Illegal Financial Transactions Research Articles

Juridical Approach to Legal Protection For The Public Of Illegal Peer To Peer Lending Users

Technology that is developing quickly is utilized in all fields to provide convenience including financial transactions. But, there are also illegal financial transactions called peer – to peer (P2P) lending that do not have a license. The illegal loan operators have access to personal data owned by victims as application users. It is not uncommon to find some illegal loan operators who create conflicts against application users. This research aims to review the legal protection forpeople who use illegal peer to peer lending in Indonesia. This research uses normative law research method, while the research approach uses normative juridical approach. This data of research is secondary data analyzed with aqualitative approach. This research resulted in the existence of criminal law policiesthat used to punish illegal peer – to peer lending for their actions are using Law Number 8 of 1999 because of the position of the public as users of online loans as consumers and Law Number 19 of 2016 concerning Amendments to Law Number11 of 2008 concerning ITE because transactions are carried out using electronic media.

Enhancing Security and Confidentiality in Decentralized Payment System Based on Blockchain Technology

The advent of blockchain technology (BC), has revolutionized the financial landscape with its decentralized, immutable, and verifiable characteristics. Blockchain technology can be deployed in many applications, however the Decentralized Payment System (DPS) can be considered as the most widely used application among all others. The public nature of early decentralized payment systems (e.g. bitcoin) has led to privacy challenges, making them susceptible to cybercriminal activities such as ransomware attacks and illegal financial transactions. This research investigates various decentralized payment systems adopted in blockchain technology and outlines the security requirements necessary to safeguard user transactions. The objectives of this study include examining payment transactions in decentralized systems, identifying potential threats, proposing improved and efficient security solutions, and assessing personal data sharing confidentiality.

Electronic documents as resources for sociological research on the level of security of financial and legal relations

Electronic documents, such as contracts, court decisions, financial reports, etc., can contain valuable information about social factors that affect the security of financial and legal relations. Analysis of these documents helps to identify the interrelationships between public trust, power, technology, and other social phenomena in the context of their impact on the security of individuals and society as a whole. The purpose of the article is to determine the possibilities of using electronic documents as resources for sociological research to assess the level of security of financial and legal relations. The study uses historical and logical methods to highlight the current state of affairs in the field of digital data analytics, and the methods of comparison and generalization form the basis for classifying risk indicators available in the texts of electronic documents. It is indicated that in the context of the spread of digital interaction between people, understanding the sociological aspects of their behaviour reflected in electronic documents becomes key to assessing the risks of illegal financial transactions. The article substantiates the important role of electronic documents as a valuable resource for sociological research. The study is based on an interdisciplinary approach, highlighting the possibilities of integrating sociological analysis, network research, linguistic pattern recognition and data mining methods to obtain meaningful information from large amounts of electronic documents. The main results of the study include the classification of indicators of illicit financial transaction behaviour present in the texts of electronic documents. The study highlights the practical value of using electronic documents in sociological research, offering practical guidance for government officials, lawyers, and analysts to improve risk assessment and develop security measures. The materials systematized in this study demonstrate the potential of open-source intelligence (OSINT) and advanced data analytics to build meaningful sociological models using electronic documents, highlighting their importance in addressing contemporary security analytical challenges

Економічна безпека держави: теоретичні засади

Introduction. The deepening of globalization processes in the modern world actualizes the issue of ensuring economic security at all levels of the state system. The vulnerability of the national economy to risks and threats is increasing due to the possibility of aggravation of crisis phenomena in the economy, a potential decrease in financial independence, activation of the shadow economy, and an increase in the volume of illegal financial transactions. The activation of European integration processes, the specifics of the functioning of Ukraine's economy during martial law, the consequences of the COVID-19 pandemic determine the importance of rethinking the theoretical foundations of the state's economic security. Problem Statement. Clarifying the theoretical provisions of economic security: updating the terminological apparatus, and researching the security aspects of the concept of sustainable development. Purpose is to deepen the theoretical provisions of the economic security of the state in the context of the concept of sustainable development, based on the analysis of information from professional sources. Methods. The methods of generalization, analysis and synthesis, induction and deduction, grouping, abstraction were used in the processing of literary sources and clarification of the terminology of the sphere of economic security. Results. The theoretical prerequisites of economic security in the context of the concept of sustainable development are analyzed. The role of financial monitoring in ensuring economic security has been clarified. Economically safe is a stable state of the state, characterized by the balance of relevant indicators and invulnerability to external and internal threats, which ensures sustainable and effective development based on the observance of national economic interests. The development of the financial monitoring system is inextricably linked with the development of the economic security system, as an integral attribute of Ukraine's sustainable development. Conclusions. Financial transactions involving money laundering are characterized by a global nature, their perception as a problem of one jurisdiction does not correspond to the realities of global economic processes, since no country is able to stop illegal financial flows in full. Countering illegal financial flows requires effective measures at the national and international levels.

СОВЕРШЕНСТВОВАНИЕ ОПЕРАТИВНО-РОЗЫСКНОЙ ДЕЯТЕЛЬНОСТИ ТАМОЖЕННЫХ ОРГАНОВ РОССИЙСКОЙ ФЕДЕРАЦИИ С ИСПОЛЬЗОВАНИЕМ ПЕРСПЕКТИВНЫХ ИНТЕЛЛЕКТУАЛЬНЫХ ПРОГРАММНЫХ СРЕДСТВ

таможенная преступность, таможенные органы, оперативно-розыскная деятельность, оперативное подразделение, современные цифровые технологии, автоматизированная система, база данных, перспективное программное средство, искусственный интеллект, большие данные Introduction: the relevance of the research topic is due to a set of circumstances that directly affect the organization of ensuring Russia's foreign economic security. For the purposes of the study, it is necessary to identify problematic issues in the implementation of detective activities in combating customs crime, as well as to develop proposals to improve countering these criminal encroachments through the introduction of promising intelligent software. Materials and Methods: empirical basis were personal experience of the author's service in the customs authorities of the Russian Federation; dialectical method, logical method, method of system analysis and synthesis, the method of theoretical modeling. Results: in the course of the study, criminological characteristics of common customs crimes are given, as well as the main schemes of their commission, practical features of the use of automated systems and databases by detective units of the customs authorities of the Russian Federation in detection, prevention, suppression and disclosure of these crimes are considered. Discussion and Conclusions: in order to improve the mechanisms of the detective activities in the fight against custom offences, proposals have been put forward for the practical improvement of the fight against smuggling, evasion of customs payments, the commission of illegal financial transactions using promising intelligent software and existing automated systems.

Regulation of Wechat Pay and Alipay Electronic Money Transactions in the Perspective of Indonesian State Sovereignty

Along with the digital transformation, the banking sector has undergone rapid transformation. WeChat Pay and Alipay, which are leading digital wallets in China, have spread to Indonesia and collaborated with local banks. Although WeChat Pay and Alipay collaborate with local banks, the implementation of these transactions has not fully met the regulations of Indonesia's financial system. The research problem in this study is 1) What is the government's policy in issuing legal norms for regulating foreign digital money transaction cooperation within the jurisdiction of Indonesia? 2) How do WeChat Pay and Alipay assume legal responsibility for their operations in Indonesia related to financial sovereignty in Indonesia? This study aims to analyse the government's policy in issuing legal norms for regulating WeChat Pay and Alipay electronic money transaction cooperation and its impact on Indonesia's sovereignty. The researcher analysed laws, regulations, related policies, and literature studies by using normative juridical methods. The research findings indicate that relevant agencies need to supervise Indonesia's financial system regulations to prevent illegal financial transactions in Indonesia as they are not sufficiently prepared to anticipate the globalization of the financial system. This research recommends that the Indonesian government develop more comprehensive regulations to increase supervision of WeChat Pay and Alipay electronic money transactions to maintain Indonesia's sovereignty.

The Concept, System, and Types of Currency Crimes

The national monetary system is an essential component of the state because of its close relationship and interdependence with the national security and socioeconomic development of the Russian Federation. With the increase of dispositive principles and the complication of public relations, this security and development are constantly changing, influenced by the growing number of their agents, the formation of new specializations, the formation of technologically mediated clusters of interaction between them, the introduction of digital financial instruments, etc. On the one hand, for strategic purposes the grounds for ensuring the national security of the Russian Federation not enough attention is paid to protecting the national monetary system from criminal operations. On the other hand, in their interrelation, protection from external and internal threats, preserving macroeconomic stability, ensuring the stability of the ruble, reducing the withdrawal of assets abroad, and countering illegal financial transactions cannot be achieved without paying due attention to the conceptual foundations of criminal law protection of the national monetary system. In order to implement regulations of a strategic nature and counter these threats, the legislation of the Russian Federation provides for a system of legal norms about currency crimes, whose concepts, systems, and types are analyzed in this article.

The Concept and Types of Crimes that form Illegal Transactions with Securities

The author examines in detail such aspects of the topic as crimes that constitute illegal transactions with securities (Articles 185, 1851,1853, 1856 of the Criminal Code of the Russian Federation). The article substantiates the position according to which market manipulation and the misuse of insider information are only partially included in the system of crimes under consideration, since they relate to polyobject elements of crime, where various social relations (independent, non-subordinate) are combined into one norm of the law on criminal liability. A comparative analysis of the securities market and the investment market is carried out. The types of illegal financial transactions that exist on the securities market and are prohibited by criminal law are considered. The concept of crimes representing illegal transactions with securities is formulated. It is noted that the peculiarity of the crimes under consideration is, firstly, their blank nature, and secondly, the subject is information about securities. The novelty of the study is based on the analysis carried out. The following conclusions are formulated: 1) illegal financial transactions existing on the securities market and prohibited by criminal law include: firstly, transactions committed during the passage of the issue, leading to its invalidity or recognition as invalid (Article 185 of the Criminal Code of the Russian Federation); secondly, transactions that undermine the transparency of the market securities, which consist in violation of the rules of disclosure of information by evading or providing deliberately incomplete or even false information (Article 1851 of the Criminal Code of the Russian Federation); thirdly, operations related to price manipulation of Article 1853 of the Criminal Code of the Russian Federation); fourth, operations based on insider information (Article 1856 of the Criminal Code of the Russian Federation) 2) crimes that constitute illegal transactions with securities are understood to be acts that infringe on the procedure for conducting transactions with securities regulated by the state.

Falsifikovanje platnih kartica i visokotehnološki kriminalitet

Payment card forging and high-tech crime are deeply rooted problems in today's society. These sophisticated forms of crime utilize advanced techniques and high-tech tools to illegally access financial resources and commit fraud. Payment card forgery involves the creation of fake copies of debit or credit cards with the intent of conducting illegal financial transactions. Access to card data is achieved through various methods, including skimming (illegally collecting card data), phishing (fraud through fake emails or web pages), or the physical theft of cards. Simultaneously, high-tech crime encompasses a wide range of activities aimed at the misuse of digital technologies and networks to achieve financial gain or harm to individuals, companies, or states. These crimes often include computer fraud, cyber-attacks, and digital fraud. This paper aims to highlight the importance and seriousness of payment card forgery, explore different methods and patterns of these criminal activities, and emphasize their specific connection with high-tech crime. Different methodologies were applied in the research including quantitative and qualitative content analysis, comparative analysis, as well as descriptive and analytical statistics. The obtained results clearly indicate the growing importance of this problem both in the legislative and in the criminological contexts, with a constant increase in the number of committed criminal acts. Additionally, the research highlights the inextricable link between payment card forgery and various forms of high-tech crime, which often intertwine and together constitute an overarching challenge to the justice system and the security of society. Finally, the paper will consider various strategies and methods that society and the state can use to counter the spread of these criminal activities. The ultimate goal is to preserve the safety and integrity of the financial system and protect the interests of individuals.

Financial Monitoring of Payment Card Transactions

The relevance of determining the impact of international standards on the development of financial investigations is determined by the need to build an effective financial monitoring system and improve the effectiveness of coordination of the activities of financial monitoring entities, in particular, at the state level. The aim of the study is to develop theoretical provisions and practical skills to determine the essence of financial monitoring and development of the direction of financial investigations to counter money-laundering and the financing of terrorism. It has been established that cash is widespread in criminal money laundering schemes. In the context of a sufficiently large amount of cash in the economy, which is used on a scale taking into account the nature and specifics of their activities, identifying and combatting money-laundering of criminal proceeds using cash is a difficult task. Given the constant introduction of legislative restrictions and increased control of the financial system by public authorities, intruders are developing new or improving existing money laundering schemes, aiming to give illegal financial transactions the most legal appearance. At the same time, both at the level of public authorities and at the level of primary financial monitoring entities, new methods and approaches to identifying money laundering schemes are constantly being introduced and improved. The organization of financial investigations has become more important since the introduction of international FATF standards.

Regulation of dubious currency transactions and development of the digital yuan in China

Aim. The presented study aims to investigate the regulation of dubious currency transactions in the People’s Republic of China (PRC), the application of the anti-money laundering/combating the financing of terroristm regime, and the development of the digital yuan system.Tasks. The author reveals the essence of the concept of dubious currency transactions in modern China and their legal regulation by Chinese state authorities; considers the legal regime for anti-money laundering/combating the financing of terrorism (AML/CFT); describes the concept of “digital yuan” as a Chinese analog of previously banned cryptocurrencies in China.Methods. This study uses the methods of analysis, grouping, and systematization, a method of synthesizing information from various sources in Chinese and English, and general scientific methods of induction and deduction.Results. The strict system for combating dubious currency transactions developed by the government of the People’s Republic of China has become a significant step in the fight against the legalization of criminal proceeds. Nowadays, Chinese financial regulators pay special attention to any transactions that can be characterized as “dubious”. To effectively combat illegal financial transactions, Chinese AML/CFT standards have been developed and are regularly updated. The Chinese government has regarded cryptocurrencies as a threat to the AML/CFT regime, which led to their complete prohibition on the territory of the PRC. However, the Chinese government has offered an alternative in the form of the digital yuan. Attempts to put it into circulation have been made since 2020.Conclusions. In China, there are strict criteria for declaring foreign exchange transactions as dubious, and Chinese financial institutions have broad powers for their regulation. China’s financial institutions should monitor suspicious transactions at all levels of business management, taking reasonable measures to identify suspicious transactions not only in the process of identifying customers, but also by checking, studying, and analyzing transaction data. The digital yuan, which differs significantly from other cryptocurrencies, is recognized as one of the most developed cryptocurrencies controlled by centralized authorities. The Chinese digital currency is controlled by the Central Bank, minimizing one of the main advantages of cryptocurrencies — user anonymity. If China continues to successfully put the digital yuan into circulation, it may help China protect its so-called monetary sovereignty in the context of US sanctions.

THE USE OF THE SANCTIONS REGIME AND COMPLIANCE SYSTEM TO REDUCE THE RISKS OF ILLEGAL TRANSACTIONS INVOLVING VIRTUAL ASSETS: FOREIGN AND RUSSIAN EXPERIENCE

Criminologically significant consequence of the development of information and telecommunications and digital technologies, the emergence of non-standard means of payment using elements of cryptography virtual currencies, has been an increase in the risks of illegal transactions, and, above all, the legalization of proceeds from criminal activity and terrorist financing. The anonymity with which high-tech criminals operate forces governments to change approaches to regulating the turnover of virtual assets, to look for new management, legal and economic tools that will be effective in identifying, preventing and minimizing damage from illegal financial transactions. These circumstances cause an urgent need for scientific justification and subsequent assessment of the organizational experience of different countries in the field of control of the turnover of virtual assets. The advantages of virtual assets that are used for conducting illegal activities require compensation by expanding the controlling function of state administration by imposing sanctions and implementing a compliance system that ensures their implementation for individuals and legal entities involved in the production and turnover of virtual assets. Purpose: based on the analysis of the US experience in applying sanctions and implementing the compliance system that ensures their fulfillment, to determine the vulnerabilities and possibilities of this approach of establishing state control in the sphere of virtual assets and to assess the prospects for its use in Russian jurisdiction. Methods: the classification method is used to distinguish the main types of virtual assets; the axiomatic method is used to form the terminology of the study; the legal analysis is used to establish the legal nature of sanctions; the method of comparative study of regulatory legal acts and related documents is used to assess the US and Russian experience in implementing the compliance system; the logical and expert-analytical methods are used to identify the advantages and vulnerabilities of sanctions. Results: the authors conclude that the controlling function of the state in relation to the turnover of all types of virtual assets can be expanded by introducing a sanctions regime against participants in the exchange and conversion of virtual assets acquired by criminal means; it is possible to ensure the effectiveness of sanctions by introducing a compliance system into the activities of participants in the turnover of virtual assets, aimed primarily at overcoming anonymity in digital environment; the vulnerabilities of the system of sanctions and related compliance control are the constant complication of the network of imposed sanctions and the lack of a unified position of different bodies and institutions regarding the list and status of virtual assets in different jurisdictions, which in a crisis of international law leads to the superiority of national control instruments.

Level of Awareness and Understanding towards Money Mule Among Malaysian Citizens

Objective: Money mule is a bank account used by another person unknowingly or voluntarily by the owner of the account to obtain a reward or by fraudulent means for illegal or illegal financial transactions. Syndicates usually get these mule accounts (also known as surrogate accounts) by deceiving those who need extra income and have a low level of financial literacy. This study will determine the level of awareness towards money mule and understanding towards the dangerous of money mule. In this research, both quantitative and qualitative approaches will be employed with surveys and interviews. 
 Methodology: A Systematic Review was conducted in this study considering potential articles published from January 2020 to October 2021. Electronic data collection through Goggle Scholar (50 journals) was identified to studies related to the level of awareness on money mule or money laundering.
 Findings: This study concludes that, although the law enforcement agencies have the power to investigate money laundering and terrorism financing under the act, Malaysia is lacking in having a good investigative support system to assist the law enforcement agencies during the investigation process.
 Implications: Special attention should be given to any complex and unusual business transactions, especially if there seems to be an unlawful purpose. Programs to educate public on money laundering should be found in order to raise awareness towards money laundering and financing of terrorism.

PATTERNS OF FINANCIAL CRIMES USING CRYPTOCURRENCIES

The cryptocurrency market is rapidly gaining momentum and is becoming an alternative financial platform to the traditional financial trading market. Currently, cryptocurrency is of particular interest to criminals to make illegal profits, such as money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, corruption. The main purpose of the study is to identify information signs that indicate the implementation of illegal financial transactions using cryptocurrencies. Empirical (observation, description) and theoretical (grouping, synthesis, abstraction) research methods were used for this research. According to the results of the study, it is established that the signs of illegal transactions with cryptocurrency are: non-transparent cryptocurrency contracts; encrypted cryptocurrency transactions; impersonal transactions; fragmented systematic transactions into marginal, limited amounts to avoid identification; transactions that do not comply with the approved transaction protocols; currency exchange transactions by unidentified traders; confusing cryptocurrency to other forms of electronic funds in order to withdraw such funds in cash. The authors of the article identify the main agents in the cryptocurrency economy (centralized and decentralized cryptocurrency exchanges, token issuers, distribution services, gaming services, cryptocurrency wallets). The paper describes software products for the identification of illegal cryptocurrency transactions. The results of the study are of practical value to national regulators in strengthening financial stability and combating illegal financial transactions. management of financial institutions to improve the system of counteraction to illegal financial transactions using payment cards, namely the creation of separate bodies for analysis and regulation of fraud in the banking sector, strengthening responsibility for fraud at the legislative level, establishing a single authentication standard for customers, development of open banking.

Анализ состояния финансового мониторинга в Российской Федерации

Relevance. The global trend of recent years is the fight against illegal financial transactions. The real damage from them is currently impressive, while the number of economic offenses has increased in 2021. This study analyzes the state of the national financial monitoring system in the Russian Federation. The purpose of the work is to conduct a comprehensive analysis of the activities of the Federal Financial Monitoring Service for 2016-2021. Materials and methods: when writing the work, the author used methods of the general theory of statistics, namely absolute values, methods of analysis and synthesis. A graphical method of data visualization was used to visually display statistical data. Results: the article reveals the main problems that hinder the effective operation of the national anti-washing system. The emphasis is placed on the mechanism of interaction of Rosfinmonitoring with the law enforcement unit of Russia. It is noted that the role of financial monitoring is important from the standpoint of ensuring the economic security of the state. The effectiveness of the work carried out by Rosfinmonitoring on countering illegal financial and economic transactions is analyzed. A number of problems related to deficiencies in the national anti-washing system were also identified in accordance with the FATF mutual assessment report. Emphasis was placed on measures to improve the mechanism for countering the legalization of proceeds from crime and the financing of terrorism. In conclusion, it should be noted that over the 20 years of its existence, the Russian financial monitoring system has achieved outstanding success and today stands on a par with such jurisdictions that have high potential in this development.

Financial Fraud Detection on Social Networks Based on a Data Mining Approach

The article summarizes the arguments and counter-arguments within the scientific debate on the issue of researching financial frauds in the Internet. The main goal of the research is to develop methodological principles for identifying financial cyber fraud in social networks based on the analysis of comments to identify relevant text patterns that may indicate manipulation attempts and further fraud. The urgency of solving this scientific problem is due to the fact that the mass involvement of Internet users in social interactions in the virtual environment has contributed to the development of various criminal schemes, as well as personal data that is initially entered during registration and information that is published in social networks can be used by a fraudster to carry out illegal financial transactions. The study of the issue of identifying financial fraud in social networks in the article is carried out in the following logical sequence: collecting comments with a corresponding request under publications in the social network using the Instaloader tool; combining comments into groups based on content similarity; conducting preliminary processing of text data (decomposing the text into simpler components (tokens) and reducing similar word forms to their main dictionary form); determination of the level of similarity of text data using the cosine of similarity; building clusters of text data that can indicate the presence of signs of financial fraud under relevant comments in social networks. Instagram was chosen to identify fraudulent operations in social networks. The analysis of comments on the social network Instagram to identify text patterns showed that offers and appeals from specific groups of people and promoted in comments with the help of spam are dangerous. Based on the results of the study, it was concluded that national regulators need to strengthen public control of the Internet, as well as improve the security system at the technical level by using the latest machine learning methods to identify attempts to commit illegal actions with the subsequent imposition of sanctions on such users in social networks.

Інформаційна безпека в системі національної безпеки: адміністративно-правовий аспект

The rapid development of information technology is gradually transforming the world. At the same time, the benefits of the modern digital world and the development of information technology have led to new threats to national and international security. There are cases of illegal information creation, collection, obtaining, storage, usage, dissemination, illegal financial transactions, theft and fraud on the Internet. A variant of the general "security" category is the "national security" concept. National security should be understood as the individual’s, society and the state, national values, lifestyle vital interests protection, from a wide range of external and internal threats, that are different in nature. The administrative-legal aspect has an important place in determining the multidimensional content of the studied concept, as the national security peculiarity from administrative-legal positions is that one of the parties to administrative-legal relations is the appropriate bearer of national security powers over other subjects of these relations. Administrative and legal regulation, as a kind of state regulation, is a mechanism of imperative and normative regulation of the organization. It also involves management’s activities of subjects and objects and the formation of a stable legal order of their functioning. The concept of "national security" is a dynamic and not a static phenomenon.  It must keep changing and therefore should change its administrative and legal aspects. Summarizing the above on the administrative and legal aspects of Ukrainian national security, we can state that we have outlined the main directions of development of the system; increasing the efficiency of the security sector of Ukraine can be done by establishing management activities and improving the regulatory framework, which, in turn, will regulate legal relations in the national security field. It was found that the use of progressive world and European experience should be based solely on in-depth analysis, taking into account the historical development of each country, its unique traditions and values, and further international cooperation should be carried out to ensure security and peace.

Transfer Pricing Documentation: Globalization and Regional Optimization

The study was conducted in order to assess and analyse the impact of globalization and regional optimization on the activities of economic entities that are required to prepare transfer pricing documentation. The methodological background of the study involved the following methods: generalization, explanation, grouping, induction and deduction, as well as analysis and synthesis, which were used to clarify the main scientific categories of research and substantiate the research results. Methods of schematic and graphical representation were used to visualize analytical data, formulate assumptions and substantiate the obtained results. The main focus of the study is on the analysis of the causes of global economic risks and the role of transfer pricing documentation, whose quality will help mitigate the negative consequences of undesirable events for the global economic system. The study found that not all countries apply the international instrument — Multilateral Convention to Implement Tax Treatment Related Measures to Prevent BEPS (MLI). Many countries that have started to use MLI reporting, have no uniform standardized rules for the preparation of transfer pricing documentation. The legislation only defines the list of information to be submitted by taxpayers, provided that the results of their business activities meet certain criteria. The development of a unified methodology for valuing financial assets for tax purposes and preventing their use in illegal financial transactions are the promising areas for further research.

The Flight and Fall of King Juan Carlos I

The article examines the factors that eroded the authority of the royal court of Juan Carlos I which is a key institution in the Spanish governance system. Juan Carlos is regarded for his patriotic stance during the transition from dictatorship to democracy and his pivotal role in the suppression of the military coup of February 23, 1981. Political pluralism and democratism also contributed to the authority of Juan Carlos. For many years, monarchy has been perceived as a guardian of stability in the country and was acceptable even to millions of republican-minded citizens. The author tracks how the Spanish public opinion turned away from Juan Carlos after the disclosure of illegal financial transactions and ugly details of his private life. The King was forced to abdicate and transfer the power to his son Felipe.

Identification of the"financial cooperation" concept in the context of the development of russian-chinese trade and economic relations

The article is devoted to the issues of improving the categorical and conceptual frame-work in the financial and economic sphere, the relevance of which is associated with the development of existing and the emergence of new forms of international cooperation. The author’s definition of “financial cooperation” is formulated and the corresponding argument of this term is presented according to the assessment of bilateral Russian-Chinese trade and economic relations, including border trade in the Far Eastern region. Conclusions are based on the analysis of a set of information sources from statistical data on the dynamics of bilateral trade volumes, conclusions obtained by Russian and Chinese researchers, as well as materials from international forums and intergovernmental agreements. The analyzed data are given before the start of the COVID-19 pandemic, since this factor had a negative impact on the decline of all indicators of the world economy and can not be indicative when analyzing changes. At the same time, it was between Russia and China that there was an almost six-month time gap in the closure of borders, which contributed to the uneven export and import transport flows. The research results of Russian and Chinese scientists and the implementation of international regulatory documents are also used to identify problems of interaction between various financial institutions in the context of digitalization of financial and trade relations and countering illegal financial transactions, as well as the possibilities of retaliatory measures against economic sanctions. Financial cooperation is considered by the authors as an integral element of international cooperation in general, taking into account the specifics, on the one hand, the geographical location and historically formed political and economic ties between neighboring countries, on the other hand, the globalization of financial institutions themselves due to the development of digital technologies and communication systems. In addition, the prospects for further development of Russian-Chinese financial cooperation after over-coming the crisis phenomena caused by the pandemic are analyzed in accordance with the directions of strategies within the framework of the Russia-Mongolia-China economic corridor “One Belt, One Road”.