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I study, both empirically and theoretically, the economic and financial consequences of corporate lobbying. Firms lobby politicians to increase their share of government contracts, but political competition creates firm-level risk, inflating their cost of capital and reducing their incentive to invest in research and development (R&D). I document an annual 6–8% return premium for stocks of high-lobbying firms, which compensates investors for political risk. An estimated model in which firms can lobby and innovate and investors are risk averse replicates key features of corporate lobbying in the U.S., including the well-established paradox that lobbying contributions are small relative to the policies at stake. The model predicts that if investors ceased seeking compensation for political risk, R&D investment would increase by 6% and the innovation rate by 0.4% points. The risk-premium costs of lobbying are quantitatively and economically important even if the resources “wasted” on lobbying are objectively small.

Building upon the evidence that the mafia increases the degree of vote concentration, we use data on regional elections in Sicily to estimate the impact of anti-mafia policies on electoral competition. We find robust evidence that the reassignment for social purposes of property and assets seized to the mafia reduces the degree of electoral concentration. This result supports the hypothesis that policies that create social value, such as the reallocation to social-driven organizations, are more effective than those targeted to public and political institutions.

We examine women’s access to campaign resources using data from all 960 candidates competing in Chile’s 2017 legislative elections. Even when controlling for district characteristics, women candidates receive less money in party transfers, bank loans, and donations; place fewer personal funds in their campaigns; and have fewer resources overall. However, previous experience and incumbency narrow the gap. When women are newcomers, gender serves as an important cue about candidate quality and funders default to favoring men. Our results lend credence to practitioners’ claims that money disadvantages women candidates in democracies, but focuses attention on the disadvantage faced by women newcomers. Moreover, this gender gap in campaign funding exists despite a gendered electoral financing scheme designed to make political actors more likely to invest in women’s campaigns. While increasingly popular among development experts, our research suggests such schemes might be insufficient for equalizing campaign funding between men and women.

In Nigeria in the 1950s, a person with a liberal arts education was considered a truly educated person. The liberal arts education was for personal development and deployment in the administrative services and teaching but had little commercial scientific application. Admittedly, this era of generalists is dying, giving way for a new paradigm. The new paradigm is the knowledge economy. Now, to be an effective player in the knowledge economy, an individual needs specialised knowledge and STEM (Science, Technology, Engineering and Mathematics) education is the building block. In Northern Nigeria, there is a problem - STEM is still generally seen as courses for the men while the women are encouraged by their parents to pursue careers in the liberal arts when they did not drop out. The resultant effect is a reinforcement of gender inequality and economic disparities which negates the spirit of Sustainable Development Goals. Disturbed by the trend, Connected Development with support from development partners, is using her innovative Follow-The-Money project to pilot grassroots-based advocacy aimed against STEM-inclined stereotypes and out-of-school syndrome - which disproportionately affects the girl child. The campaign methodology involves surveying and profiling dilapidated schools in rural communities and peri-urban areas in Northern Nigeria and conveying findings to political authorities and policymakers for intervention. While political accountability must be extracted from authorities, we engage social/informal institutions to build up interest for girl child education. Follow The Money is challenging stereotypes, social norms and cultural practices impeding the uptake of STEM education and also strengthening informal structures to demand political accountability. Through high-level engagements, results show unprecedented reconstruction and rehabilitation of dilapidated schools and enrolments are soaring. Undoubtedly, the proportion of girls taking up interests in STEM has improved remarkably. Follow-The-Money is now scaling-up across the 36 states in Nigeria.

Recent research has shown that spending in urban green spaces including parks has fostered gentrification, a process known as green gentrification. But could ongoing gentrification and gentrificati...

Since the passage of the Elementary and Secondary Education Act of 1965, over 300 billion dollars have been funneled to schools through Title I funds. Qualifying school districts receive Title I funds to address disparities between disadvantaged students' academic achievement and their less impoverished peers. Substantial research has focused on the impact of funding and other significant factors on student achievement. One such significant factor impacting student achievement is chronic absenteeism, which is associated with lower student performance. Students from disadvantaged environments are more likely to miss school than students from higher-income families. This causal-comparative examination investigates the effects of a mentoring program on disadvantaged students in an urban secondary school. The findings reveal that students participating in mentoring for extended periods demonstrate significantly fewer absences, resulting in higher grade point averages. These findings indicate that low-budget school mentoring programs have a positive impact on absenteeism and student achievement.

The first months of the COVID-19 pandemic have confronted the disability community with profound challenges Thirty years after the Americans with Disabilities Act was signed, Americans with disabilities have achieved extraordinary gains in reducing prejudices and acquiring broad public visibility and respect;these gains were evident in activists' early success in formally securing rights to equitable medical treatment Yet, faced with the task of safeguarding funding for Medicaid - which sustains the home health aides and much of the communal programming that facilitate self-determined lives for individuals with physical and/ or intellectual disabilities - advocates are now in a very challenging situation © Vandenhoeck & Ruprecht GmbH & Co KG, Gottingen 2020

In December 2019, a Chinese court sentenced Jiankui He, the scientist who used genome editing to create three babies via in vitro fertilization (IVF), to three years in prison for practicing medici...

The many cases of Illegal Fishing, threaten the wealth of fisheries and sovereignty of Indonesia. This study aims to explain the urgency of the Follow the Money approach in handling fisheries crime cases by PPNS Fisheries. Then provide concrete recommendations for the Follow the Money implementation in handling fisheries crime cases. This paper is a normative juridical study, which is processed qualitatively. The results of this study indicate the urgency of the Follow the Money approach in handling fisheries crime cases by PPNS Fisheries due to Indonesia's large fishery wealth; the magnitude of the threat of illegal fishing in Indonesia; lack of fisheries crime cases handled by PPNS Fisheries; and the development of the modus operandi of fisheries criminals. Then, the efforts made in the Follow the Money approach are by increasing collaboration with PPATK institutions; increased cooperation with international law enforcement agencies; and the use of electronic transaction evidence as evidence at court.

Social accountability initiatives (SAIs) can be important to help push for oil, gas, and mining revenues to go to communities impacted by extractive industries (EI). Local investments in targeted services and programs can improve development outcomes and address negative impacts caused by EI. Ensuring that women and women’s rights organizations (WROs) are part of SAIs is likewise crucial, without which investments financed by EI revenues may not reflect the needs and interests of women, missing an opportunity to advance women’s rights and gender equality. This article shares preliminary results from a project that involves: (1) research exploring a women’s rights approach to SAIs on EI revenue transparency; and (2) program activities intended to foster joint agenda-setting between WROs and EI revenue transparency civil society organizations (EITCSOs) that distinctly focus on advancing women’s rights. Initial findings suggest that addressing structural barriers to women’s participation, such as socio-cultural norms, women’s lack of ownership of land and resources, gender-insensitive consultation processes, inaccessibility of information, and women’s lack of awareness of their rights, in SAIs related to EI revenue transparency could improve women’s agency. Through this project, WROs and EITCSOs are building advocacy agendas that respond to these barriers to promote women’s rights.

This paper presents an original follow the money methodology and argues for adopting the approach in geographical research. In 2011, Christophers made a compelling theoretical case for following money; however, it is empirically challenging, and his call remains unanswered. I propose an approach for following money in practice, using quantitative methods to do critical financial analysis to map and model flows of money. Drawing on the cases of vaccine bonds and rhino bonds, I illustrate this approach and make the case for this powerful methodology, outlining its contributions to advancing debates in geography. First, following money provides a robust and detailed empirical evidence base, offering a clear and precise understanding of a case study. Second, empirically, the methodology delivers a precise account of the material (re)distribution of resources, revealing who benefits or loses, by how much, and where. Theoretically, the methodology contributes to understanding the social and economic relations which support and are created by money's circulation. Fourth, following money reveals the mechanisms and consequences of financialisation. Finally, the approach contributes to understanding risk in society by uncovering financial risks, who faces them, and their significance. I also present some notes of caution on the limitations of the approach.

The Biden administration’s first legislative step is a reminder of what government ought to be about. The massive pandemic relief bill addresses many of the huge challenges created by the pandemic....

The Finances of Regional Organisations in the Global South sets out to contribute to the fields of comparative regionalism, inter-regionalism and political sociology by addressing a gap in the lite...

Purpose Recent research has emphasized the need for engaging non-financial companies in combating money laundering for the efforts to be efficient and effective. To incentivize engagement, several options are available, such as regulation, voluntary disclosure or commitment to international principles such as the United Nations (UN) Global Compact. The purpose of this paper is to analyze how anti-money laundering fits the aim of the UN Global compact and how anti-money laundering can support the other principles of the UN Global Compact. Furthermore, this paper addresses the necessity to include anti-money laundering in the core principles to reach the overall goal of sustainability by the UN Global Compact. Such an inclusion will incentivize the signatories of the UN Global Compact to include anti-money laundering as a part of their social responsibilities, helping the financial sector in combating money laundering. Design/methodology/approach The methodology of this paper is a functional approach to law and economics. It seeks to enhance the efficiency of the regulatory framework combating money laundering by including economic incentive theory and addressing new areas of law. Findings The paper finds a strong relationship between the UN Global Compact and anti-money laundering. Furthermore, it is concluded that it is necessary to include anti-money laundering as a core principle in the UN Global Compact if the Global Compact is to be efficient and effective in terms of its sustainability goals. The reason being that money laundering to a great extent supplies operational finances to the illegitimate sector related to core issues of the UN Global Compact such as human trafficking, child labor and corruption. Originality/value The paper identifies a significant missing element with regard to the core principles of the UN Global Compact. Although most research within anti-money laundering concerns the financial sector and thereby does not address the UN Global Compact, the focus of this paper is the link between anti-money laundering and the UN Global Compact. Furthermore, most research related to the UN global compact does not connect the core principles to the illegal financing of the businesses contradicting the principles. This paper addresses both of the neglected areas and combines them to improve the overall combating of money laundering while supporting the UN Global Compact sustainability goal.

Using institutional equity trading data, we find that a set of small institutional investors consistently follow credit ratings issued by an investor-paid rating agency in their trading decisions. Although rating information is credit related, we find that these followers often respond more strongly to investor-paid ratings than to influential trading signals, such as earnings announcements, analysts' earnings forecast revisions, and recommendation changes. Followers outperform non-followers, and show improved trading performance after becoming followers. We conclude that investor-paid rating agencies offer small institutional investors a cost-effective alternative to in-house research.

We study the effects of a self-regulation effort, orchestrated by the European Commission in 2016 and finalized in 2018, that aims to reduce advertising revenues for publishers of copyright infringing content. Data on the third-party HTTP requests made by a large number of piracy websites lets us observe the relations of the piracy and advertising industry over time. We compare these dynamics to a control group of non-advertising services which are not subject to the self-regulation. Our results suggest that the effort is limited in its effectiveness. On average, the number of piracy websites that make requests to EU-based advertising services does not change significantly. Only when we allow for heterogeneity in the popularity of third-party services, we find that the number of piracy websites that interact with the most popular EU-based advertising services decreases by 42%. We do not find evidence that non-EU-based advertising services react to the self-regulation. This implies that only a small share of the firms in the market comply with self-regulation in a way that is visible in our data. We also do not find evidence that the demand for piracy websites decreases due to this “follow the money” initiative.

If the illegal logging is just a criminal whose involve the poor society which their life depend to the forest, truck driver or forest guards whose underpaid, that criminal would not be difficult to stop. With the involvement of support from the illegal logging funders, which usually called cukong, illegal logging industry and government employees, the illegal logging has become a complex problem, not only in Indonesia, but also for the international forest community. The forestry law enforcement approach which now is running failed to capture the mastermind of illegal logging. But, the money laundering law enforcement approach which with the approach in “follow the money” may be the option to face the actors in illegal logging. This approach requires the bank and the other financial service providers for more active and careful in run the financial transaction whose related to their customers. Bank customers may be the funders of illegal logging, wood industry, law enforcement instrument and government instrument. Overall, the use of anti-money laundering regime effectively will give the opportunies to encourage the banking precautionary principles and the forest management, and to reduce the forest criminal.

IntroductionWhile much of the concern with tobacco industry marketing has focused on direct media advertising, a less explored form of marketing strategy is to discount prices. Price discounting is important because it keeps the purchase price low and can undermine the impact of tax increases.MethodsWe examine annual marketing expenditures from 1975 to 2019 by the largest cigarette and smokeless tobacco companies. We consider three categories: direct advertising, promotional allowances, and price discounting. In addition to considering trends in these expenditures, we examine how price discounting expenditures relate to changes in product prices and excise taxes.ResultsUS direct advertising expenditures for cigarettes fell from 80% of total industry marketing expenditures in 1975 to less than 3% in 2019, while falling from 39% in 1985 to 6% in 2019 for smokeless tobacco. Price-discounting expenditures for cigarettes became prominent after the Master Settlement Agreement and related tax increases in 2002. By 2019, 87% of cigarette marketing expenditures were for price discounts and 7% for promotional allowances. Smokeless marketing expenditures were similar: 72% for price promotions and 13% for promotional allowances. Price discounting increased with prices and taxes until reaching their currently high levels.ConclusionsWhile much attention focuses on direct advertising, other marketing practices, especially price discounting, has received less attention. Local, state and federal policies that use non-tax mechanisms to increase tobacco prices and restrict industry contracts with retailers are needed to offset/disrupt industry marketing expenditures. Further study is needed to better understand industry decisions about marketing expenditures.Key pointsWhile much of the concern with tobacco industry marketing has focused on direct media advertising, a less explored form of marketing strategy is to discount prices. Price discounting is important because it keeps the purchase price low and can undermine the impact of tax increases, contributing to tobacco initiation and exacerbating socio-economic health disparities.While cigarette and smokeless tobacco industry direct marketing expenditures have drastically fallen over time, price-discounting expenditures have dramatically increased in line with increases in prices and taxes.Local, state and federal policies that restrict non-tax mechanisms to increase tobacco prices and restrict industry contracts with retailers are needed to offset/disrupt industry marketing expenditures.

Dissertação de mestrado em Direito Judiciário, Com a presente dissertação, pretendemos desencadear uma análise cuidada e aprofundada dos problemas e debilidades que a investigação financeira e patrimonial apresenta, com especial enfoque no instituto da perda alargada. Neste sentido, discutimos os pontos sensíveis que tal investigação comporta, designadamente os conflitos constitucionais que surgem nos moldes com que esta vertente investigatória é realizada. Assim, começamos por localizar a questão definindo o que é o crime económico, quando surgiu e quais as suas componentes lucrativas. Nesse conspecto, surge no pensamento do legislador, quer internacional, quer europeu, a vontade de incutir no universo jurídico o aforismo de que: o «crime não compensa». Destarte, dedicamos uma parte desta reflexão de ideias à análise de diplomas internacionais e europeus que impulsionaram a criação de mecanismos de combate à criminalidade económica; e que, de certa forma, motivaram o nosso ordenamento jurídico a criar um Gabinete de Recuperação de Activos, porquanto não importará ao criminoso cumprir uma pena de prisão efectiva, se poderá conservar todos os lucros gerados através da prática de actividade ilícita. Acontece que, para colher estes resultados tão almejados, o nosso legislador criou com a Lei n.º 5/2002, de 11 de Janeiro, a medida sancionatória da perda alargada, todavia, tal criação olvidou alguns princípios penais com base constitucional. E como bem sabemos, a verdade material deve ser descoberta, mas não a todo custo. Apresentaremos a posição do Tribunal Constitucional, e ainda, as principais vozes doutrinais que com muito rigor discutem estas questões que nos inquietam bastante. Terminaremos este debate de ideias com uma solução apresentada por nós em prol do respeito pelos princípios constitucionais, dado que não é por acaso que estão consignados num diploma, ao qual intitulamos como a Lei Fundamental do nosso ordenamento jurídico., With this dissertation, we intend to trigger a careful and in-depth analysis of the challenges and weaknesses that financial and patrimonial research present, with a special focus on the institute of extended loss. Subsequently, we start by discussing the specific points that this research entails, such as the constitutional conflicts that arise along the lines with which this investigative slope is carried out. Therefore, we begin to locate the issue by defining what the economic crime is, when it arose and what its profitable components are; in this regard, the will to the legal universe, the aphorism through which «crime doesn't pay off». Thus, we dedicate a part of this reflection to the analysis of International and European diplomas that impelled the creation of mechanisms to fight economic crime which, in a way, motivated our legal system to create an Assets Recovery Office. Inasmuch as, it will not matter to the criminal if he/she serves an effective prison sentence, if all the gains generated by the practice of illegal activity can be preserved. It so happens that, in order to reap these longed-for results, our legislator created, with Law no. 5/2002, January, the sanctioning measure of the extended loss; however, such creation neglected some constitutionally based penal principles. And as we well know, material truth must be discovered, but not at all costs. We will present the position of the Constitutional Court, and also, the main doctrinal voices that very rigorously discuss these issues of vital importance to us. We will end this debate of ideas with a solution presented by us in favor of respect for constitutional principles, given that it is not idly that they are enshrined in a diploma that we call the Fundamental Law of our Legal System.

Growing student numbers are producing greater demand for teaching, and resources allocated for education are being placed under increasing strain. The need for more student clinical placements and more clinician teaching time is expanding. Psychiatrists have successfully drawn attention to the importance of parity between mental and physical illness. We now have a responsibility to ensure enhanced opportunities to teach psychiatry to our medical students. This is set against a background of an increasing number of psychiatry consultants leaving the profession and an already stretched National Health Service environment. Many consultants contribute to teaching but do not have this activity included in their job plans. Although clinics and clinical meetings are inevitably slower when students are present, there is often no backfill provided. As outlined below, trusts receive substantial funding to cover costs related to the teaching of medical students, but most of us don't know what actually happens to this money. Here, we discuss how teaching is currently funded and make recommendations regarding improving accountability.

Introduction Differences in academic qualifications are cited as the reason behind the documented gender gap in industry sponsorship to academic plastic surgeons. Gendered imbalances in academic metrics narrow among senior academic plastic surgeons. However, it is unknown whether this gender parity translates to industry payments. Methods We conducted a cross-sectional analysis of industry payments disbursed to plastic surgeons in 2018. Inclusion criteria encompassed (i) faculty with the rank of professor or a departmental leadership position. Exclusion criteria included faculty (i) who belonged to a speciality besides plastic surgery; (ii) whose gender could not be determined; or (iii) whose name could not be located on the Open Payment Database. Faculty and title were identified using departmental listings of ACGME plastic surgery residency programs. We extracted industry payment data through the Open Payment Database. We also collected details on H-index and time in practice. Statistical analysis included odds ratios (OR) and Pearson’s correlation coefficient (R). Results We identified 316 senior academic plastic surgeons. The cohort was predominately male (88%) and 91% held a leadership role. Among departmental leaders, women were more likely to be an assistant professor (OR 3.9, p = 0.0003) and heads of subdivision (OR 2.1, p = 0.0382) than men. Industry payments were distributed equally to male and female senior plastic surgeons except for speakerships where women received smaller amounts compared to their male counterparts (median payments of $3,675 vs $7,134 for women and men respectively, p<0.0001). Career length and H-index were positively associated with dollar value of total industry payments (R = 0.17, p = 0.0291, and R = 0.14, p = 0.0405, respectively). Conclusion Disparity in industry funding narrows at senior levels in academic plastic surgery. At higher academic levels, industry sponsorship may preferentially fund individuals based on academic productivity and career length. Increased transparency in selection criteria for speakerships is warranted.

Afterword to the Special Section on Computing in/from the South

While YouTube has become a dominant actor in the global media system, the relationship between platform, advertisers, and content creators has seen a series of conflicts around the question of monetization. Our paper draws on a critical media industries perspective to investigate the relationship between YouTube’s evolving platform strategies on the one side and content creators’ tactical adaptations on the other. This concerns the search for alternative revenue streams as well as content and referencing optimization seeking to grow audiences and algorithmic visibility. Drawing on an exhaustive sample (n=153.770) of “elite” channels (more than 100.000 subscribers) and their full video history (n=138.340.337), we parse links in video descriptions to investigate the appearance and spread of crowdfunding platforms like Patreon, but also of affiliate links, merchandise stores, or e-commerce websites like Etsy. We analyze the evolution of video length and posting frequency in response to platform policy as well as visibility tactics such as metadata and category optimization, keyword stuffing, or title phrasing. Taken together, these elements provide a broad picture of “industrialization” on YouTube, that is, of the ways creators seek to develop their channels into media businesses. While this contribution cannot replace more qualitative, in-depth research into particular channels or channel groups, we hope to provide a representative picture of YouTube’s elite channels and their quest for visibility and success from their beginnings up to early 2020.

A factor that complicates the posting of the journal entries related to the issue of bonds is that the amount of money received by the issuing company may be different from the face value of the bond. If the bond stated rate is higher than the market interest rate at the time of issue of the bond, the company can sell the bond at a premium; on the other hand, if the stated rate is lower than the market interest rate, the company will be forced to sell the bond at a discount. Another complicating factor is that the issuing company has to make interest payments at regular time intervals throughout the life of the bond and a final payment on the date of the maturity of the bond. Many students of Accounting, especially at the undergraduate level, find the journal entries related to the treatment of bond discounts and premiums very confusing, since they are spread over many years, spanning the entire life of the bond, unlike the numerous other journal entries covering the annual operating activities of the company. In this paper, some hints and guidelines are provided with the goal of helping the studentsrecord the journal entries correctly when bonds are sold at a discount or a premium.

A guiding principle in participatory action research collaborations is to strive for equity in relations between community and academic project partners. One promising way of assessing equity and power sharing in such partnerships is to trace and analyze financial resource allocation within them. This paper reports and assesses how nearly US$5 million in grant funding was allocated and spent between community and academic partners in a research, extension, and education project called Food Dignity in the United States. Findings from this analysis of extensive financial project records include that 36% of the funding was subawarded to the five community-based organization (CBO) partners, 40% supported the work of two univer­sity partners, and the remaining 24% was invested in developing and supporting the collaboration of many diverse partners on a wide range of project goals. Staff salary and fringe composed the single largest spending arena, making up about two-thirds of spending for CBOs and collaboration, and half for universities. However, had faculty salaries been paid from the grant, rather than by the partnering universities, then this component would have been much higher. Indirect costs and support for gradu­ate students were the next-biggest categories in academic budgets, while CBOs received and spent zero dollars in these arenas. Although this project has received a national award for community-campus partnerships, we find that, even within a narrow lens of an individual community-university partnership, our allocations underinvested in the research expertise, administrative costs, and capac­ity development needs of the CBOs. Using a wider lens that encompasses the systemic, institutional­ized inequities between community-based and university-based partners, we find that we pro­duced and reproduced inequities in our monetary resource allocations in at least four main ways: employment conditions, institutional support, capacity development, and autonomy, including control over funding. We call these systemic inequities academic supremacy and close with several institutional and individual recommendations for how to begin undoing them.

This paper traces the changing role of wealth and movements of money in investigators' evolving anthropological imagination of the social structure of the Sicilian Cosa Nostra and its relationship with its surrounding in key moments of Antimafia investigations in one Sicilian province over the past 40 years. The routes of money, which initially marked exchange-based relations between two otherwise mutually extraneous actors, gradually indexed a more complex combination of reciprocity, exchange, and redistribution both within the mafia legally constructed and in its relationship to its surrounding. At the same time, the public and official anthropological imaginary of the mafia-politica nexus permits only exchange between mutually-external parties or reciprocity as an entity-creating internal thread. As a result, the complexity of wealth, which investigations reveal by 'following money,' requires constant reduction to individual bearers of monetary worth and interests.

Cultural patronage has since long been a domain where urban elites can showcase a sense of philanthropy. The paper develops a heuristic that starts from cultural patronage activities in order to trace urban elite households and their professional and residential characteristics. The heuristic is deployed in Brussels, Belgium, where we use cultural patronage listings from five key high-culture institutions as an empirical entry-point into urban elite geographies. Contrary to the common claim that current urban elites are global elites, our analysis shows a clear national reproduction of Brussels elites. Specific for Brussels is a remarkable level of nobility resilience, based on its more-or-less successful entanglements with haute finance as well as art market intermediary functions. Furthermore, the residential analysis suggests that elite reproduction also predominantly depends on socio-spatial segregation in inner-city neighborhoods, yet lacks morphological segregation strategies typical of enclave urbanismor super-gentrification generally found across global cities.

This article considers how trends in financing are changing governance at intergovernmental organizations (IGOs). Over the course of the twentieth century IGO funding rules changed in two important ways. First, they were altered to allow states greater control over the financial contributions they provide, allowing states to ‘earmark’ contributions. Second, funding rules made private actors eligible contributors, providing an important entry point for private actor influence. I focus on three primary effects of these changes on IGO governance: (1) how the increased reliance on earmarked contributions undermines traditional conceptions of multilateral governance; (2) how private actors are empowered by their ability to earmark resources as they emerge as major funders; and (3) on the surge in ‘minilateral’ governance associated with the rise of pooled funding mechanisms. I draw on delegation theory to illustrate these changes conceptually and provide examples from a wide variety of institutions within and outside the UN system. I conclude by outlining fruitful avenues for research on financing IGOs.

Purpose The purpose of this paper is to highlight the extent to which organised crime and the environment have altered in relation to money laundering and terrorist financing and to explore whether strategies to “follow the money” have been successful. Design/methodology/approach This paper is based on personal analysis and involvement as a practitioner in law enforcement and includes a broad literature review on the subject of terrorist financing and money laundering. Findings Money laundering, terrorist financing and economic crime activity are being disguised in the “noise” of business by specialists that have become very adept at their craft. Financial institutions and lawmakers have invested heavily in countering money laundering and terrorist financing. However, its real effectiveness is somewhat doubtful. Originality/value This paper serves to stimulate further discussion and research on how all actors can increase collaboration and co-operation to increase the effectiveness of disruption strategies associated with these classes of crime.