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In the field of cryptography, authentication, secrecy and identification can be accomplished by use of secret keys for any computer-based system. The need to acquire certificates endorsed through CA to substantiate users for the barter of encoded communications is one of the most significant constraints for the extensive recognition of PKC, as the technique takes too much time and susceptible to error. PKC’s certificate and key management operating costs are reduced with IBC. IBE is a crucial primeval in IBC. The thought behind presenting the IBE scheme was to diminish the complexity of certificate and key management, but it also gives rise to key escrow and key revocation problem, which provides access to unauthorised users for the encrypted information.

This paper aims to compare the result of IIBES with the existing system and to provide security analysis for the same and the proposed system can be used for the security in federated learning.

Furthermore, it can be implemented using other encryption/decryption algorithms like elliptic curve cryptography (ECC) to compare the execution efficiency. The proposed system can be used for the security in federated learning.

As a result, a novel enhanced IBE scheme: IIBES is suggested and implemented in JAVA programming language using RSA algorithm, which eradicates the key escrow problem through eliminating the need for a KGC and key revocation problem by sing sub-KGC (SKGC) and a shared secret with nonce. IIBES also provides authentication through IBS as well as it can be used for securing the data in federated learning.

This paper aims to examine how banks in Tanzania have been vulnerable to money laundering activities and how the banking institutions have been implicated in enabling or aiding the commission of money laundering offences, and highlights the banks’ failure or inability to prevent, detect and thwart money laundering committed through their financial systems.

The paper explores Tanzania’s anti-money laundering law and analyzes non-law factors that make the banks exposed to money laundering activities. It looks at law-related, political and economic circumstances that impinge on the banks’ efficacy to tackle money laundering offences committed through their systems. The data are sourced from policy documents, statutes, case law and literature from Tanzania and other jurisdictions.

Both law-related and non-law factors create an enabling environment for the commission of money laundering offences, and this exposes banks in Tanzania to money laundering activities. Some banks have been implicated in enabling or aiding money laundering offences. These banks have abdicated their obligations to fight against money laundering. This is attributed to the fact that the banks’ internal anti-money laundering policies, regulations and procedures are inefficient, and Tanzania’s legal framework is generally ineffective to tackle money laundering offences.

This paper uncovers a multi-faceted nature of money laundering affecting banks in Tanzania. It is recommended that Tanzania’s anti-money laundering policy should address law-related, political, economic and other factors that create an enabling environment for the commission of money laundering offences. Tanzania’s anti-money laundering law should be reformed to enhance its efficacy and, lastly, banks should reinforce their internal anti-money laundering policies and regulations and policies.

This paper aims to study characteristics of specified purpose acquisition companies (SPACs) and examine the performance of their securities over time.

Previous findings in literature on SPACs' performance around the announcement of merger date are scarce, not uniform, and mostly address the performance of SPACs' common shares. The authors believe that more insights on merger announcements can be obtained if the perf]ormance of all three types of securities that SPACs issue during the IPO, namely units, common stocks, and warrants are analyzed simultaneously. In order to examine the behavior of these securities we form three samples with daily returns for three distinguished SPAC securities. Results are obtained for abnormal returns based on the market model from Brown and Warner.

It is found that SPACs represent a fairly unique way to raise capital. The incentives of their founders, underwriters, and investors are interdependent and successful business combinations generally result in significant returns to founders. The analysis shows that SPACs have a complex corporate structure in which the incentives of the founders, underwriters, and investors are interdependent and where successful mergers result in significant returns to the founders. It also shows that different SPAC securities do not exhibit similar reactions in response to announcements regarding their corporate status. While holders of all three securities realize positive abnormal returns on the merger announcement day, the strongest reaction is observed among the investors holding warrants, while common stock holders react very mildly.

SPACs are recent phenomena in capital markets and very few papers in finance literature describe them. None of the existing papers evaluated performance of all three types of SPAC securities: units, common shares and warrants before this paper.

This paper considers efficient venture capital investment duration for different types of entrepreneurial firms so that on exit information asymmetries between the venture capitalist (as seller) and the new owners of the investment are minimized, and capital gains maximized. We hypothesize that a number of factors are likely to affect investment duration, and our empirical tests confirm the statistical significance of some of these variables (stage of firm at first investment, capital available to the venture capital industry, whether the exit was preplanned, and whether the exit was made in response to an unsolicited offer). However, the fit between our theoretical model and the data is stronger in the United States than in Canada, offering evidence in support of the view that institutional factors have distorted investment duration in Canada.

This is a primer on software licensing, which is a pressing issue for industry practitioners who are confronted with many agreements involving trading systems. This article deals with the practical “how‐tos” for licensing as well as with certain intellectual property concerns.

Presents the major approaches for achieving commercial security on the Internet, public key and key escrow. Discusses the implications of (US) legislation putting limitations on the type or strength of key it is best to employ for a given business. Presents the typical modes of delivering authentication and other services.

The purpose of this paper is to show a creative way to fulfill financing needs of entities involved in pre‐ and post‐harvest production activities in extreme cases while mitigating inherent risks by Islamic structured trade finance from the real‐life case of cotton production in Burkina Faso.

The existing Islamic structured finance design for SOFITEX was analyzed in details so as to provide clear understanding of the subject matter. This structure was evaluated and a new design is proposed to better accommodate the financing need of SOFITEX.

There are some inherent drawbacks, explained in details, of the existing Islamic finance structure. Salam contract for pre‐harvest input financing in favor of farmers can, unlike existing structure, accommodate the complete supply chain financing solution, hence, support the whole production cycle from input procurement to the exports of cotton fiber. That is, it fits better for financing the agricultural sector.

The case and the structure studied in depth are limited to the cotton sector. This could be widened in subsequent researches.

Islamic finance instruments provide us enough room to fulfill financing needs in extreme cases as a better alternative to conventional financing tools. A method of mark‐up calculation for structured cotton trade finance is developed for Murabaha and Salam contracts.

The paper sheds new light on how to finance the agricultural sector starting from input procurement to the sale/export by Islamic finance instruments. It also shows how to get guarantees in the form of commodities in warehouse rather than bank guarantees, mortgage, sovereign guarantees, etc.

There can be no doubt that electronic commerce will become increasingly important to our economic well‐being in the decade ahead. It will allow people and organisations to conduct their current commerce electronically, and it will usher in new patterns of commerce as people identify and take advantage of the new opportunities E‐commerce brings. Much E‐commerce will be little more than the electronic execution of current commercial practice. To the degree that we see a role for the intermediary in current business practice, we will see the role for the electronic equivalent in E‐commerce. However, the change from conventional to electronic commerce will generate the need for an additional type of intermediary that has no direct counterpart in conventional commerce.

The purpose of this summary is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) regulatory notices issued from September to November 2008.

The paper provides excerpts from FINRA Regulatory Notice 08‐54, Guidance on Special Purpose Acquisition Companies; Regulatory Notice 08‐62, Limit on Close Case Submissions; 08‐66, Retail Foreign Exchange; and 08‐70, FINRA Investigations.

Notice 08‐54: Special purpose acquisition companies (SPACs) are shell companies that raise capital in initial public offerings (IPOs) for the purpose of merging with or acquiring an operating company. Notice 08‐62: Effective November 24, 2008, FINRA will limit the circumstances under which parties may make submissions to arbitrators in closed cases. Notice 08‐66: The retail over‐the counter foreign currency exchange (retail forex) market is opaque, volatile and risky. Broker‐dealers who engage in forex business with their retail customers must comply with the FINRA rules that apply to those activities. Notice 08‐70: FINRA is issuing this guidance to apprise firms of the circumstances in which extraordinary cooperation by a firm or individual may directly influence the outcome of an investigation.

These are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends. The FINRA staff is aware of this summary but has neither reviewed nor edited it. For further detail as well as other useful information, the reader should visit www.finra.org