scholarly journals Due Diligence and the Art Market. Assessing the Impact of the 1995 UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects

2019 ◽  
Vol 22 ◽  
pp. 377
Author(s):  
Julia Stepnowska
Keyword(s):  
Art Market ◽  
Due Diligence ◽  
Cultural Objects ◽  
The Impact

scholarly journals Narratives of the provenance of art and antiquities on the market and the reality of origins at the source

2021 ◽  
Vol 32 (18 N.S.) ◽  
pp. 117-124
Author(s):  
Samuel Andrew Hardy
Keyword(s):  
North America ◽  
Political Violence ◽  
Art Market ◽  
Due Diligence ◽  
Cultural Goods ◽  
Cultural Objects ◽  
Illicit Flows ◽  
Provenance Research ◽  
Illicit Trafficking ◽  
Regional Problems

This essay presents the findings of the International Conference on Handling of Cultural Goods and Financing of Political Violence and introduces provenance research that examines the market in Europe for antiquities from Asia and the market in North America for antiquities from Europe. It summarises findings, such as the involvement of violent political organisations, transnational organised criminals and politically-exposed persons (PEPs) in illicit trafficking of cultural objects. It also highlights some foundations for progress, such as enhanced traceability and due diligence in the art market, plus action and cooperation to respond to illicit flows as regional problems.   On cover:ANNIBALE CARRACCI (BOLOGNA 1560 - ROME 1609), An Allegory of Truth and Time c. 1584-1585.Oil on canvas | 130,0 x 169,6 cm. (support, canvas/panel/str external) | RCIN 404770Royal Collection Trust / © Her Majesty Queen Elizabeth II 2021.

The Impact of Western Imperialist Collection of Korean Cultural Objects

Cultura ◽  
2017 ◽  
Vol 14 (1) ◽  
pp. 101-109
Author(s):  
Soon-ok MYONG ◽  
Byong-soon CHUN
Keyword(s):  
Cultural Objects ◽  
The Impact

scholarly journals External Shocks in the Art Markets: How Did the Portuguese, the Spanish and the Brazilian Art Markets React to COVID-19 Global Pandemic? Data Analysis and Strategies to Overcome the Crisis

Arts ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 47
Author(s):  
Adelaide Duarte ◽  
Ana Letícia Fialho ◽  
Marta Pérez-Ibáñez
Keyword(s):  
Art Market ◽  
External Shocks ◽  
Art Markets ◽  
Art Galleries ◽  
Academic Literature ◽  
Brazilian Art ◽  
Global Pandemic ◽  
The Social ◽  
The Impact

The spread of the COVID-19 pandemic worldwide, and the restrictions imposed by the social distance and the enforced confinement, are having an impact on the art markets globally. The aim of this article is to evaluate the impact of an external shock in the primary art market, using three countries as a case study: Portugal, Spain, and Brazil. These geographies have in common being at the margins in the art market’s main art hubs. It is intended to analyze how agents are responding to the new context, according to the data gathered within the gallery sector. The methods applied in the research are a combination of surveys carried out by the authors, field-based observation, along with an academic literature review, complemented by international and national reports analysis. The study’s main findings allow us to characterize the art market as a very resilient sector that energetically responded to the crisis, able to adapt and overcome challenges imposed by the new pandemic situation. Contemporary art galleries expanded digital activities, kept participating in art fairs hybrid models, continued to focus on internationalization, and pointed to the strengthening of public policies towards the sector and partnerships as key strategies to overcome the crisis.

FIFA – highlighting the links between global banking and international money laundering

2018 ◽  
Vol 21 (4) ◽  
pp. 498-512 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Banking Sector ◽  
Due Diligence ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Global Banking ◽  
Beneficial Ownership ◽  
The Impact

PurposeThis paper uses the recent (August 2015) FIFA arrests to provide an example of how illicit financial flows are occurring through the formal banking and financial services sector. The purpose of this paper is to explore which elements of anti-money laundering (AML) compliance need to be addressed to strengthen the banking response and reduce the impact of IFFs within the banking sector.Design/methodology/approachThe paper is based on the indictment document currently prepared for the FIFA arrests and the District Court case of Chuck Blazer the FIFA Whistleblower. It uses the banking examples identified in the indictment as typologies of money laundering and wire fraud. Corresponding industry reports on AML compliance are included to determine where the major weaknesses and gaps are across the financial service.FindingsThe main findings from the analysis are that banks still have weak areas within AML compliance. Even recognised red flag areas such as off shore havens, large wire transfers and front companies are still being used. The largest gaps still appear to be due diligence and beneficial ownership information.Research limitations/implicationsThe research topic is very new and emerging topic; therefore, analysis papers and other academic writing on this topic are limited.Practical implicationsThe research paper has identified a number of implications for the banking sector, addressing AML deficiencies, especially the need to consider the source of funds and the need for further enhanced due diligence systems for politically exposed and influential people and the importance of beneficial ownership information.Social implicationsThis paper has implications for the international development and the global banking sector. It will also influence approaches to AML regulation, risk assessment and audit within the broader financial services sector.Originality/valueThe originality of this paper is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector.

scholarly journals The Impact of (Lot Upon Dispute) Maxim on Judiciary - A Comparative Study between Islamic Jurisprudence and Positive Law in the Sultanate of Oman-: أثر قاعدة (القرعة عند التَّشَاحِّ) في القضاء – دراسة مقارنة بين الفقه الإسلامي والقانون الوضعي في سلطنة عمان –

2020 ◽  
Vol 4 (12) ◽  
Author(s):  
Fahad Khamis Ahmad Al- fahdi
Keyword(s):  
Comparative Study ◽  
Social Interactions ◽  
Legal Status ◽  
Colleges And Universities ◽  
Due Diligence ◽  
Sultanate Of Oman ◽  
Positive Law ◽  
The People ◽  
Islamic Jurisprudence ◽  
The Impact

The importance of this research lies in identifying the significance of giving due regard to the jurisprudential maxims, especially those related to judicial work. Islamic jurists have paid attention to the maxim of “lot upon dispute” to console the souls and reconcile litigants. This maxim represents the highest and loftiest degrees of social interactions in the Islamic community depending on a prudent Quranic provision and wise prophetic Sunnah. This study is divided into three subjects: First: the definitions of study terms. Second: the researcher addresses the impact of the maxim in the judiciary literature and related topics in the code of procedures, personal affairs and civil transactions. Third: the researcher mentions some exceptions of maxim and the characteristic of lot, then clarifies the legal status of the maxim. The researcher concludes the study with the most important results, such as the jurisprudential maxim combines different issues in a phase of an eloquent meaning and precise wording. Jurists adopt this maxim more than the people of law do in order to achieve justice and block the accusation door. The study refers also to the necessity that those who work in the judiciary work should consider these jurisprudential maxims through establishment and application. Judge or arbitrator shall also act upon this maxim, and seek to reconcile between people through balloting. In addition, the specialized colleges and universities shall adopt the “lot upon dispute” maxim, and exert due diligence in studying it and any subdivided contemporary issues.

scholarly journals Global Impact of Non-essential Heavy Metal Contaminants in Industrial Cannabis Bioeconomy

2021 ◽  
Author(s):  
Louis Bengyella ◽  
Mohammed Q.O. Ali ◽  
Piyali Mukherjee ◽  
Dobgima J. Fonmboh ◽  
John E. Kaminski
Keyword(s):  
Best Practices ◽  
Cannabis Sativa ◽  
Economic Trend ◽  
Meta Analysis ◽  
Due Diligence ◽  
Medical Cannabis ◽  
Regulatory Instruments ◽  
Intrinsic Signatures ◽  
Essential Heavy Metal ◽  
The Impact

Abstract The intrinsic signatures of Cannabis species to bioaccumulate non-essential harmful heavy metals (HMs) are substantially determined by their high tolerance, weedy propensities, phenotypic plasticity attributes, and pedoclimatic stress adaptation in an ecological niche. The detection trends of HMs contaminants in cannabis products have reshaped the 2027 forecast and beyond for global cannabis trade valued at $57 billion. Consumer base awareness for the cohort of HMs contaminants viz., lead (Pb), mercury (Hg), arsenic (As), chromium (Cr), cadmium (Cd), and radioactive elements, and the associative dissuading effects significantly impact cannabis bioeconomy. On the premise that fiber hemp (Cannabis sativa L.) could be repurposed to diverse non-consumable products, concerns over HMs contamination would not significantly decrease fiber trade, a trend that could impact globally by 2025. The economic trend will depend on acceptable consumer risk, regulatory instruments, and grower's due diligence to implement agronomic best practices to mitigate HMs contamination in marketable cannabis-related products. In this unstructured meta-analysis study based on published literature, the application of Cannabis species in HMs phytoremediation, new insights into transportation, distribution, homeostasis of HMs, the impact of HMs on medical cannabis, and cannabis bioeconomic are discussed. Furthermore, a blueprint of agronomic strategies to alleviate HMs uptake by plant is proposed. Considering that one-third of the global arable lands are contaminated with HMs, revamping global production of domesticated cannabis requires a rethinking of agronomic best practices and post-harvest technologies to remove HMs contaminants.

scholarly journals Foreign Shareholdings Impact on Banks Efficiency and Moderating Role of Corporate Governance

2019 ◽  
Vol 8 (2S9) ◽  
pp. 414-425
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Country Of Origin ◽  
Developed Countries ◽  
Moderating Effect ◽  
Due Diligence ◽  
The Board Of Directors ◽  
The Impact ◽  
Moderating Role

The research investigate the impact of foreign shareholding originated from developed and developing countries on the efficiency of acquired local banks in Indonesia during 2007-2017 by including Corporate Governance as a moderating variable. Methodology: Using the secondary aggregate data of 29 commercial banks acquired by foreign shareholders, a panel regression model using econometrics methods of GLS, and DEA were applied to examine the effects of percentage of foreign shareholdings on efficiency of the acquired local banks. The main findings; First, percentage of foreign shareholdings positively affecting efficiency of acquired local banks only if the foreign shareholders is originated from developed countries. Second, the level of economic advancement of the country of origin of foreign shareholders has significant effects on the efficiency of the acquired local banks. Third, the increase in the size of the Board of Directors tends to decrease the efficiency of the acquired local banks and fourth, the presence of Foreign Director has a positive moderating effect on strengthening the effect of percentage of foreign shareholdings on the efficiency of the acquired local banks. Overall, the originality of this studies is that the percentage of foreign shareholdings and its country of origin are two combined factors that cannot be separated in affecting the level of efficiency of its acquired local bank and the fact of significant positive moderating effect of Foreign Director. As policy consideration, monetary authority need to perform strict due diligence on prospective foreign shareholders specifically originated from developing countries, advise banks to maintain the existence of Foreign Director and to encourage small local banks to be merged prior to the acquisition by foreign shareholders.

A moveable feast—economic substance and holding entities

2019 ◽  
Vol 25 (10) ◽  
pp. 969-977
Author(s):  
Ashley Fife
Keyword(s):  
European Union ◽  
International Business ◽  
Due Diligence ◽  
The European Union ◽  
Exchange Of Information ◽  
The Impact ◽  
The Way

Abstract The economic substance requirements that the European Union insisted that a number of international financial centres introduce may be the most complex and far-reaching of international initiatives to impact on those jurisdictions in recent years. The requirements extend beyond due diligence, reporting and exchange of information to potentially impact on the way in which entities resource and carry on business in or from those jurisdictions. However, not all sectors of international business are impacted in the same way or to the same extent. This article considers certain aspects of the economic substance requirements relevant to private client structures, with a particular focus on the impact on holding entities. The treatment of holding entities under economic substance legislation in a number of C.2.2 jurisdictions may not be settled and this article explores how it may evolve.

Measures against the illicit trade in cultural objects: the emerging strategy in Britain

Antiquity ◽  
2004 ◽  
Vol 78 (301) ◽  
pp. 699-707 ◽  
Author(s):  
David Gaimster
Keyword(s):  
Hague Convention ◽  
Due Diligence ◽  
Criminal Offence ◽  
State Party ◽  
Cultural Objects ◽  
Illicit Trade ◽  
Illicit Market ◽  
The World ◽  
Unesco Convention ◽  
The Uk

Until recently the UK was notorious for its illicit market in unlawfully removed art and antiquities from around the globe. Today the UK marketplace is operating in a very different climate. The UK has recently become a state party to the 1970 UNESCO Convention and is now introducing a package of measures designed to strengthen its treaty obligations, central to which is the creation of a new criminal offence of dishonestly dealing in cultural objects unlawfully removed anywhere in the world. These also include the development of effective tools to aid enforcement and due-diligence. Recent events in Iraq have also forced the UK Government to announce its intention to ratify the 1954 Hague Convention.

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