scholarly journals Use of Blockchain in the Banking System

2018 ◽  
Vol 3 (2) ◽  
pp. 576
Author(s):  
Stas T.A.
Keyword(s):  
Money Laundering ◽  
New Technologies ◽  
Banking System ◽  
Blockchain Technology ◽  
The World ◽  
Financing Of Terrorism

To date, blockchain technology is relevant in all areas and the banking system is not an exception. New technologies, such as blockchain technology should be introduced in the modern banking system, since they provide control over cryptocurrency that will help in counteracting money-laundering and financing of terrorism in the country and around the world. This article considers existing and new options of applying technology in practice and the problem of blockchain. Keywords: blockchain technology, cryptocurrency, micro-payments, a distributed registry.

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.

scholarly journals Making a difference: Doing leadership research that matters

2019 ◽  
Vol 25 (03) ◽  
pp. 364-369
Author(s):  
Dennis Tourish
Keyword(s):  
Climate Change ◽  
Rapid Growth ◽  
New Technologies ◽  
Banking System ◽  
The World ◽  
Making A Difference ◽  
Leadership Research

AbstractLeadership research largely ignores the really big issues facing our species, such as climate change, the now rapid growth of new technologies that are already transforming the world of work, and the possibility that an insufficiently reformed banking system will inflict a worse crisis on us than it did in 2008. We also have a proliferation of leadership constructs that often look remarkably like those they are trying to replace. There is much heat but little illumination. The dominant methodologies that the field employs are part of a wider crisis in management studies where many of our claimed results are invalid and/or unreliable, unreproducible and offer little guidance for practice. I conclude that radical changes are needed if we are to play a serious role in improving the world in which we live. Let's take Ken Parry's lead, and make a difference.

Covid-19 crisis and its impacts on the economic and financial sector

2021 ◽  
Vol 16 (3) ◽  
pp. 35-53
Author(s):  
Camillo Giliberto ◽  
Keyword(s):  
World Bank ◽  
Banking Sector ◽  
New Technologies ◽  
Social Role ◽  
Banking System ◽  
Great Flexibility ◽  
The World Bank ◽  
The World ◽  
Opening Up

The World Bank data confirm that the recovery scenario will be different depending on the type of nation, the fundamentals of its economy, etc.. The Bank of Italy expects a growth of more than 4% for Italy at the end of 2021. The Italian banking system has shown great flexibility in dealing with the coronavirus emergency, taking a completely different form from the last in 2008 recession, when credit institutions were part of the problem. With their new social role, today in fact they are leading players. The health of the banking sector has also changed compared to 2008, with a stronger capital position, underlying the substantial resilience of the ecosystem and a more advanced expertise in NPL management. The role of the banks operating in Italy has been and will be to support firms, households and the growth of the economy with the sound and prudent distribution of credit, the offer of modern and efficient payment services thanks also to new technologies, business advice to companies for the development and internationalization. A clear evolution is opening up for banks in post-Covid towards digital business with a growing commitment in terms of investments in information technology.

scholarly journals Evaluation of the Effectiveness of Implementation Blockchain Technology in Public Administration

2019 ◽  
Vol 8 (9) ◽  
pp. 1710-1713
Keyword(s):  
Public Sector ◽  
Public Administration ◽  
Technology Implementation ◽  
New Technologies ◽  
Mathematical Methods ◽  
The Public ◽  
Blockchain Technology ◽  
The World

One of the new technologies that will determine our future is Blockchain. The article describes the technology of the Blockchain, analyzes the world experience of using the technology, gives examples of the use of the Blockchain in public administration. Special attention is paid to mathematical methods of evaluating the effectiveness of technology implementation in the public sector

Anti-Money Laundering and Combating the Financing of Terrorism - Observations from the Work Program and Implications Going Forward

Policy Papers ◽  
2005 ◽  
Vol 2005 (63) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Money Laundering ◽  
Work Program ◽  
The World Bank ◽  
The World ◽  
Work Programs ◽  
Financing Of Terrorism ◽  
The Imf

This paper provides a summary of the IMF and the World Bank work programs on anti-money laundering and combating the financing of terrorism following the Fund and Bank Boards' decisions in March 2004 to endorse the revised FATF standard (2003 version) and methodology for the purposes of preparing ROSCs and to expand the areas of Bank/Fund responsibility to cover the revised FATF standard comprehensively. It draws lessons on what has worked well and the challenges and discusses the work program going forward.

scholarly journals WORLD EXPERIENCE OF INSTITUTIONALIZATION OF INNOVATIVE PROCESS MANAGEMENT IN THE BANKING SYSTEM

2020 ◽  
Author(s):  
Svitlana Naumenkova ◽  
◽  
Svitlana Mishchenko ◽  
Dmytro Dorofeiev ◽  
◽  
...  
Keyword(s):  
Financial Services ◽  
Process Management ◽  
Banking Sector ◽  
Banking System ◽  
Financial Innovations ◽  
Blockchain Technology ◽  
Regulation And Supervision ◽  
The World ◽  
Domestic Banks ◽  
Innovation Processes

Peculiarities of formation and improvement of institutional bases and principals of management, regulation and supervision of innovation processes by state regulators of financial markets and international financial organizations in the banking sector of the leading countries of the world are investigated. The role, main tasks and functions and principals of supranational and national regulators in the field of regulatory, managerial, organizational, informational, technological and financial innovations in the financial services market of the leading countries of the world are determined. The peculiarities of interaction of national regulators with international financial organizations in the field of regulation and supervision of the financial services market, introduction of innovations and ensuring innovative development of the banking sector based on the use of fintech technologies are described. The main functions, tasks and principals of regulation, supervision and management of implementation and use of regulatory, managerial, organizational, informational and financial innovations in the activity of domestic banks are determined. The main problems that hinder the use of innovations in the banking sector of Ukraine at the present stage of financial system are described. It is analyzed and proposed the basic directions of solving the existing problems and perspective forms of regulatory, administrative, organizational, technological, information and financial innovations of the leading countries of the world which can be used by National bank of Ukraine in the course of regulation and supervision of activity of domestic banks in financial services market in the conditions of digitalization of the economy. In order to reduce the level of innovation risks and cyber threats, the expediency of financial institutions of Ukraine to use a new form of an organizational structure for managing innovation processes, based on the use of blockchain technology and decentralization of mechanisms of organization and management through active use of distributed registers and cloud technologies.

scholarly journals LEGAL REGULATION OF LIABILITY FOR LAUNDERING (LEGALIZATION) OF THE PROCEEDS OF CORRUPTION IN THE REPUBLIC OF KAZAKHSTAN

2016 ◽  
Vol 2 (4) ◽  
pp. 0-0
Author(s):  
Дина Гехова ◽  
Dina Gekhova
Keyword(s):  
Money Laundering ◽  
Legal Regulation ◽  
International Community ◽  
Economic Security ◽  
International Standards ◽  
International Terrorism ◽  
Entire Area ◽  
The World ◽  
Financing Of Terrorism ◽  
Domestic Law

The article notes that the Eurasian group on combating money laundering and financing of terrorism (EAG) is the largest of the regional FATF-type bodies (Group of development of financial measures for combating money laundering — Financial Action Task Force, FATF) from the point of view of the entire area and population of member States and it covers such countries as Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Observer status in the EAG has been granted to 16 States and 14 international and regional organizations. The key task of the EAG is to assist the regional States in the creation and development of national systems to combat money laundering and financing of terrorism. The implementation of this task is conducive to the economic security and stability of the region, it also prevents the threat of international terrorism and helps to increase investment attractiveness of the region. Republic of Kazakhstan, as a young member of the international community, in the beginning of its career was sympathetic to the recommendations and requirements of the world community to conform its domestic legislation to the norms and provisions of international law. Naturally, it was a time consuming process but today we can safely say that, overall, domestic law and criminal legislation of Kazakhstan, in particular the General principles, are consistent with international standards in this area. It propounds that Republic of Kazakhstan as a responsible member of the international community, it consistently seeks to implement the recommendations and provisions of international legal norms, and today the domestic law of Kazakhstan on countering the legalization of illegal income is in full compliance with the world standards.

scholarly journals INTERNATIONAL EXPERIENCE IN COUNTERING THE LAUNDERING AND LEGALIZATION OF CRIMINAL PROCEEDS OBTAINED WITH THE USE OF CRYPTOCURRENCIES AND THE FINANCING OF TERRORISM (ON THE EXAMPLE OF THE UNITED STATES OF AMERICA)

2021 ◽  
Vol 9 (3) ◽  
pp. 36-40
Author(s):  
Yakov Haminskiy
Keyword(s):  
United States ◽  
Money Laundering ◽  
United States Of America ◽  
Information Technologies ◽  
The United States ◽  
World Community ◽  
The World ◽  
Modern Information ◽  
Financing Of Terrorism ◽  
Criminal Groups

the article deals with the emergence of threats and challenges to the world community from the use by transnational criminal groups of tools of modern information technologies and cryptocurrencies for money laundering and the legalization of proceeds from crime, for the financing of terrorism and extremism.

The implications of the Brexit from EU and bitcoin

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tareq Na'el Al-Tawil ◽  
Hassan Younies
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Financial System ◽  
International Community ◽  
Monitoring And Control ◽  
Content Type ◽  
Holistic Approaches ◽  
The World ◽  
Financing Of Terrorism ◽  
And Control

Purpose The purpose of this paper is to tackle the most pressing issues confronting global anti-money laundering (AML) efforts, particularly, the implications of the Brexit from EU and the increasing association of bitcoin and cryptocurrencies with crimes. Design/methodology/approach This paper will evaluate the implications of Brexit to AML efforts and the threat that cryptocurrencies like bitcoin pose to the financial system. Findings Instead of banning trade and other transactions using BTC and other cryptocurrencies, financial experts, with the able assistance of IT and mining experts, from all over the world need to convene and tailor an effective regulatory framework. Solid cooperation among the international community, supported by unitary standards and procedures, will help boost the worlds AML/combatting the financing of terrorism (CFT) efforts. As an added bonus, effective regulation, monitoring and control can facilitate more efficient tax collection. Originality/value Recommendations were advanced about the future of AML/CFT efforts and the need for internationally holistic approaches in combatting these twin scourges on all economies.

Factors influencing anti-money laundering regulatory approaches towards casinos and cryptocurrencies in Bangladesh

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Md. Zahurul Haq ◽  
Zainal Amin Ayub ◽  
Zuryati Mohamed Yusoff ◽  
Md Abdul Awal Khan
Keyword(s):  
Money Laundering ◽  
Legal Status ◽  
New Technologies ◽  
Task Force ◽  
Asia Pacific ◽  
Apparent Lack ◽  
Content Type ◽  
Real Nature ◽  
Factors Influencing ◽  
Financing Of Terrorism

Purpose This paper aims to critically explore the factors influencing the regulation of gambling and cryptocurrencies as part of anti-money laundering (AML) initiatives in Bangladesh. As a member of the Asia/Pacific Group on money laundering, Bangladesh must adopt a risk-based approach to regulate these entities. Design/methodology/approach This study applied an exploratory design and investigated the real nature of the challenge Bangladesh facing in adopting a risk-based approach to regulate gambling and cryptocurrencies. Findings This study demonstrates that current regulatory responses towards gambling and cryptocurrencies in Bangladesh are largely influenced by passive wait-and-see policy instead of a proactive risk-based approach, a measure mandated by the Financial Action Task Force (FATF). It demonstrates that these financial entities, which are poorly regulated because of their unclear legal status in Bangladesh and the regulator’s apparent lack of understanding of the type of threats they pose, may facilitate money laundering. Effective risk-based regulation is required to control potential risks. Research limitations/implications This paper focuses on two specific areas –gambling and cryptocurrencies – which are linked to two specific FATF Recommendations: designated non-financial businesses and professions (DNFBPs) and new technologies. Further research is required to investigate the concern from the perspective of other entities. Practical implications The results of this study will help inform policymakers about ways in which current regulatory approaches may need to be modified to better combat money laundering and financing of terrorism. Originality/value According to the authors’ knowledge, this is the first study aiming to explore challenges Bangladesh confronts in implementing a risk-based approach for DNFBPs and new technologies. Therefore, it provides important insights into the dilemma regulators facing in implementing global AML standards within their traditional legislative and regulatory framework.

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