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This paper aims to examine three important interrelated issues that arise in the context of financial investigations: the access of law enforcement agencies to centralised bank account registries that have been set up in several jurisdictions; the exchange of financial information between financial intelligence units (FIUs) that function in different jurisdictions; and the exchange of financial information between FIUs and law enforcement bodies. Through the adoption of Directive 2019/1153, the European Union (EU) has attempted to achieve a paradigm shift in these three areas, but many challenges remain, from the interconnection of registries to the implementation of adequate data protection safeguards.

This paper draws on primary sources of law, legal scholarship, reports and open source data to analyse the changes that Directive 2019/1153 has brought about in conducting financial investigations in the area of anti-money laundering (AML) and the counter-financing of terrorism (CFT).

The new Directive 2019/1153 constitutes an international model for broadening the access of law enforcement agencies to financial information and facilitating information exchanges between FIUs and law enforcement agencies. Nevertheless, many challenges have still to be addressed, such as the interconnection of centralised registries and the implementation of adequate safeguards.

This is a comprehensive study examining the new EU framework for access to financial information and information exchanges between FIUs and law enforcement agencies, which can be used as a model for international cooperation in the areas of AML/CFT.

This paper aims to provide insights as to why money laundering persists in banks and their weaknesses as gatekeepers.

This paper contextualizes the design and proliferation of anti-money laundering (AML) measures; investigates the different manners of conceptualizing them; and provides insights pertaining to probable limitations of these measures. The paper relies on primary data from statutes and secondary data from published sources.

The paper’s findings suggest that competitive pressures, shareholders return imperative, and lucrative misaligned incentives for management contributed to weaknesses in effective compliance in banks.

Insights drawn from this paper reinforces the notion that banks need to seriously review their business approaches, as well as their roles as gatekeepers.

Given the slew of corporate scandals and other materially harmful misjudgments in money-laundering compliance, banks might need to seriously review their role and obligations in the economy.

Much has been said about money-laundering activities enabled by the banking sector. This paper contributed to insights as to why they persist despite AML rules, and what measures could be further taken to enhance compliance effectiveness.

This paper aims to analyse the legal configuration of the Spanish financial ownership file and identifies its main legal shortcomings and its necessity and proportionality.

The primary and secondary sources of information on which this paper is based are statutes and reports issued by Spanish consultative bodies, respectively. Article 43 of Act 10/2010 of 28 April on the prevention of money laundering and terrorist financing created the “financial ownership file”, a publicly owned personal data file containing information on the opening and cancellation of all types of financial accounts. The recently enacted Royal Decree 304/2014 of 5 May approving the Regulations of Act 10/2010 contains further guidance.

The objective of the financial ownership file is laudable, but the way it has been configured creates new obligations that it could be argued are unnecessary as there are already mechanisms in place to obtain the information in question. The recently enacted regulations raise concerns to the author about access rights, data protection and monitoring, among other aspects.

This paper provides a comprehensive analysis of the Spanish financial ownership file, a topic not yet explored in great detail, and could be useful for other legislatures intending to implement similar systems in their countries.

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

This chapter reviews developments concerning central bank digital currencies (CBDCs). It introduces, analyzes, and discusses the potential implications of CBDCs on the existing cryptoassets landscape. The chapter also provides an overview of the different approaches to adopting and implementing this new form of money. Additionally, it compares traditional cryptocurrencies, privately issued stablecoins, fiat currencies, and CBDCs. Although vastly divergent opinions exist on digital money’s purpose, benefits, and use cases, CBDCs can provide opportunities for innovation and experimentation at a central bank and systemic level. CBDCs may pave the way for democratizing access to unbundled financial services while rethinking the overall purpose of money, monetary systems, and global business.

The purpose of this paper is to conduct a literature review on framework agreements, an instrument for demand aggregation adopted in the UK, to recommend improvements to the price registration system (SRP), a mechanism often used with reverse online auctions in Brazil envisaged to promote more flexibility in centralized tenders, allowing public bodies to establish contracts when the need arises, based on registered prices.

A literature review was undertaken to analyze the UK framework agreement approach and the Brazilian SRP. In addition, in-depth interviews with civil servants from the Brazilian Ministry of Economy were conducted to examine the SRP.

The experience with framework agreements in the UK reveals at least four ways to improve the Brazilian SRP: i) extending the legal maximum duration of a price registration minute (ARP) ; ii) allowing the registration of additional suppliers in the ARP, instead of only the first lowest bidder; iii) conducting mini-competitions when a contracting authority decides to use the ARP to enter into a contract; and iv) including additional criteria for awarding suppliers, in line with the most economically advantageous tender (MEAT) approach.

The flow of government financial resources into procurement accounted for approximately 16.5% of gross domestic product in Brazil and for an average of 12% in OECD countries in 2017 (OECD, 2019: 135). Public procurement is a strategic function for enabling an efficient public services delivery and infrastructure deployment. It is, therefore, relevant to examine instruments of demand aggregation to improve the outcomes of public procurement.

Framework agreements are currently not used in Brazil. This paper examines the UK experience with framework agreements to propose potential improvements to the Brazilian SRP, a procurement instrument vastly used in the country.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Purpose: This chapter aims to lay out the issues regarding the world of digital currencies, private and central bank digital currency (CBDC). In that connection, the authors want to, as much as possible, systematically present the terminology, examples of various digital currencies and the technology behind that phenomenon. The chapter also highlights the occurrence of CBDC and the possible implications of its introduction to day-to-day commercial banking practice, possibly taking the payment systems and transactions alternation, balance sheet and profits’ issues into consideration.

Need for the study: Digital currencies already have and are also soon going to have an enormous impact on society as such, where payments for everyday goods and services are taken on a whole new platform and level, in the sense of how the payments are made and payment systems are constructed, as also in the sense of quantity, as the number and sum-wise payments carried out via such platforms are growing.

Methodology: A triangulation method, a mixed qualitative methodological approach was implemented, so the research offers a synthesis of previously published contributions in this field, followed by deductive and inductive reasoning interconnected with descriptive and comparative analyses.

Findings: As digital currency already have a vast impact on payment systems and modes of payment, the CBDC, an imperative of today and not the matter of the future, will have implications for commercial banks, probably in the field of lowering banks’ commissions, no big customer data-selling ability, accumulating the deposits and deposit policies and credit policies due to higher funding costs for banks. There is an interwovenness among the central bank activities, bank customer’s behaviour and commercial bank activities. Therefore, the change of payment and spending behaviour of customers because of central banks’ introducing novelties will also have consequences for the banking industry.

Practical implications: The choice to handle cash or digital currency will be obsolete, and an individual’s or a firm’s financial knowledge must be upgraded in the field of new money using angles. The issue of digital currencies and CBDCs are no longer a matter of choice but are becoming a new reality. Therefore, it is necessary for the common public, economy and banking system, especially now carrying out most of payments and transfers of money, to study this field and foresee the possible consequences and risks emerging.

This paper aims to design, build and evaluate a blockchain platform in the accounting domain, taking an ecosystem perspective. To achieve this aim, the research provides evidence for developing a decentralised architecture rooted on blockchain technology, designing a proof of concept and modelling an accounting blockchain-based system.

Moving from the analysis of previous literature and leveraging on the design science approach, this paper provides a framework grounded on the main pillars of blockchain and accounting functions, identifying technical and non-technical issues that must be addressed embrace blockchain technology's full potential.

We propose and discuss a conceptual framework for a blockchain-based accounting context, moving from the identification of a typical accounting scenario. The framework is organised around three scalable levels: the first level is a technological infrastructure based on a distributed database with peer-to-peer storage; second, in the intermediate level, increasing control levels are assured through permissions and validation and third, in the higher level, the system provides the integration of business and security applications. The deployment of this system relies on a private network of nodes that validates transactions.

The proposed conceptual framework about blockchain development in accounting allows closing the knowledge gap between blockchain developers and accounting experts by suggesting technological and strategic issues for practitioners.

We provide practical guidelines to design and adopt blockchain in the accounting domain.

This paper aims to focus on the need for an enhanced anti-money laundering (AML) regulation for decentralised finance (DeFi) to protect the integrity of global financial systems against illicit activities. Research highlights the requirement for a robust regulatory strategy for the fast-paced DeFi evolvement.

This study used doctrinal legal research by analysing legislation, which involved creating use cases to illustrate different aspects of potential illicit activities via the DeFi ecosystem. Various DeFi applications were assessed for the potential regulatory responses and outcomes.

This paper offers valuable insight into the regulatory challenges presented by DeFi. This study addresses the blind spots leveraged by criminals afforded by the DeFi’s decentralised nature. This paper offers a comprehensive examination of DeFi regulatory challenges based on use-case scenarios and provides recommendations for regulators on how to address them effectively.

This paper proposes measures for regulatory authorities to minimise money laundering risks through new channels such as decentralised exchanges, non-custodial wallets and cross-chain bridges. This study concludes with the future directions for DeFi regulation and AML compliance.