scholarly journals The Regulation of Cryptocurrencies under Ethiopian Legal Norms

2021 ◽  
Vol 15 (1) ◽  
pp. 173-194
Author(s):  
Messay Asgedom Gobena
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Payment System ◽  
Electronic Money ◽  
Legal Norms ◽  
Rapid Pace ◽  
Payment Services ◽  
The Government ◽  
Legal Frameworks ◽  
Depth Interviews

Cryptocurrencies are a subset of virtual currencies that have been devised for anonymous payments made entirely independent of governments and traditional financial institutions. The payment system of cryptocurrencies is expanding at a rapid pace and has reached Ethiopia. This article examines the extent to which cryptocurrencies are regulated under Ethiopia’s national payment system and anti-money laundering legal norms. The study has employed doctrinal research supported by in-depth interviews. During the last decade, Ethiopia has adopted several legal frameworks that govern different aspects of the payments landscape, most notably regarding payment services and electronic money. The country has anti-money laundering legal norms that are embodied in domestic laws and international and regional instruments that it has ratified. However, these legal norms have strategic deficiencies in regulating cryptocurrencies. Thus, the government of Ethiopia should consider enacting a comprehensive law that regulates the payment system of cryptocurrencies.

scholarly journals The regulation of crypto-assets in the EU – investment and payment tokens under the radar

2020 ◽  
Vol 27 (3) ◽  
pp. 325-342
Author(s):  
Valeria Ferrari
Keyword(s):  
Eu Law ◽  
Electronic Money ◽  
Ongoing Debate ◽  
European Institutions ◽  
European Banking Authority ◽  
European Banking ◽  
Payment Services ◽  
Legal Frameworks ◽  
The Eu ◽  
Regulatory Intervention

Based on the guidelines issued by the European Securities and Market Authority and by the European Banking Authority, the article deals with the legal qualification of blockchain-based crypto-assets under EU law. Focusing on crypto-assets that function as a) investment instruments (that is, investment tokens) and as b) electronic money (that is, payment tokens), the work outlines shortages and drawbacks in the applicability and enforcement of existing EU legal frameworks regulating investment activities and payment services. With such analysis, the article seeks to inform the ongoing debate within European institutions on the need of regulatory intervention in this area, and it points out pressing questions to be tackled by further research.

QR Digital Payment System Adoption by Retailers

2021 ◽  
Vol 34 (3) ◽  
pp. 41-63
Author(s):  
Yun Jiang ◽  
Hassan Ahmad ◽  
Asad Hassan Butt ◽  
Muhammad Nouman Shafique ◽  
Sher Muhammad
Keyword(s):  
Financial Institutions ◽  
Diffusion Theory ◽  
Research Work ◽  
Qr Code ◽  
Review Of The Literature ◽  
Innovation Diffusion Theory ◽  
Business Operations ◽  
Payment Services ◽  
The Government ◽  
Future Technologies

The acme of this paper was to examine the QR code payment services adoption by retailers in Pakistan. An all-inclusive review of the literature and data analysis has justified the purpose to use this inventive technology. The study established that innovation diffusion theory (IDT) dimensions and convenience impacted the usefulness of QR code payment services which are well-thought-out critical antecedents of accepting future technologies. The inferences of this research work provide valuable acumens for banks, financial institutions, and the government to develop a platform about digital payment for the retailers, wholesalers, and the end consumers. Further, the study approves that QR code payment services will aid to advance the business operations in Pakistan in the COVID-19 pandemic.

scholarly journals THE DSN-MUI FATWA RELATED TO FINTECH APPLICATIONS IN ISLAMIC FINANCIAL INSTITUTIONS REVIEW

2020 ◽  
Vol 9 ◽  
Author(s):  
Nunung Nurlaela
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Legal Status ◽  
Social Situation ◽  
Research Subjects ◽  
Electronic Money ◽  
The Social ◽  
Islamic Financial Institutions ◽  
Payment Services ◽  
Islamic Economic

ABSTRACT – The tendency of society towards halal products is currently increasing, related to objects and muamalah. The development of the fintech applications needs to be tested or detailed again. Apart from examining this legal status, an interesting thing to develop is how to formulate a fintech application in accordance with the Islamic economic viewpoint. Therefore it is very necessary to always review the DSN-MUI fatwa regarding fintech applications in Islamic financial institutions. The results of this study will be an input for the DSN-MUI to formulate policies and fatwas. This research is a qualitative type. Through qualitative research, it is expected to be able to see phenomena more broadly and deeply in accordance with what is happening and developing in the social situation under study. The research subjects in this study are: (1) Sharia Card, (2) Sharia Charge Card, (3) Transfer and Collection, (4) Payment Services, and (5) Sharia Electronic Money. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract compared to the kafalah contract, and it is necessary to fix overdue fines, montly fees that are not related to debt, and remove merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate overdue fines; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should only use one of them; and (5) electronic money can function like money, and there is no gharar case in this electronic money, and allows administration money and card making, and the transactions uses the hawalah principle. So, five improvements are proposed to the DSN-MUI fatwas related to fintech applications.

scholarly journals Government Anticipation in Tackling Crime of Money Laundering (White Collar Crime) in Indonesia

2018 ◽  
Vol 3 (1) ◽  
pp. 145-163
Author(s):  
Sunarno Edy Wibowo
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Financial Services ◽  
White Collar Crime ◽  
Banking System ◽  
The State ◽  
Clearing System ◽  
The Government ◽  
The Stability ◽  
Almost All

Indonesia is currently racing with time related to the increasingly rampant criminal corruption committed by state officials who have a very significant impact also on the increase of TPPU. One of the perpetrators' efforts to avoid him from the law by hiding or obscuring his crime through money laundering takes advantage of the mechanism of financial traffic. Money laundering practices are very often committed against money earned from crime. The practice is simply a way to disguise or conceal the proceeds of a criminal offense. Money laundering is then used as a shield for the proceeds of the crime. Therefore, the existence of provisions or regulations on TPPU is very beneficial to minimize the velocity of funds from the crime. The latent danger of corruption has touched almost all levels of society, not only in relation to state organizers, power and policy, but also to the presence of private parties. Various methods have been taken to eradicate it, both preventively and repressively as well as by making changes to the method of eradication. One of the objectives of repressive action is to restore the State's losses. Corruption has resulted in heavy losses to the state's finances and undermines the stability of the national economy. The state losses in the form of assets resulting from corruption in returning it are not easy, the complexity of the settlement of criminal cases is one of the most dominant causes, not to mention the settlement of cases of corruption, especially those that have obtained permanent legal force, in relation to the spoils and payments replacement money, suspects, defendants, or convicted persons who disappeared at the time the proceedings were underway. The handling of TPPU cases has significance for the return of state assets related to the eradication of corruption. Property becomes a very fundamental object in relation to corruption and TPPU. Money laundering is always associated with property derived from a crime. The outcome of corruption is certainly related to assets or property acquired in an unauthorized and dirty manner. The prosecution of the perpetrators of corruption is not only related to the problem of his actions but also the repression of the result of his act of seizure of assets or assets of the perpetrator. Presidential Instruction Number 5 of 2004 on the Acceleration of Corruption Eradication issued by the President on December 9, 2004 to prove the seriousness of the government in criminalizing the money laundering of corruption results as well as a legal instrument that ordered law enforcement officers to immediately restore the state loss (asset recovery).1 The handling of TPPU, is a tough task for PPATK, especially to detect the occurrence of TPPU and further criminal acts. So the prevention and eradication of money laundering requires a systematic and comprehensive mechanism, which includes the detection process and legal process.2 The practice of money laundering through bank mechanisms is possible because banks are the most vulnerable financial institutions, and are subjected to the practice of Money Laundering whereby banks have a clearing system, international correspondence and a secret banking system.3 The role of the financial and government industry (PPATK) in preventing and eradicating TPPU becomes a barometer. It is based on banking and other financial services providers as front lines, in anti money laundering regimes. It is expected that financial institutions together with employees are at the forefront, in an effort to combat illegal financial activities.4

scholarly journals The Effects of Money Laundering on Monetary Markets Introduction

2019 ◽  
Vol 13 (12) ◽  
pp. 43
Author(s):  
Marwan Mohammad Aboel-Majeed Abu-Orabi ◽  
Abeer F.A. Al Abbadi
Keyword(s):  
Exchange Rates ◽  
Money Laundering ◽  
Financial Institutions ◽  
Foreign Investments ◽  
Monetary Policies ◽  
Study Population ◽  
The Government ◽  
The Stability ◽  
The Impact ◽  
Combat Money Laundering

The aim of this study is to determine the impact of money laundering on: the competition in the financial and monetary markets, the stability of the investment sector in Jordan, the ability of the government to control the monetary policies in Jordan, the attraction of foreign investments to the markets in Jordan and the Jordanian dinar exchange rates. A survey of the components and sample of the study population, composed of employees of the Central Bank of Jordan and the Audit Bureau, was used. A questionnaire was developed as a tool for the study, distributed to the study sample of (35). The study concludes that: Money laundering has a massive effect on monetary markets, competition in the financial and monetary markets, the government’s capability to control monetary policies, the investment sector’s stability, attracting foreign investments for the marketplace, and Jordanian Dinar’s exchange rate. Depending on the results of the study, the researcher recommends Introducing laws and regulations to combat money laundering, fostering the role judicial authorities, empowering prohibiting and punishment of involved financial institutions, confiscating of funds, punishing perpetrators, and developing legal procedures that regulate banks’, financial institutions’ and companies’ activities.  

ANALISIS IMPLEMENTASI PENCEGAHAN PENCUCIAN UANG MENGGUNAKAN CUSTOMER DAN ENHACED DUE DILLIGENCE DI BANK SYARIAH MANDIRI JAKARTA

Paradigma ◽  
2020 ◽  
Vol 17 (1) ◽  
pp. 72-86
Author(s):  
Siti Noviatun ◽  
Isfandayani
Keyword(s):  
Money Laundering ◽  
Data Retrieval ◽  
Data Display ◽  
Suspicious Transaction ◽  
Qualitative Descriptive ◽  
Proceeds Of Crime ◽  
The Government ◽  
Transaction Services ◽  
Data Reductions ◽  
Descriptive Method

Abstract             The main fuction of the Bank as an funding and lending activities by offering various types of financial transaction services an attractive choice for people who do money laundering to hide money proceeds of crime. Because of that the government and Indonesian Banks make regulations related prevent money laundering that contains Customer Due Dilligence and Enhanced Due Dilligence. Bank Mandiri Syariah has implementation Customer Due Dilligence and Enhanced Due Dilligence as an effort to prevent money laundering. This analyze aims for knowing implementation Customer Due Dilligence and Enhanced Due Dilligence that has been applied by Bank Syariah Mandiri. In this study using a qualitative descriptive method. Data retrieval is done by observation, interviews and documentation to three sources of informants Bank Syariah Mandiri KCP Bekasi Timur and one sources of informants that specifically handles money laundering prevention program that is SKAP( Satuan Kerja APU PPT) Bank Mandiri Syariah. Data analysis will be done by doing three steps, they are; data reductions, data display, and verification.The observation result shows that implementation Customer Due Dilligence done at the time prospective customer open the account and the Bank doubt information customer by doing identification and verification. implementation Enhanced Due Dilligence is done to customers Politically Exposed Person/ High Risk open the account, but in practiceat Bank Syariah Mandiri KCP Bekasi Timur done when there is suspicious transaction or there is a case. Reporting process suspicious transaction through the system SIAP (System Aplikasi APU PPT) to Satuan Kerja APU PPT (SKAP) Bank Syariah Mandiri then SKAP reports to PPATK (Pusat Pelaporan Analisis Transaksi Keuangan). From implementation Customer Due Dilligence and Enhanced Due Dilligence Bank Mandiri Syariah has been prevent money laundering enter the financial system at Mandiri Sharia Bank.

Analysis Of Open Selection Mechanism In The Government Of Bantul District 2016

ARISTO ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 1
Author(s):  
Vindhi Putri Pratiwi ◽  
Muhammad Eko Atmojo ◽  
Dyah Mutiarin ◽  
Awang Darumurti ◽  
Helen Dian Fridayani
Keyword(s):  
Resource Management ◽  
Human Resource Management ◽  
Human Resource ◽  
Selection Process ◽  
The State ◽  
Selection Mechanism ◽  
Government Bureaucracy ◽  
The Government ◽  
Bureaucratic Reform ◽  
Depth Interviews

The purpose of this research is to see the open selection mechanism in the government of Bantul district. Because the success of bureaucratic reform is a part of human resources within the government bureaucracy. Therefore it is necessary to have human resource management to realize a state of civil apparatus with integrity, professionalism and competence. In this study, researchers used qualitative approach methods. Where in the technique is done in-depth interviews to get information and gather other supporting documents on this research. Human resource management could be done by structuring employees through an open selection mechanism. The Government of Bantul District has conducted an open selection in structuring employees who are in their government. Because the open selection is considered a solution in the screening of the state civil apparatus. Moreover, the Bantul Government in the open selection process uses several stages including administration selection, competency tests, interviews, and paper presentations. With the existence of several stages carried out in the open selection process by the Bantul Government, it is expected to capture and create a state civil apparatus who are professional and competent in running of bureaucracy in the government. So the existence of the state civil apparatus competent then will be influenced in its performance.

The Agrarian Question in Contemporary Zimbabwe

2019 ◽  
Vol 49 (1) ◽  
Author(s):  
Toendepi Shonhe
Keyword(s):  
Capital Accumulation ◽  
Crop Production ◽  
Job Creation ◽  
Food Crop ◽  
Contract Farming ◽  
Agrarian Question ◽  
Food Crop Production ◽  
The Government ◽  
Agrarian Transition ◽  
Depth Interviews

The reinvestment of rural agrarian surplus is driving capital accumulation in Zimbabwe's countryside, providing a scope to foster national (re-) industrialisation and job creation. Contrary to Bernstein's view, the Agrarian Question on capital remains unresolved in Southern Africa. Even though export finance, accessed through contract farming, provides an impetus for export cash crop production, and the government-mediated command agriculture supports food crop production, the reinvestment of proceeds from the sale of agricultural commodities is now driving capital accumulation. Drawing from empirical data, gathered through surveys and in-depth interviews from Hwedza district and Mvurwi farming area in Mazowe district in Zimbabwe, the findings of this study revealed the pre-eminence of the Agrarian Question, linked to an ongoing agrarian transition in Zimbabwe. This agrarian capital elaborates rural-urban interconnections and economic development, following two decades of de-industrialisation in Zimbabwe. 

Domestic Resource Mobilisation: A Structural Approacb

1993 ◽  
Vol 32 (4II) ◽  
pp. 1067-1078
Author(s):  
Saleem M. Khan
Keyword(s):  
Economic Growth ◽  
Financial Institutions ◽  
Foreign Assistance ◽  
High Rate ◽  
Domestic Saving ◽  
Capital Investments ◽  
External Resources ◽  
Private And Public ◽  
The Government ◽  
Enhance Efficiency

The Mobilisation of domestic resources and their efficient utilisation are two of the most crucial tasks in revitalising the economy of Pakistan. Historically, low saving fotmation and relatively higher targets of investment and economic growth made it imperative to depend on external resources. Despite heavy domestic borrowing from both private and public sectors, there still has remained an unmet resource gap that has necessitated dependence on foreign capital. I In recent years, the sources of foreign assistance have become scarce due to a growing shortage in world saving and growing domestic demand for budget appropriations in the western countries. If economic growth in Pakistan is to be sustained and selfgenerating, investment in physical and human development must be increased and mad more efficient. To meet this challenge, most of the capital will have to come from domestic sources. Hence, the focus of this paper is on harnessing domestic efforts to increase saving formation and to enhance efficiency of capital investments. Traditionally, the government of Pakistan has relied on conventional approaches to increasing domestic saving. First, the government has been encouraging greater saving by the private sector through a package of national saving schemes and by allowing financial institutions to introduce saving incentives. Saving-schemes and saving incentives have not produced satisfying results. Table 1 shows saving and investment in selected South Asian countries. Saving in Pakistan is very low and, indeed, among the lowest even when compared with neighbouring and other developing countries. Explanations of this failure include the low levels of income and high rate of inflation in the country.2 Moreover, the financial institutions have in general remained inefficient.

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