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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.

In 2019, FIU-the Netherlands celebrated its 25th anniversary. This study takes the occasion to reflect on the role of the FIU in financial surveillance and to describe its core practices of collecting, analysing and disseminating financial intelligence.

Because FIU practices are often secret and its transaction data classified as state secrets, the FIU’s daily operational activities remain obscure. Drawing on interviews, public reports and an online training course, this study encircles secrecy and offers a fine-grained analysis of the FIU's core activities.

The article finds that the FIU plays a pivotal role in financial surveillance because it can operate at various intersections. An FIU operates at the intersection of finance and security, in between the public and private sector and at the national and international domain. This pivotal role makes the FIU indispensable in the surveillance of payment systems and spending behavior.

The article poses that the desirability and effectiveness of financial surveillance has to date not received sufficient consideration, while it affects (the privacy of) anyone with a bank account. The article asks: is it ethically justifiable that transaction information is declared suspect, investigated, and shared nationally and internationally, without the individual or entity concerned officially being notified and legally named a suspect?

This case-study is not only relevant for the study of finance/security, AML/CFT and financial surveillance, but also to policy makers and the broader public who merit an understanding of how their financial behaviour is being surveilled.

In this chapter we study the intra-group transactions between the parent bank and its foreign subsidiaries in European Union (EU) countries during the crisis. We use hand-collected data from annual statements on related party transaction and find that they may create a serious problem for the stability of the foreign banks’ subsidiaries. Moreover, as some of those subsidiary banks were large by assets in some of the member states the related party transactions with the parent bank created a serious threat to the host countries’ financial system stability. We attribute this transaction to the weak governance in foreign subsidiaries. We suggest improvements in governance as well as greater disclosure of related party transactions in bank holding companies in Europe.

Blockchain holds promise as a potential solution to the problem of cybersecurity in financial transactions. However, difficulty exists for both the industry and organizations in assessing this potential solution. Hence, it is important to understand how organizations in the financial sector can address these concerns by exploring blockchain implementation for financial transactions in the context of cybersecurity. To do this, the problem question is threefold: first, what objectives are important based on the strategic values of an organization for evaluating cybersecurity to improve the security of financial transactions? Second, how can they be used to ensure the cybersecurity of financial transactions in a financial organization? Third, how can these objectives be used to evaluate blockchain as a potential solution for enhancing the cybersecurity of organizations in the financial sector relative to existing cybersecurity methods? The paper aims to discuss this issue.

To accomplish this goal we utilize Keeney’s (1992) multi-objective decision analytics technique, termed value-focused thinking (VFT), to demonstrate how organizations can assess a blockchain solution’s value to maximize value-add within financial organization.

The presented model clearly demonstrates the viability of using Keeney’s (1992) VFT technique as a multi-criteria decision analysis tool for assessing blockchain technology. Further, a clear explanation of how this model can be extended and adapted for individual organizational use is provided.

This paper engages both the academic literature as well as an expert panel to develop an assessment model for blockchain technology related to financial transactions by providing a useful method for structuring the decision-making process of organizations around blockchain technology.

The purpose of this paper is to analyse the Islamic finance segment within the Updated Commercial Transactions Law in the UAE and opine whether the new alterations will have a significant impact on the Islamic financial industry in the UAE.

This research uses a qualitative methodology, and the UAE as a case study. A single/embedded case study design is adopted, to analyse several chapters within the Updated Commercial Transactions Law in the UAE (multiple units of analysis).

The study revealed that the introduction and incorporation of fiqhi and Islamic financial principles within the Updated Commercial Transactions law in the UAE was done so in its rudimentary form, indicating that its purpose was to enhance the UAE’s position as a leading global Islamic financial hub – as opposed to the sole purpose of its usage during disputes between counterparties.

This research is limited to the UAE as a case study and thus does not provide a comparative analysis with other GCC countries. A separate study would be required for a comparative analysis.

Given that the Updated Commercial Transactions Law in the UAE is relatively new, limited research papers have analysed this segment of the updated law in particular. This research, thus, contributes to knowledge by paving the way for future research pertaining to the same matter.

To describe and analyze a proposed rule recently issued by the US Securities and Exchange Commission (“SEC”) that would overhaul the use of derivatives and financial commitment transactions by registered investment companies and business development companies.

This article summarizes the various aspects of the proposed rule, discusses the elements of the proposed rule in greater detail, explains the effect of the proposed rule on existing guidance from the SEC and its staff, and notes the potential transition period for any final rule.

While the proposed rule is subject to public comment and subsequent consideration by the SEC and its staff, if the proposed rule is adopted in its current form it would result in sweeping changes for registered investments companies and business development companies.

This article contains a detailed overview of a recent SEC rule proposal regarding the use of derivatives by registered investment companies and business development companies and practical guidance from experienced asset management lawyers.

The purpose of this paper is to analyze the obligation of regulated entities to detect unusual and suspicious transactions and to report them to external control bodies, as established by the Financial Action Task Force (FATF) recommendations, the European Community Directive and also the Spanish regulations for the Prevention of Money Laundering. This research paper also aims to create a model to identify and report suspicious transactions to improve financial institutions’ current procedures.

According to the Spanish regulations which comply with the FATF recommendations and the European Community Directive on the Prevention of Money Laundering, regulated entities must detect unusual and suspicious transactions. Within this framework, the present research work analyzes both criteria and procedures used by the regulated entities to report suspicious operations. It also assesses the efficiency of the reports sent to an external control body. For this purpose, both analytical and interpretative methods are used in this research paper.

In Spain, the current procedures followed by regulated entities to analyze unusual transactions are complex. This results in difficulties to report suspicious transactions involving money laundering. As a consequence, the cases of suspicious transactions reported to the external control body are often unclear and the related process is inefficient.

The creation of a harmonized model with the aim of detecting suspicious operations and analyzing them will improve the detection and the effectiveness of the suspicious operations procedure which are reported to the external control body. However, such unified model should take into account the currently used activities proposed by each financial institution.

Digital technologies have become significant as organisations, including financial institutions, attempt to adopt enhanced and more efficient approach for service provisions to customers. Despite the obvious shift to digitalised methods of service delivery, some financial institutions argued that though digitisation may increase financial efficiency and profitability, it also poses new risks and potential threats with significantly unanticipated side effects, especially, with respect to employment. Against this background, this study examined how the following cashless policy instruments: Mobile banking, Automated Teller Machine (ATM) and Point of Sale (POS) Terminal, influence financial transactions in Lagos, Nigeria; using Zenith Bank PLC as a case study. Structured Questionnaire was administered to 100 Zenith bank customers. The study applied the logit regression method and findings showed that 54% respondents use mobile banking daily, 39% respondents use ATM daily, 25% respondents use POS daily. On an overall scale, mobile banking is widely used and mostly preferred. Also, results showed that while POS has a significant relationship with financial transactions, Mobile banking, and ATM both have an insignificant relationship. Results from the study encourage the management of CBN to create more awareness of these instruments, and likely increase the number of these instruments.

This paper aims to illustrate how virtual assets are used in such criminal offenses as money laundering and seeks to study the role of financial intelligence (monitoring) of transactions with virtual assets effectively in combating money laundering.

This research methodology includes system and structural methods that help analyze the theoretical, organizational and legal bases of the financial intelligence (monitoring) of transactions with virtual assets. The authors use the doctrinal legal research approach to analyze and describe the legislation connected to the financial intelligence (monitoring) operations with virtual assets. To identify critical issues of understanding the “virtual assets” and “cryptocurrency” essence, the peculiarities of the scientific community views on the given definitions, the authors use the method of terminological analysis and concepts operationalization. The authors use the extrapolation method to determine the possibility of implementing the analyzed best practices of foreign countries in the domestic practice of financial intelligence (monitoring) of transactions with virtual assets as an effective way in combating money laundering.

This study demonstrates the role of financial intelligence (monitoring) of transactions with virtual assets as an effective way to combat money laundering.

The article is devoted to comprehensively studying “virtual assets” and “cryptocurrency” concepts. The authors carried out a comparative analysis of these two concepts with the definition of their features and the main characteristics and features that separate them from each other. The authors also stressed the need for countries to strengthen the requirements for situations and activities with virtual assets, where there is a high level of risk in a risk-based approach.

There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research is to explore the critical role of domestic payment networks and to propose recommendations for the effective implementation of such networks.

This research paper uses a multiple-case study design, informed by global best practices in domestic payment systems. Using thematic and content analysis methodologies, this research rigorously analyzes secondary data sources to investigate the strategic importance of domestic payment networks to national economies and the motivations driving their developments.

This paper illuminates the role of domestic payment networks in advancing cost-effective transactions, enhancing financial inclusion and safeguarding national sovereignty. It highlights the growing trend among nations to prioritize the development of their own payment systems. The research further explores the strategic initiatives undertaken by governments to prefer domestic over multinational networks, thereby maintaining control over their financial systems and safeguarding economic interests. Additionally, the study addresses the challenges these networks face, providing a thorough analysis that serves as insight for policymakers and financial institutions aiming to develop and improve their domestic payment infrastructures amidst current and future challenges.

This study contributes to the existing literature on domestic payment networks by studying their significance within the global financial ecosystem, particularly highlighting their role in advancing financial inclusion and ensuring national financial sovereignty. This research paper uses competition state theory as a foundation for its arguments and provides policy and practical recommendations for policymakers and financial institutions. Through this synthesis, the research aims to facilitate the enhancement and strategic development of domestic payment infrastructures globally.