The Impact of the Digital Economy on the Hotel Industry

The article analyzes online tourism, its opportunities, the state of development in Uzbekistan. Based on the results of the study, proposals were developed to solve the problems that hinder the development of online tourism in the country. Including:commercial banks in the country should also ensure the security of money transfers, as well as improve the system of short-term refunds in case of cancellation, refund or replacement of numbers and tickets;all payment accounts must operate in a biomeric system; more effective use of bloggers in promoting the tourism potential of the country.

BLOCKCHAIN TECHNOLOGY AS AN ANTI-CORRUPTION MANAGEMENT TOOL

The world has not yet come up with a single recipe for fighting corruption. But thanks to constant progress, anti-corruption strategies are replenished with effective innovation mechanisms. The global experience of using blockchain opens up new prospects for eliminating corruption in the world. Blockchain is an opportunity not only to modernize outdated functional systems, but also to apply new, more effective means of combating corruption and cybercrime. One of the main advantages of the blockchain is that all network participants have a register of transaction data. Therefore, if someone decides to hide, delete or change their recalculations in the accounting book, then copies of these transactions still remain in tens of thousands of other users and the system immediately accesses them. Therefore, a few minutes will be enough to solve the issues of detecting a crime. Today, it is worth highlighting 3 types of widespread use of blockchain technology in the fight against corruption: identity verification, asset registration and tracking of monetary transactions. For example, you can check the purpose of money transfers in real time, see salary payments, and compare prices among suppliers. Like any type of crime, corruption in human society cannot be completely excluded. However, decentralized platforms functioning on blockchain technology, already today, firstly, can directly bring together the customer and the executor, and secondly, all the conditions agreed upon by the participants can then be easily verified (thus, it will be impossible to imperceptibly inflate the price when using blockchain). Blockchain technology is in demand because it creates an unprecedented degree of trust in information in relationships between individuals and public organizations, or between the state, people and private institutions.

Financial market infrastructure in Ukraine: consequences of legislative update

The defining principle of the effective functioning of the infrastructure of financial markets is a proper legal basis. It is emphasized that the general principles of infrastructure construction in the context of globalization should provide predictability, clarity and familiarity for international investors. This is most important for immature markets, where legal uncertainty, along with other objective difficulties in the functioning of the infrastructure, hinders the development and attraction of investment. The article notes the slow pace of modernization of the financial market infrastructure in Ukraine and the lack of significant progress in the implementation of international recommendations and proposals of foreign experts. In the course of the study of the updated Ukrainian legislation in the field of capital markets, its inconsistency with the legislation on payment systems and money transfers, inconsistency of terminology, lack of legal certainty, attribution of most fundamental issues to the regulator's discretion were substantiated. Legislative “innovations” of Law № 738-IX of 19.06.2020 are extremely destructive, and their practical implementation poses a threat to the integrity and operational landscape of the infrastructure of financial markets in Ukraine. It has been found that since the middle of 2021 a rather dubious form of cash settlements has been implemented, which revives the outdated inconvenient payment scheme and until 2023 preserves the monopolistic nature of clearing and settlement services, exposes stock market participants to legal and operational risks. It is stated that the Law does not follow the principles and recommendations developed in detail by international experts. The existence of preconditions in Ukraine for building a modern infrastructure of financial markets is substantiated, which requires a proper legal basis, which should be created taking into account the interests of market participants, active involvement of experts, quality implementation of European legal framework and international practices.

GLOBAL AND REGIONAL TRENDS IN MIGRATION, REMITTANCES AND THEIR IMPLICATIONS IN THE NATIONAL SEGMENT

This article discusses aspectsand integration characteristics of international migration in the world and regions. Based on statistical information, the main trends of the migration movement and prospects for the development of the labor market are determined. The author analyzed the data on priority country directions of labor migration from Uzbekistan and the state of money transfers on aglobal, regional and national scale. Information on domestic legal policy and ratified internationalagreements is summarized. He proposed possible solutions to improve research tools in the study of migration processes.Keywords:labor migrants, international migration, migration corridors, sub-regions, positive effects, World Bank, remittances, pandemic, system of safe, orderly and legal labor migration, reintegration, International Labour Organization, сonvention, treaty, agreement

Mobile investment technology adoption among investors

PurposeThe purpose of this study is to examine investors' internal characteristics, including investment literacy, risk tolerance and familiarity with mobile financial services, as antecedents of mobile investment technology adoption among American investors.Design/methodology/approachUsing the 2018 National Financial Capability Study and its supplemental Investor Survey, this study examined antecedents, including investors' internal characteristics, in relation to mobile investment technology adoption. Nested logistic regression analyses were performed for adopting mobile apps for investment decisions and for investment trading.FindingsThis study found that objective and subjective investment knowledge, experience using mobile banking for payments and money transfers, and certain ownerships of investment vehicles (such as whole-life insurance policies and ETFs) were significant determinants of mobile investment decision-making. On the other hand, subjective investment literacy, risk tolerance, familiarity with mobile financial services, and portfolio value, as well as certain types of investment vehicles were significantly associated with mobile investment trading.Originality/valueThis study is among the first to examine investors' investment literacy, risk tolerance and familiarity with mobile financial services as investors' internal characteristics in relation to mobile investment technology adoption. The diffusion of innovations theory and related concepts provide theoretical support for this study. The findings provide new insights into mobile investing as an emerging FinTech subject and provide implications for practitioners and FinTech developers, as well as contribute to the literature of mobile investment service adoption among retail investors.

The Impact of Central Bank of Liberia Guidelines on Inbound Money Transfers in Liberia (the Liberian Bank for Development & Investment 2016-2018)

The Central Bank of Liberia (CBL), according to its mandate under the Act of 1999 and its authority, in line with Section 55 and 39, on November 15, 2016, issue a regulation (No. CBL/RSD/004/2016) on payment of Inbound money transfers, which was ordered by former President of the Republic of Liberia, Madam Ellen Johnson Sirleaf, and the Minister of Foreign Affairs. The objective of this regulation was to support the effective management of the foreign exchange market. The regulation applies to all licensed financial institutions involved in money transfer services, such as Western Union and MoneyGram. The regulation did not apply to inbound money transfers that are made using recipient accounts at commercial banks. Conclusion: The theoretical framework presented in this research suggests that commercial banks, be precise, the Liberia Bank for Development and Investment (LBDI), are more likely to suffer a decrease in commission on inbound money transfers throughout the three years (3) of restrictions.

Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection

Currently, life cannot be imagined without the use of bank cards for purchases or money transfers; however, their use provides new opportunities for money launderers and terrorist organizations. This paper proposes a blockchain-enabled transaction scanning (BTS) method for the detection of anomalous actions. The BTS method specifies the rules for outlier detection and rapid movements of funds, which restrict anomalous actions in transactions. The specified rules determine the specific patterns of malicious activities in the transactions. Furthermore, the rules of the BTS method scan the transaction history and provide a list of entities that receive money suspiciously. Finally, the blockchain-enabled process is used to restrict money laundering. To validate the performance of the proposed BTS method, a Spring Boot application is built based on the Java programming language. Based on experimental results, the proposed BTS method automates the process of investigating transactions and restricts money laundering incidents.

FATF and Terror Financing: The Perspective of Pakistan

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.

Labor migration and development of human resources of the Kyrgyz Republic

The purpose of the presented research was to study the impact of labor migration on the development of human resources in Kyrgyzstan. Before collecting the data, several theoretical assumptions were identified, ranging from personal experiences of migrant workers to their remittances and new skills acquired during the migration process. A common finding of the literature on migration is that migrants are more likely to choose self-employment upon return to their origin countries. This has led to the belief that return migration stimulates entrepreneurship in source countries and hence support economic development. In this paper we test these assertions, drawing on the study of life in Kyrgyzstan, a rich longitudinal data set from transition economies with high levels of international temporary migration. We find that for return migrants, self-employment is often a temporary occupational choice, suggesting that self-employment serves as a 'parking lot'. This research used case studies with quantitative and qualitative data, as well as the authors' sociological studies. Analysis of interviews with 25 current labor migrants in Russia and 25 repatriates in Kyrgyzstan concerned the following aspects: problems and benefits of migration; development of new skills; use of money transfers; reasons to return; employment or self-employment; remittances as investments and governments assistance in entrepreneurial activities of returnees. According to the research results, it was concluded that labor migration has an impact on development, which falls within the framework of the development of human resources. This is especially noticeable with regard to remittances and new skills brought by labor migrants to the Kyrgyz Republic.

Migration Processes Between Russia and Armenia: Trends and Statistical Accounting Features

The purpose of the article is to characterize the features of statistical accounting of various categories of migrants and to analyze migration processes between the two countries in the context of integration within the EAEU. On the basis of microdata of the Integrated Survey of Household Living Conditions conducted in Armenia, specific characteristics of migration towards Russia are determined, such as: the duration of stay of a migrant worker in another country, forms of employment, income level, the amount of money transfers, etc. The features of statistical accounting of various groups of migrants are revealed, recommendations for improving the methodology of accounting for migrants from the point of view of its unification across the EAEU countries, as well as the inclusion of a model block of migration issues in the census lists of the EAEU countries are considered.