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The fast-paced advances of technology, including artificial intelligence (AI) and machine learning (ML), continue to create new opportunities for banks and other financial institutions. This study reveals the barriers to trust in AI by prudential banking supervisors (compliance with regulations). We conducted a qualitative study on the drivers for adoption of explainability technologies that increase transparency and understanding of complex algorithms (some of the underpinning legal principles in the proposed EU AI Act). By using human-centred and ethics-by-design methods coupled with interviews of the key stakeholders from Eastern European private and public banks and IT AI/ML developers, this research has identified the key challenges concerning the employment of AI algorithms. The results indicate a conflicting view of AI barriers whilst revealing the importance of AI/ML systems in banks, the growing willingness of banks to use such systems more widely, and the problematic aspects of implementing AI/ML systems related to their cost and economic efficiency. Keeping up with the complex regulation requirements comes at a significant cost to banks and financial firms. The focus of the empirical study, stakeholders in Ukraine, Estonia and Poland, was chosen because of the fact that there has been a sharp increase in the adoption of AI/ML models in this jurisdiction in the context of its war with Russia and the ensuing sanctions regime. While the “leapfrogging” AI/ML paths in each bank surveyed had its own drivers and challenges, these insights provide lessons for banks in other European jurisdictions. The analysis of four criminal cases brought against top banks and conclusions of the study indicate that the increase in predicate crimes for money laundering, constantly evolving sanctions regime along with the enhanced scrutiny and enforcement action against banks are hindering technology innovation and legal implications of using AI driven tools for compliance.

In 2018, the African Union adopted the Agreement on the African Continental Free Trade Area (AfCFTA) with the aim of creating a common market for goods and services that would serve over 1.3 billion people in Africa. This is a paradigm shift towards a deeper continental integration in Africa whereby AfCFTA would be one of the biggest multilateral trading areas in the world. Although AfCFTA pursues sustainable development goals that embed reducing carbon dioxide emissions in line with international legal instruments on sustainability which applies to Member States of the WTO too, the legal provisions of AfCFTA and WTO that link trade and CET appear rather weak. This article provides a comparative analysis of AfCFTA and WTO legal frameworks with a focus on relationships, challenges and opportunities that incentivise clean energy transition (CET) as part of their sustainability agenda. The article contributes to the discourse on the interplay between regional trade and global trade laws in relation to climate change and sustainable development. As no previous study has compared the legal dynamics of the WTO and AfCFTA in relation to CET, the article provides a novel contribution to the efforts of unlocking the development potential of AfCFTA while enhancing global and regional multilateral trading systems.

Purpose This paper aims to investigate and provide pathways for leveraging the Organisation for Economic Cooperation and Development (OECD’s) Ten Global Principles (TGPs) for countering tax crimes in the EU. Design/methodology/approach The study is guided by the combination of traditional and innovative research methods drawn from criminal law and justice, public regulatory theory and tax law, based on socio-legal and comparative methodologies. Findings The research shows that EU has achieved considerable amount of progress when it comes to meeting the TGPs. However, law and practice in EU Member States indicate that there are different legal, human and organisational approaches to fighting tax crimes. The TGPs could be strategically applied to complementing the EU’s Fifth Anti-Money Laundering Directive (AMLD) and other initiatives on Administrative Cooperation. Research limitations/implications Although the TGPs appear encompassing, there are opportunities to harness the potency of these principles and to provide more tailored principles that can help engineer sustainable remedies for countering tax crimes in the EU. Practical implications The paper critically analyses, through a multidisciplinary approach, the main legal, human and organisational factors influencing the prosecution of tax crimes in the EU Member States. Social implications Realignment and harmonisation of tax enforcement paractices in the EU Member States thus help in the reduction of tax gap resulting from tax offences. Originality/value The paper provides novel approaches and findings based on empirical info obtained from face-to-face focus groups with end users and law enforcement agencies in tax enforcement eco-system in ten different EU Member States.

Purpose This paper aims to focus on the need for an enhanced anti-money laundering (AML) regulation for decentralised finance (DeFi) to protect the integrity of global financial systems against illicit activities. Research highlights the requirement for a robust regulatory strategy for the fast-paced DeFi evolvement. Design/methodology/approach This study used doctrinal legal research by analysing legislation, which involved creating use cases to illustrate different aspects of potential illicit activities via the DeFi ecosystem. Various DeFi applications were assessed for the potential regulatory responses and outcomes. Findings This paper offers valuable insight into the regulatory challenges presented by DeFi. This study addresses the blind spots leveraged by criminals afforded by the DeFi’s decentralised nature. This paper offers a comprehensive examination of DeFi regulatory challenges based on use-case scenarios and provides recommendations for regulators on how to address them effectively. Originality/value This paper proposes measures for regulatory authorities to minimise money laundering risks through new channels such as decentralised exchanges, non-custodial wallets and cross-chain bridges. This study concludes with the future directions for DeFi regulation and AML compliance.

The European Union (EU) is an open market economy, and against the rise of protectionism globally, the ‘Global Europe: Competing in the world’ communication of European Commission in 2006 reflected the EU perspective that Free Trade Agreements as alternatives can go further and faster in promoting openness and integration, by tackling issues which are not readily available for multilateral negotiations and by preparing the stepping stones for the next level of multilateral liberalization. After the prolonged negotiations and the EU’s legislative processes, the European Parliament gave its consent to both agreements of European Union – Vietnam Free Trade Agreement and Investment Protection Agreement on 12 February 2020. Those bilateral instruments promote enhanced transparency and regulatory best practices that are consistent with existing international norms or standards, also an important stepping stone and a show-case for the EU’s longer-term goal of a region-to-region (EU - Southeast Asia) trade deal. Those agreements have established a new two-level judicial structure with the strong judicial character (Investment Tribunal System – ITS) which Vietnam has accepted via legally binding commitments. It is important for Vietnam to follow the good governance standards and the rule of law principles. If the ITS works well, it will provide additional safeguards and guarantees to investors whereby FDI flows to Vietnam are likely to increase. Finally, the ITS regime provides a powerful incentive or a catalyst to review and modernize the domestic legal system of Vietnam not only to improve the investment eco-system in Vietnam but to pave the way for optimization of its economic potential and competitive power in the region (i.e. in the ASEAN).

Energy trade has developed into one of the most contentious and divisive issues between Russia and the EU in the post-Cold War era. It reflects a broader geoeconomic struggle in which economic means are used to advocate geopolitical goals. This article argues that the case of the South Stream Pipeline Project (SSPP)—a grand project abruptly cancelled by Russian President Vladimir Putin in December 2014—epitomizes these power politics. In 2014, Russian leadership advanced both geopolitical and geoeconomic strategies towards the EU: pursuing the former by conducting a military campaign in Crimea and Eastern Ukraine; and pursuing the latter by pushing the construction of SSPP in spite of the EU's legal and political objections. Due to Russian military aggression in Ukraine, however, the EU was able to harden its line on SSPP. Russian geoeconomic activity has long been successful as a centrifugal, dividing power within the EU. The geopolitical campaign in Ukraine, in stark contrast, has been a centripetal force, resulting in increased EU unity that contributed to the SSPP's demise. This is evidence that claims of geoeconomics as a continuation of war by other means are potentially misleading. The means of geopolitical power projection and geoeconomic power projection thus have notably different effects in today's contemporary, interconnected world.

In its endeavour to attract foreign investment inflows and realise the diversity and security of its energy supply, Vietnam has set out short, medium and long term strategies which have been articulated in a number of legal instruments. These developments include the drive and acceleration of divestment and liberalisation of the energy market and ensuring healthy competition therein. This article provides a critical analysis of the current divestment of state-owned enterprises (SOEs) in Vietnam’s oil and gas sectors. In doing so, it also assesses current state of affairs against the key principles and objectives of competition law. After providing a brief summary of the milestones in the oil and gas sector, the article explains the equitisation in and privatization of SOEs and critiques the implications of these practices against the benchmarks of competition law provisions. After identifying the current problems and future challenges that lie ahead, it provides a number of constructive recommendations for policy development and legal reform.

This article considers the impact of the terrorist attacks of September 11, 2001 (9/11) on the legislative and policy response by the United States towards terrorist financing. This article is divided into three parts. Part 1 considers the alleged association between Islamic banking systems and terrorist finance. The second part of the article critically considers the ability of the US authorities to freeze the assets of organisations who are suspected of financing terrorism by virtue of Presidential Executive Order 13 224. The final part of the article considers the reporting requirements imposed by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act 2001 (USA PATRIOT Act 2001). The third part also highlights some provisions and practices that raise the spectre of racial profiling in the United States, and critiques the fairness and success of such measures imposed on particular group of persons. The objective is not to provide a comprehensive analysis of the laws and policies, but to emphasise areas that have not yet been subject to sufficient scrutiny from the perspective of success and equality of the application of the law.

Purpose - This paper critiques the recent anti-money laundering (AML) legislation in Turkey and the European Union (EU) in order to determine whether there is convergence between them. Given the fact that Turkey is a candidate country for the EU membership, harmonisation of Turkish and the EU AML frameworks has become increasingly important. These AML laws pose important responsibilities for the financial and legal sectors.Design methodology approach - In order to facilitate the evaluation process, the AML regimes examined are compared in regards to various aspects, such as criminalisation of money laundering, recording and reporting obligations, enforcement and sanctions mechanisms. Findings from activity reports from the regulatory bodies as well as semi-structured interviews conducted with relevant professionals are incorporated into the discussion.Findings - It can be argued that the Turkish AML regime is in line with the EU AML framework. However, there is a need for government authorities to coordinate their efforts with the relevant independent regulatory professional bodies that represent the liable professionals in Turkey. While it is evident that each national regime in the EU has adopted a unique AML framework, minimum standards provided by international (e.g. the Financial Action Task Force) and regional (e.g. EU) instruments have been the main driving force behind all national laws.Practical implications - The involvement of professional regulatory bodies will enhance competence to monitor compliance and provide training mechanisms and guidance for liable professionals pertaining to AML regulations.Social implications - Effectiveness of AML initiatives will enhance with improved cooperation and communication between the executive, law enforcement agencies and businesses. This will improve the reporting of suspicious financial activities and subsequent enforcement.Originality value - The paper provides an up-to-date account of the Turkish legal regime pertaining to AML and demonstrates its shortcomings whilst assessing it against the EU AML framework. The findings of the study contribute to the existing literature and shed light on areas for reform.