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This study aims to evaluate the advantages and disadvantages of auditor mandatory suspicious activity reporting versus the exercise of professional judgement in the anti-money laundering regimes of the UK and the USA.

The research draws upon the following sources. Firstly, statistics provided by the UK National Crime Agency, 2019 (NCA) regarding suspicious activity report (SAR) filing rates. Secondly, anti-money laundering legislation in the USA and UK. Thirdly, statements made in the political domain in the USA, particularly those which raised constitutional concerns during the progress of the Patriot Act 2001. Finally, statements and recommendations by a UK Parliamentary Commission enquiring into the effectiveness of the suspicious activity reporting regime.

The UK reporting regime does not accommodate professional judgement, resulting in the filing of SARs with limited intelligence value. This contrasts with discretionary reporting in the USA: voluntary reporting guides and influences auditor behaviour rather than mandating it. Defensive filing by UK auditors (defence to anti-money launderings [DAMLs]) has increased in recent years but the number of SARs filed has declined.

The study evaluates auditor behavioural responses to legislative regimes which mandate or alternatively accommodate discretion in the reporting suspicion of money laundering. Consideration of constitutional and judicial activism in this context is a novel contribution to the literature. For its theoretical framework the study uses Foucault’s concept of discipline of the self to evaluate auditor behaviour under both regimes.

The author, who is Chair of Norfolk’s Safeguarding Adults’ Board (SAB) reflects on the impact of a Safeguarding Adults Review (SAR) and the actions that resulted. The purpose of the paper is to provide an insight into a significant SAR and the resulting actions desinged to change practice.

The actions illuminate the power of hospitals and politicians over people’s lives. It took the deaths of three young adults with learning disabilities, in a hospital, to move beyond the status quo and organise some very different service responses.

“Progress summits” have considered local and national actions. There have been important gains and setbacks, including the delayed reform of the Mental Health Act. Despite uncertainties, SAB can be detonators to listening and taking action.

This is a unique insight into the impact of a Safeguarding Adults Review and the actions that resulted from this.

This chapter starts by reviewing four broad regulatory approaches that exemplified state-of-the-art in major jurisdictions: market-driven approach (the United States), state-driven approach (China), rights-driven approach (the European Union) and innovation-driven approach (the United Kingdom, Singapore, Hong Kong SAR). This chapter then examines possible regulatory updates with regards to walled gardens and shadow banking, the first two of the challenges first identified in Chapter 3. The next two chapters will then examine possible regulatory updates to address the remaining challenges identified.

This chapter first reviews some of the background concepts on central bank digital currency (CBDC) to provide a broad context, before diving into wholesale CBDC often a starting point for central banks to build CBDC prototypes based on distributed ledger technology (DLT), as it involves less complexity in experimentation. This chapter also examines cross-border CBDC, often an extension of wholesale CBDC prototypes based on DLT. The next chapter will then discuss retail CBDC as well as the prospects of economy-wide roll out of CBDC going forward.

This study aims to develop a comprehensive insolvency model tailored to Islamic banks, ensuring alignment with Shariah principles throughout pre-insolvency, bankruptcy and post-bankruptcy stages.

The research adopts a qualitative research method, using a desktop research approach. Primary sources and secondary sources are examined to gather information and draw conclusions.

This study presents a comprehensive insolvency model designed for Islamic banks, rooted in Shariah principles. The model covers pre-insolvency, bankruptcy (taflis) and post-bankruptcy stages, incorporating key Shariah parameters to ensure adherence to Islamic finance principles. It addresses challenges such as adapting to dynamic financial landscapes and varying interpretations of Shariah principles. Notably, the model recognizes the separate legal personality of Islamic banks and emphasizes transparency, fairness and compliance with religious obligations. In the post-bankruptcy stage, directors are urged to voluntarily settle remaining debts, aligning with ethical and Shariah-compliant standards.

The study contributes to the stability and growth of Shariah-compliant financial systems by extending insolvency principles to Islamic banks, providing a foundation for future research and policymaking specific to this context.

This study analyses the socioeconomic impact of COVID-19 on government accountability regarding the employment of both national and migrant workforces by bringing evidence from an emerging market. In doing so, this study addresses if/how the government discharged its accountability to the public during this recent global health crisis, which started in late 2019, with its effects still being felt today.

This study is based on a close reading of the relevant news media (local and international), published research and official reports, as well as ten conversations with business managers to analyse the socioeconomic impact of COVID-19 on government accountability in the Kingdom of Saudi Arabia (KSA). This study draws on insights from public choice theory in trying to understand why some governments take an economic perspective while exercising accountability to their population during the pandemic.

It was found that COVID-19 led the government to pursue plans for the localization of the professions and increase employment rates among nationals vs. foreigners or migrant workers. The crisis was exploited by the government to achieve macro socio-political and economic goals, demonstrating its accountability to citizens, rather than foreign workers. This shift shows that difficult and exceptional circumstances can present opportunities for policymakers in emerging markets to achieve national policy and political aims.

This study enhances the author’s understanding of accountability during crises (i.e. crises-induced accountability) in emerging markets. The analyses presented enrich the crisis management literature by highlighting the implicit actions of national leaders that affect the lives and well-being of their constituents, especially vulnerable groups.

The purpose of this paper is to offer an accessible and interdisciplinary research strategy in organisational ethnography, called action ethnography, that acknowledges key concepts from action research and engaged and immersive ethnography. It aims to encourage methodological innovation and an impact turn in ethnographic practice.

A working definition of “action ethnography” is provided first. Then, to illustrate how an action ethnography can be designed by considering impact from the outset, the author draws on a study she is undertaking with a grassroots human rights monitoring group, based in England, and then discusses advantages and limitations to the approach.

The author suggests three main tenets to action ethnography that embrace synergies between action research and ethnography: researcher immersion, intervention leading to change and knowledge contributions that are useful to both practitioners and researchers.

This paper provides researchers who align with aspects of both action research and ethnography with an accessible research strategy to employ, and a better understanding of the interplay between the two approaches when justifying their research designs. It also offers an example of designing an action ethnography in practice.

Whereas “traditional” ethnography has emphasised a contribution to theoretical knowledge, less attention has been on a contribution to practice and to those who ethnographers engage with in the field. Action ethnography challenges researchers to consider the impact of their research from the outset during the research design, rather upon reflection after a study is completed.

The aim of this paper is to analyse the spillover effects of microcredit on the economy of Ecuador, with a particular focus on its potential as a poverty alleviation mechanism.

To address our research questions, we take into account the distance between cantons (Ecuador’s own administrative distribution) by adopting a spatial autoregressive (SAR) model. To this end, a database will be constructed with macroeconomic information about the country, broken down by canton (administrative division of Ecuador), and in a 2019 cross section, with a total of 1,331 microcredit operations in all 221 of Ecuador’s cantons.

We find a positive effect of microcredit on these neighbouring regions in terms of wealth generation.

We acknowledge that this study is limited to Ecuadorian cantons. Nonetheless, it is crucial to emphasize that focussing on an under-represented developing country like Ecuador adds significant value to the research.

Facilitating access to microcredit is one of the main solutions to address the goals proposed in the sustainable development goals (SDGs).

Microcredit activity contributes to the creation of value and wealth in Ecuador, exerting a spillover effect in neighbouring areas that can generate positive multiplier effects and alleviate poverty. For all of the above reasons, our proposal for the country is to support and promote microcredit as one of the main solutions to address the goals proposed in the SDGs.

The novelty of this study lies in the use of spatial econometrics to observe the indirect effects of microcredit on the regions bordering the canton in which it was issued, thus examining the spatial effects of microcredit on wealth distribution.

With close to two billion people occupying some 50 countries and spending in excess of US$2tn on food and recreational services alone, Muslim societies represent a significant segment of the world’s population, which warrants greater research attention and better understanding. While Islamic scholarship dates back over 1,400 years, few scholars have studied the impact of Islamic teachings and their effect on surrounding business and policy. The purpose of this paper is to better connect business strategy with Islamic philosophy.

This research is a theoretical paper based on literature review of existing works in academia and from the Koran. The researchers consulted academics and religious leader to better understand the written word and its implications on the various philosophies. This paper offers a sound foundation for further research on Islamic business philosophy.

This research is the base for further exploration into Islamic business philosophy and their underpinnings. To better understand Islamic business models, this study introduces three main and three minor schools of thought to provide a foundation for further research. The schools differ in their theological assumptions and worldviews. Some of them place emphases on traditional approaches, i.e. Jabria (like contemporary Salafies) and some underscore the virtue of reasons and enlightenment (e.g. Mu’tazila or the rationalists).

In brief, the study posits six different perspectives and interpretations relevant to Islamic policy that will be useful for both managerial practitioners and scholars to consider when undertaking business in a Muslim context.