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News items like “A whopping 2 lakh gullible investors were cheated…….” amply illustrate the extent of problems and hardships caused by financial frauds related to Ponzi schemes, collective investment schemes (CIS), unregulated deposit schemes, etc. In India, over the years, many Ponzi and unregulated investment schemes have taken place, causing huge economic and financial loss to Indian economy. This paper aims to examine why investment such schemes like Ponzi schemes and CIS become popular, how such schemes got operated in different periods and what could be done to safeguard the interests of investors.

The analysis is done based on secondary data and research work of various researchers, organisation and institutions, which are available in the public domain.

This paper has tried to analyse various characteristics of such fraudulent schemes, like their modus operandi, promotional activity, background of promoters and legal process involved in recouping financial loss of millions of investors. This paper also examines the demand-side factors that are responsible for popularity of those schemes in India. Noting the regulatory changes and other initiative taken by regulatory authorities to control the supply of unregulated investment schemes, this paper indicates potential actions, which could be undertaken to make people aware about the risks and issues related with such fraudulent schemes.

This paper gives an overview about various aspects of unregulated investment schemes, which have duped numerous people at different point of time. To the best of the authors’ knowledge, this research work is original and has not been published in any other journal.

The purpose of this study is to formulate a governance and regulatory framework for Islamic crypto assets (ICAs). A balanced regulatory framework is required to protect consumers and to encourage digital Islamic finance innovation.

This study focuses on Indonesia and compares it to other countries, specifically Malaysia and the UK, using statutory, comparative and conceptual research approaches.

The ICAs are permissible (halal) commodities/assets to be traded if they fulfil the standards as goods or commodities that can be traded with a sale and purchase contract (sil’ah) and have an underlying asset (backed by tangible assets such as gold). Islamic social finance activities such as zakat and Islamic microfinance activities such as halal industry are backed by ICAs. The regulatory framework needed to support ICAs includes the Islamic Financial Services Act, shariah supervisory boards, shariah governance standards and ICA exchanges.

This study only examined crypto assets (tokens as securities) and not cryptocurrencies. It used regulations in several countries with potential in Islamic finance development, such as Indonesia, Malaysia and the UK.

The ICA regulatory framework is helpful as an element of a comprehensive strategy to develop a lasting Islamic social finance ecosystem.

The development of crypto assets must be supported by a regulatory framework to protect consumers and encourage innovation in Islamic digital finance.

ICA has growth prospects; however, weak regulatory support and minimal oversight indicate weak legal protection for consumers and investors. Regulating ICA, optimising supervision, implementing shariah governance standards and having ICA exchanges can strengthen the Islamic economic ecosystem.

The purpose of this research paper is to review and synthesize the role of blockchain technology (BCT) in various types of illegal activities, including but not limited to fraud, money laundering, ransomware attacks, firearms, drug tracking, cyberattacks, identity theft and scams.

The authors conducted a review of studies related to illegal activities using blockchain from 2015 to 2023. Next, a thematic review of the literature was performed to see how these illegal activities were conducted using BCT.

Through this study, the authors identify the relevant themes that highlight the major illegal activities performed using BCT, its possible steps for prevention and the opportunities for future developments. Finally, the authors provide suggestions for future research using the theory, context and method framework.

No other research has synthesized the illegal activities using BCT through a thematic approach to the best of the authors’ knowledge. Hence, this study will act as a starting point for future research for academic and technical practitioners in this area.

This paper aims to explain the implications of the impending establishment of national blockchain infrastructure by governments around the world, and how these structures can be integrated with existing legislation and assist in the prevention of financial crime.

The methodology used is a literature review and analysis of progress being made to establish national blockchain infrastructure. It provides a discussion of the connection between blockchain and financial crime, and how this infrastructure will interact with existing regulatory frameworks, and particularly, financial crime legislation.

This paper documents financial crime risks posed by digital currencies and smart contracts and the role that national blockchain infrastructure can potentially play in mitigating these risks. It highlights the need for governments to devote resources to developing this infrastructure and associated regulatory frameworks.

There are few, if any, academic papers in the financial crime, or wider literature, that have examined the potential for national blockchain infrastructures prevent financial crime, including the implications for existing regulation in the field.

This paper aims to investigate technological innovations within the crypto space that have engendered novel financial crime risks and their potential utilization amidst geopolitical conflicts.

The theoretical paper uses an analysis of recent geopolitical events, with a key focus on using cryptocurrencies to undertake illicit activities.

The study found that cryptocurrencies and the innovations made within the crypto domain are used for both legitimate and illicit purposes, including money laundering, terrorism financing and sanction evasion.

This research contributes to understanding the critical role cryptocurrencies play amidst geopolitical conflicts and emphasizes the need for regulatory considerations to prevent their misuse. To the best of the authors’ knowledge, this paper is the first scholarly contribution that considers the evolving mechanisms afforded by cryptocurrencies amidst geopolitical conflicts in undertaking illicit activities.

The purpose of this paper is to assess the current legal framework on money laundering control in the insurance sector. Essentially, this examination is premised on the interrogation of whether it is still appropriate for Mauritius to apply such stringent, opaque and unyielding Anti-Money Laundering/Combating Financing of Terrorism norms and rules on general insurance when developed nations such as the UK and Singapore have done away with them for a more effective combat against money laundering. It would also be assessed why the financial services commission (FSC) is not able to draw inspiration from its British and Singaporean counterparts in fighting money laundering more effectively.

This paper uses the doctrinal legal research methodology which is colloquially described as “black-letter law” approach. It is backed up by a contextual legal analysis that is based on an analysis of relevant legal provisions. It relies ground experience from the insurance industry through the experience of the authors. A comparative approach is used with Singapore and the UK as case studies given that there are significant commonalities to the Mauritian jurisdiction as well as useful differences.

It is observed that a move towards a de-regulation of the legal framework on money laundering in the insurance sector with a more relaxed approach is more effective for the Mauritian insurance sector. Evidence is drawn from the Singaporean and British models. A re-structuring of the FSC of Mauritius is also warranted for such an approach to be adopted.

This paper is among the first academic contribution that proposes a de-regulation and the adoption of a relaxed approach of and by the Mauritian Insurance Industry for a more effective combat against money laundering. It serves as a legal foundational basis for further research in this direction.

The low level of financial literacy among young adults is a pressing concern at both individual and country levels. Therefore, there is a dire need to understand the best-worst antecedents of financial literacy and how they influence each other.

A two-phased multicriteria decision-making (MCDM) technique consisting of best-worst method and interpretive structural modeling (BWM-ISM) was employed for pair-wise comparison, assigning weights, ranking and establishing the relationship among antecedents of financial literacy.

Results suggest that use of Internet (SF1), role of financial advisors (SF3) and education level of individuals (DS7) are top ranked antecedents, whereas masculinity/feminity, language and power distance in society are the least ranked antecedents of financial literacy. Findings will help both academicians and practitioners focus on the key factors and make efforts to increase financial literacy by minimizing resource usage.

The current study provides clarity among antecedents of financial literacy by following BWM-ISM approach for the first time in the financial literacy context.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2022-0746

This study aims to establish the factors affecting the financial investment decision-making of an investor, with specific reference to investors’ emotions and how various events such as festivals, the pandemic and sports matches affect their investors’ investment decision-making. The authors further intend to understand the role of these investor emotions in creating stock market anomalies.

Twenty-nine semistructured exploratory interviews with fund managers from the top 10 asset management companies in India, who deal with individual investors regularly, were taken. The interviews were conducted to identify and describe the underlying ideas and sentiments that influence an individual’s investment behavior.

Although risk and return are the primary motivators of investment decisions, fund managers’ daily interactions with individual investors are affected by unpredictability and technical ambiguity, and investing is an inherently emotionally arousing process, according to the findings of the in-depth interviews.

To the best of the authors’ knowledge, this study is one of the first studies in Indian market to report the views of financial professionals about the emotional aspect of investors in making an investment decision. With most of the research conducted using quantitative methods, the current study brings in the perspective of financial professionals using primary data.

This study aims to review the current EU approach to regulating crypto assets. It highlights the key points, opportunities and risks of the MiCA regulation, which is designed to provide a comprehensive regulatory framework for digital assets in the EU.

To do so, the authors extensively reviewed the literature and reports from several advisory and watchdog bodies and international organizations.

Although MiCA is an ambitious piece of legislation, there are still many unresolved issues and questions that the new regulation raises. Controversially several items have also been excluded from the MiCA regulations, including decentralized finance, non-fungible tokens unless they qualify under the existing cryptocurrency categories, as well as central bank digital currencies.

This study also addresses the Liechtenstein Token Act Regulation, which is considered to have served as a model for the EU MiCA Directive and the regulation of cryptocurrencies at the European level.