Are Bankers “Crying Wolf”? Type I, Type II Errors and Deterrence in Anti-Money Laundering: The Italian Case

Excessive and useless reporting, called the "crying wolf effect," is a crucial shortcoming that any anti-money laundering (AML) design aims to address. For this reason, in recent years, AML policies in both the US and Europe have switched from a rule-based to a risk-based approach. This study theoretically and empirically investigates whether the risk-based approach delivers the expected results. The theoretical model shows that a trade-off can emerge between accuracy (fewer type-I and type-II errors) and deterrence. The empirical analysis, conducted after the risk-based approach was introduced in Italy, confirms this trade-off. More specifically, deterrence seems a priority, whereas accuracy is sacrificed. In this respect, the data suggest that Italian bankers are likely to "cry wolf.

Bioactivators as a potential strategy for dredged marine sediment recovery

Sediment dredging from harbors and water bodies in order to maintain the navigation is a necessity worldwide; however, the storage and treatment of sediments is a problem for harbor managers. Sediment decontamination could represent a sustainable approach for turning them into a new source of environmentally reusable material. To manage the sediments dredged from the Livorno harbour, several possible recycling techniques are being explored, including sediment washing and bioremediation. A combination of these two techniques can also be taken into consideration. This study examines the feasibility of an enzyme enhanced bioremediation technology used as it is, or in combination with the sediment washing. Specifically, we applied an enhanced bioremediation approach to both raw sediments and two derivate granulometric fractions separated by a pilot sediment washing facility: a silt-clay fraction (63 \u3bcm<200 \u3bcm). The preliminary sediment washing was effective in concentrating the organic and inorganic contamination into a smaller volume of fine sediment particles (silt-clay). The bioremediation experiment, carried out in triplicate at mesoscale level, consisted in setting up containers of about 0.2 m3 each, filled with the three matrices (raw sediment, clay-silt and sand fractions) treated and untreated (control) with bioactivators (a mixture of microorganisms, enzymes and synergists). The physical, chemical and biological properties of sediments were determined at the initial sampling time (t0) and after three months (t90) from the beginning of the experimentation. The bioactivator application, providing specialized microorganisms and stimulating the growth of indigenous microorganisms, determined the increase in microbial respiration and in hydrolytic enzyme activities in all the treated matrices, in particular in the siltclay fraction. However, this fraction both treated and untreated, has not been able to degrade significant amount of organic pollutants. This is probably due to the burial of contaminats in micropores making them inaccessible to microorganisms and extracellular enzymes. On the contrary, a significant reduction in total petroleum hydrocarbon was observed in sand and raw sediment matrices after three months from remediation strategy application (about 50%), indicating the efficiency of the bioremediation technology

The diffusion of financial supervisory governance ideas

Who is watching the financial services industry? Since 1980, there have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator or some combination of these should have supervisory authority. These waves have been associated with the convergence of actual practices. How much and through what channels did internationally promoted ideas about supervisory 'best practice' influence institutional design choices? I use a new dataset of 83 countries and jurisdictions between the 1980s and 2007 to examine the diffusion of supervisory ideas. With this data, I employ Cox Proportional Hazard and Competing Risks Event History Analyses to evaluate the possible causal roles best practice policy ideas might have played. I find that banking crises and certain peer groups can encourage policy convergence on heavily promoted ideas

Estímulo no crescimento e na hidrólise de ATP em raízes de alface tratadas com humatos de vermicomposto: i - efeito da concentração.

O vermicomposto contém uma concentração elevada de substâncias húmicas e já é bem conhecido o efeito do seu uso sobre as propriedades do solo. No entanto,a ação direta das substâncias húmicas sobre o metabolismo das plantas é menos conhecida. O objetivo deste trabalho foi avaliar o uso de humatos extraídos de vermicomposto de esterco de curral com KOH 0,1 mol L-1 sobre o desenvolvimento e metabolismo de ATP em plântulas de alface. Após a germinação, plântulas de alface foram tratadas com os humatos em concentrações que variaram de 0 a 100 mg L-1 de C, durante quinze dias. Foram avaliados o crescimento da raiz e a atividade das bombas de H+ isoladas da fração microssomal do sistema radicular. Foi observado aumento na matéria fresca e seca do sistema radicular, bem como no número de sítios de mitose, raízes emergidas do eixo principal, na área e no comprimento radiculares, com o uso do humato na concentração de 25 mg L-1 de C. Também foi observado, nessa concentração, aumento significativo na hidrólise de ATP pelas bombas de H+, responsáveis pela geração de energia necessária à absorção de íons e pelo crescimento celular

The Educational and Professional Background of Central Bankers and its Effect on Inflation - An Empirical Analysis

We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council.The hypothesis to be tested is that these preferences depend on the central bankers? educational and/or professional background. In a panel data analysis for the euro area and eleven countries since 1973,we explain inflation first by the weights which the various educational and professional characteristics occupy in the central bank council and second by the education or profession of the median central bank council member. Our results indicate that, with regard to professional background, former members of the central bank staff as well as former bankers and businessmen have the strongest inflation aversion and that former trade unionists and politicians seem to have the highest inflation preference.As for the education of the council members, our results are less robust. However, if the median member of the central bank council has studied business, the inflation rate is significantly lower than if she has studied economics

European Banking Union

Ulazak u Europsku uniju, za novije zemlje članice nužno znači ulazak i u europsku Ekonomsku i monetarnu uniju nakon ispunjavanja nominalnih kriterija konvergencije te ostalih propisanih preduvjeta. Budući da je propast Lehman Brothers-a 2008. godine i pojava financijske krize dovela do razdora i nesigurnosti cjelokupnog bankarskog sustava, kako u cijelom svijetu tako i u Europskoj uniji, odnosno europskoj Ekonomskoj i monetarnoj uniji, osnivanje bankovne unije kao dijela integriranog financijskog okvira predstavlja odgovor na za sve gospodarske i financijske probleme koji su pritom nastali. Cilj ovog diplomskog rada je analizirati proces nastanka bankovne unije te utvrditi njenu ulogu u bankarskom sektoru zemalja članica Europske unije, kao i saniranju posljedica financijske krize. Isto tako, cilj je opisati važnost tri stupa bankovne unije koja čine: jedinstveni nadzorni mehanizam, jedinstveni sanacijski mehanizam te povezani mehanizmi financiranja. Njihove odrednice predstavljaju glavne smjernice uspješnog djelovanja gospodarskog i financijskog sustava. Nadalje, analizira se i uloga, odnosno važnost Europske središnje banke i Europskog mehanizma stabilnosti u nadzoru bankovne unije koji je bitan za uspješno funkcioniranje sustava.Joining the European Union, for the newer Member States necessary means entering into the European Economic and Monetary Union after filling the nominal convergence criteria and other prescribed requirements. Since the collapse of Lehman Brothers in 2008 and the emergence of the financial crisis led to discord and uncertainty of the overall banking system, both worldwide and in European Union and European Economic and Monetary Union, the establishment of banking union as part of an integrated financial framework is a response to all the economic and financial problems that are pushing incurred. The aim of this diploma work is to analyze the process of creating banking union and to determine its role in the banking sector the EU Member States, as well as dealing with the consequences of the financial crisis. Also, the aim is to describe the importance of the three mechanisms that creates banking union: a Single Supervisory Mechanism, a Single Recovery Mechanism and related funding mechanisms. Their guidelines are the main guidelines for successful operation of the economic and financial system. Furthermore, assesses the role or importance of the European Central Bank and the European stability mechanism to control banking union that is essential for the successful function of the system

Cross-tolerance to abiotic stresses in halophytes: Application for phytoremediation of organic pollutants

International audienceHalopytes are plants able to tolerate high salt concentrations but no clear definition was retained for them. In literature, there are more studies that showed salt-enhanced tolerance to other abiotic stresses compared to investigations that found enhanced salt tolerance by other abiotic stresses in halophytes. The phenomenon by which a plant resistance to a stress induces resistance to another is referred to as cross-tolerance. In this work, we reviewed cross-tolerance in halophytes at the physiological, biochemical, and molecular levels. A special attention was accorded to the cross-tolerance between salinity and organic pollutants that could allow halophytes a higher potential of xenobiotic phytoremediation in comparison with glycophytes

The impact of surgical delay on resectability of colorectal cancer: An international prospective cohort study

AIM: The SARS-CoV-2 pandemic has provided a unique opportunity to explore the impact of surgical delays on cancer resectability. This study aimed to compare resectability for colorectal cancer patients undergoing delayed versus non-delayed surgery. METHODS: This was an international prospective cohort study of consecutive colorectal cancer patients with a decision for curative surgery (January-April 2020). Surgical delay was defined as an operation taking place more than 4 weeks after treatment decision, in a patient who did not receive neoadjuvant therapy. A subgroup analysis explored the effects of delay in elective patients only. The impact of longer delays was explored in a sensitivity analysis. The primary outcome was complete resection, defined as curative resection with an R0 margin. RESULTS: Overall, 5453 patients from 304 hospitals in 47 countries were included, of whom 6.6% (358/5453) did not receive their planned operation. Of the 4304 operated patients without neoadjuvant therapy, 40.5% (1744/4304) were delayed beyond 4 weeks. Delayed patients were more likely to be older, men, more comorbid, have higher body mass index and have rectal cancer and early stage disease. Delayed patients had higher unadjusted rates of complete resection (93.7% vs. 91.9%, P = 0.032) and lower rates of emergency surgery (4.5% vs. 22.5%, P < 0.001). After adjustment, delay was not associated with a lower rate of complete resection (OR 1.18, 95% CI 0.90-1.55, P = 0.224), which was consistent in elective patients only (OR 0.94, 95% CI 0.69-1.27, P = 0.672). Longer delays were not associated with poorer outcomes. CONCLUSION: One in 15 colorectal cancer patients did not receive their planned operation during the first wave of COVID-19. Surgical delay did not appear to compromise resectability, raising the hypothesis that any reduction in long-term survival attributable to delays is likely to be due to micro-metastatic disease