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This chapter reviews traditional intelligence work, primarily how intelligence was perceived and conducted in the industrial economy. The review includes economic sectors with dedicated intelligence functions such as military, law enforcement, and national security. The review also includes secondary intelligence work in all other economic sectors. Looking across all these examples, the authors present a traditional life cycle model of intelligence work and highlight this traditional view of intelligence’s tactical and reactive approach. The chapter details the historical evolution and common intelligence elements in military, business, law enforcement, judicial forensics, national security, market, financial, medical, digital, and computer forensics.

Terrorism finance (TF) has been aptly termed as the lifeblood of terrorism. TF provides funds for terrorist activities. Terrorists mobilize funds by using the formal banking system, informal value-transfer systems, hawalas, Hundis, and the oldest method of asset transfer. They may raise funds from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, like the drug trade, the smuggling of weapons and other goods, fraud, kidnapping, and extortion. Countering the financing of terrorism is a far greater challenge throughout the world. The objectives of the chapter are as follows: (1) to identify the different sources of terrorism financing, (2) to analyze various ways of moving terrorism funds globally, and (3) to examine the initiatives taken to counter terrorism financing.

The Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Thematic Review of Banking & Insurance sectors conducted by Bank Negara Malaysia (BNM) in 2013 indicated that oversight functions are still inadequate in the areas of compliance, internal audit, board of directors and senior management. The oversight functions refer to the AML/CFT compliance programme, which financial institutions, including Islamic banks, are obliged to execute as a part of mitigating activities against money laundering and terrorist financing. The main purpose of this chapter is to analyse whether there is any improvement in the oversight functions at the Islamic banks in Malaysia since the release of the thematic review report by BNM on 17 September 2014. This research is important as penalty for non-compliance under Section 22 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) is severe. Section 22 of AMLATFPUAA entails personal responsibility on the compliance officer of an Islamic bank and not the reporting institution as a whole. Qualitative research method via interview is employed to gauge the extent of Islamic banks’ adherence to AML/CFT compliance programme. This chapter is significant as it provides Islamic banks and future researchers with the details of the compliance study as well as the current status of AML/CFT compliance programme within the Islamic banks in Malaysia.

Industry 4.0 with artificial intelligence (AI), the Internet of Things, and automation are giving way to Industry 5.0 which places emphasis on workers' well-being, people, and society. The new era accentuates interaction between humans and smart machines to drive prosperity and induce sustainable contribution of industry to society. It must build a resilient economy to cope with future uncertainties or external shocks. Moreover, the sustainability effort of companies demanded by consumers, employees, shareholders, governments, and civil society requires sustainability transformation of business strategies. Applying sustainability principles in product design implies the consideration of a product's entire life cycle. Technologies accelerate sustainable production and support using natural resources efficiently taking into consideration planetary boundaries. This condition also makes for a novel perception of products, including financial products. Under the current circumstances of a volatile, uncertain, complex, and ambiguous environment, the focus on consumers and recognition of their dominance play a pivotal role in business models to maintain customer relationships. Thus, the digital, sustainable, human-centric industry is emerging. This chapter deals with digital products to enable twin transition and accomplish a sustainable business strategy simultaneously. It examines the reciprocal reinforcement of sustainability and digitalization and discusses the impact of digital sustainability on products. In this sense, this chapter also outlines the business contribution to sustainable development through digitalization. Finally, a holistic model for a hypothetical financial remittance product is offered to demonstrate how a digital product can contribute to sustainable development.

Globalization has indeed created opportunities as well as socio-economic and ecological challenges for tourism economies. Digital transformation and liberalization in the financial sectors have evolved to address these needs. This chapter therefore seeks to examine the effects of digital financial transformation and legal environment for sustainable tourism development in East Africa.

The chapter adopts an interdisciplinary and pragmatic worldview on digital financial transformation and legal environment for sustainable tourism development in East Africa. This will engage qualitative research by examining recent extant literature, practitioner interviews, and secondary data.

In East Africa, the digital infrastructure for the Industry 5.0 is relatively underdeveloped hindering faster growth of digital financial economies and sustainable tourism. There is a weak legal framework in the East African countries in matters like e-business, cybercrime, and data privacy laws. The countries have gaps in their intellectual property laws which stifle innovation and these inadequate laws have led to increased digital online crime and frauds.

There is a need to strengthen and integrate a multi-sectoral approach toward a regional digital and legal policy framework in order to encourage innovation and e-business. Collaborative solutions, built on shared datasets, automate the financial services, creating efficiencies and accuracy in the financial systems.

The chapter draws on the use of interdisciplinary approaches toward developing a framework for digital financial transformation and legal environment for sustainable tourism development in East Africa.

Following the financial crisis, across the Western world, defense budgets have undergone substantial and far-reaching cuts. But in the emerging markets there has been a significant rise in defense expenditure (DE). Countries such as China, Brazil, and India have doubled or even tripled their defense spending during the past two decades. It has been generally argued that terrorism can potentially affect economic growth adversely in the short run through a number of channels. Terrorist attacks can increase uncertainty which limits the scope for domestic investments and also diverts foreign direct investment. In order to mitigate terrorism, increased government spending on security can crowd out more growth-enhancing public and private investments in social sectors such as health and education, which in turn may affect the long run growth of a nation. Terrorism also hinders growth by raising the cost of doing business in terms of higher wages, larger insurance premiums, and greater security expenditures. These higher costs result in reduced profits and, thus, smaller return on investment. Terrorist attacks can also destroy infrastructure, thereby leading to business disruptions. This study attempts to examine both the short- (SR) and long-run (LR) associations among terrorism, DE, and its impact on GDP taking time series evidence, using autoregressive distributed lag model (ARDL) model from some selected countries of Asia – India, China, Bangladesh, and Pakistan – during 1990 to 2014. The results show that there are LR associations among the three variables for Pakistan only.

Purpose: This chapter aims to evaluate the impact of money laundering and terrorism financing on the Indian economy and to study the effectiveness of prevention of money laundering acts and terrorist financing as per the guidance of the financial protection task force.

Need for the study: Developing countries like India have been more vulnerable to terrorism and financial scams over the last four decades. Despite the establishment of regulating bodies and anti-money laundering acts, this problem continued to be a national threat. Therefore, examining the impact of money laundering and terrorism finance on the Indian economy is necessary.

Methodology: This study is based on secondary data gathered from the web portals of government agencies and international organisations dealing with money laundering and terror funding. Newspapers, journals, and annual reports are reviewed to identify the modus operandi of money laundering operators and their impact on the economy.

Findings: Money laundering and terrorism financing significantly threaten the Indian economy and national security. Despite different anti-money laundering laws and multiple regulating authorities, the system has pitfalls that allow economic fraud and money transactions for terrorist activities. There is a need for cyber security, and integrated enforcement agencies to combat money laundering at national and international levels.

Practical implications: This study would be helpful for academicians and policymakers to understand the nexus of money laundering and terrorism financing and its impacts on the Indian economy.