarly journals FATF and Terror Financing: The Perspective of Pakistan

2021 ◽  
Vol VI (II) ◽  
pp. 1-10
Author(s):  
Shabnam Gul ◽  
Muhammad Faizan Asghar ◽  
Shujat Ali
Keyword(s):  
Money Laundering ◽  
Rule Of Law ◽  
International Organizations ◽  
Third World ◽  
World State ◽  
Terrorist Financing ◽  
Financial Transaction ◽  
The World ◽  
Money Transfers ◽  
And Control

There is a plethora of international organizations that has been formed to maintain peace in the world. FATF is such an organization that has been formed in order to scrutinize and control the menace of money laundering and that of the terror financing. In a third world state like Pakistan where there is dearth of transparent mechanisms of money transfers and where there is no rule of law, it has become easy for the individuals to carry out the illicit activities like money laundering (Dube and Vargas, 2013). Pakistan has been in the grey list from the last few years and it has dramatically affected the economy of Pakistan. Pakistan has established a number of centralized mechanisms that are, without a doubt, on the correct track for monitoring the financial transaction system, which is currently very near to meet the certain much needed criteria for finding and freezing the founded and highlighted money laundering cases and that of the terrorist financing.

Government and Inter-Organizational Collaboration as Strategies for Administrative Reform in Mexico

2013 ◽  
pp. 79-101
Author(s):  
Luis F. Luna-Reyes ◽  
J. Ramon Gil-Garcia
Keyword(s):  
Citizen Participation ◽  
Information Technologies ◽  
Administrative Reform ◽  
Electronic Government ◽  
Public Servants ◽  
Sector Reform ◽  
Reform Strategy ◽  
The World ◽  
Mexican Government

The use of Information Technologies in government as a strategy for public sector reform has increased in the last few years. Governments around the world are attempting to obtain the benefits of what is now called “electronic government.” However, Information Technologies are only one component of what should be a much more complex reform strategy involving changes in organizational characteristics, institutional arrangements, and contextual factors. Based on a survey of public servants from the federal Mexican government and using institutional theory as the analytical lense, this chapter presents descriptive results about the characteristics, objectives, results, and success of inter-organizational electronic government initiatives. Overall, the projects were considered successful, and some of these aspects could be considered important for administrative reform efforts. The areas identified with the greatest success were (1) improvement in the quality of service, (2) creation of a more transparent government, and (3) creation of the necessary infrastructure for the use of Information Technologies. In contrast, the areas with room for improvement were (1) fostering citizen participation, (2) cost reduction, and (3) increased agency productivity.

Blockchain Technology and General Issue of Tax Evasion via Bitcoin

2021 ◽  
pp. 92-108
Author(s):  
Güneş Çetin Gerger
Keyword(s):  
Supply Chain ◽  
Money Laundering ◽  
Tax Evasion ◽  
Market Value ◽  
Financial Fraud ◽  
Terrorist Financing ◽  
Blockchain Technology ◽  
The World ◽  
Financial Transactions ◽  
Digital Assets

Cryptocurrencies often also serve money laundering activities, terrorist financing, tax evasion, and other illegitimate activities with a market value of more than 7 billion euros across the globe, though the total amount is hardly measurable. Indeed, the blockchain technology involves many virtual currencies, including bitcoin, to conduct various financial transactions related practices throughout the world economies. Besides, other blockchain applications are making positive contributions to a wide array of other industries including healthcare, supply chain, manufacturing, etc. This technology which constitutes the backbone of digital assets transactions currencies is characterized by anonymity, privacy, security, and speed. In this sense, for tax administration authorities, detection of financial fraud and regulations with respect to taxation of virtual transactions pose newer emerging challenges. This chapter aims to examine the blockchain technology, cryptocurrencies, especially bitcoin, and look into regulations by world governments to combat tax evasion and illegal transactions.

Application of Stress Wave Reflection Method in Nondestructive Testing of Bolt

2012 ◽  
Vol 446-449 ◽  
pp. 2229-2233 ◽  
Author(s):  
Xian Kai Bao ◽  
Yi Li
Keyword(s):  
Nondestructive Testing ◽  
Stress Wave ◽  
Wave Reflection ◽  
Reflection Method ◽  
Testing Technique ◽  
The World ◽  
History Of ◽  
Estimate Quality

Bolt has been used widely in geoengineering all over the world in recent years, the testing technique of bolt develops quickly too. This paper summarizes simply the history of bolt testing technique, describes in detail stress wave reflection method. It is useful and valuable nondestructive.Testing method is verified with several parameters which estimate quality of bolting integrity.

Sign in / Sign up

Export Citation Format

Share Document