Formation of Promising Direc-tions for Improving the System of Financial Monitoring Organization in Credit Institutions
Year: 2024
Type: article
Abstract: In the modern world, permeated by com-plex economic ties and the rapid develop-ment of technology, the problem of money laundering and terrorist financing (hereinaf-ter referred to as ML/FT) is becoming in-creasingly threatening. The state is faced with the urgent task of developing effective mechanisms to counter these negative phenomena, while it is extremely important to find a balance between ensuring securi-ties and preserving the economic freedom of citizens. On the one hand, the fight against ML/FT requires the creation of bangs and an effective system of govern-ment regulation. On the other hand, exces-sive tightening of control and excessive government interference in economic activi-ty can lead to an increase in the administra-tive burden on business, a decrease in the country's investment attractiveness, re-striction of freedom of entrepreneurship and even an increase in the shadow sector of the economy. The complexity of the task is aggravated by a number of factors, among which are the globalization and digitalization of the finan-cial system, the growth of transnational crime, and the lack of effectiveness of in-ternational cooperation. At the same time, given that most of the crimes under ML/FT occur with the active participation of credit and financial institutions, the main direction of countering emerging trends is the organ-ization of financial monitoring in banks.
Source: ECONOMIC VECTOR
Author: D.F. Zakirova
Institution: Herzen University
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405516460