Archivio istituzionale della Ricerca - Bocconi
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Towards a Global Anti-nmoney Laundering Law for Crypto-Assets
No full textAs crypto-assets continue to reshape global finance, they present both opportuni-ties and challenges for financial regulation, particularly in anti-money laundering (AML) and countering the financing of terrorism (CFT) enforcement. While pseu-donymity and decentralization have fueled concerns over illicit financial activities, blockchain technology itself offers unprecedented transparency and traceability, challenging the misconception that crypto-assets are inherently unregulated and untraceable.
The Financial Action Task Force (FATF) and international regulators have sought to extend AML/CFT frameworks to virtual asset service providers (VASPs) and even decentralized finance (DeFi) protocols. However, applying traditional compliance measures to DeFi raises critical concerns about privacy, innovation, and feasibility. While FATF and the International Organization of Securities Commissions (IOSCO) advocate for identifying “responsible persons” within DeFi arrangements, the enforcement of AML/CFT regulations in fully decentral-ized ecosystems remains highly problematic, costly, and potentially detrimental to innovation.
This Article argues that a globally coordinated AML/CFT approach is essential to mitigate illicit risks while preserving the transformative potential of blockchain technology. The most practical and effective approach is to focus regulatory oversight on VASPs, which serve as the primary fiat on/off ramps for crypto-assets, instead of expanding regulatory oversight on DeFi participants. Additionally, regulatory tech-nology (RegTech) advancements—such as blockchain analytics, zero-knowledge proofs (ZKPs), and self-sovereign Identity (SSI)—offer privacy-preserving compliance solutions that could balance financial security and decentralization.
Achieving global harmonization in AML/CFT regulation for crypto-assets requires international cooperation, technological innovation, and regulatory adaptability. By fostering dialogue between policymakers, industry participants, and RegTech firms, a unified regulatory framework can emerge—one that effec-tively prevents financial crime without stifling technological progress in the evolving crypto-asset ecosystem
Procedimento di accertamento della «responsabilità amministrativa degli enti» (d. lgs. 8 giugno 2001, n. 231)
No full textCapitolo del manuale di procedura penale dedicato alla disciplina contenuta nel d.lsg. 231/2001 e nel codice di procedura penale del procedimento di accertamento della responsabilità da reato degli enti collettivi, aggiornato alle ultime modifiche legislative e decisioni della Corte costituzionale intervenute rispetto alla precedente edizion
External dimensions of EU data protection law: the legal and the political
No full textThe external dimensions of EU data protection law are manifold. The provisions of EU data protection law envisage a scope of application that goes beyond the territory of the Union. Moreover, EU data transfer rules govern the mechanisms by which data could be transferred to foreign jurisdictions. In addition to this, EU law influences the development of international law in data privacy through the amendment of relevant Council of Europe Conventions and the conclusion of trade agreements. This article addresses these different external aspects of EU data protection with a focus on the relationship between law and politics. It unravels the extent to which the status of data privacy as a fundamental right in the Union comes to terms and often collides with different legal-political preferences and realities in foreign jurisdictions. It finally considers the recent initiatives of data localisation to protect EU data subject rights
Metaverse: Where Is It Going to Add Value for the Financial Services Industry and Banks?
No full textThe finance driving transformation is an evolving landscape where many and different outcomes are all
changing the way the industry is developing, producing, and distributing financial services. Among the
many innovations, there is also the context of the metaverse that is under a rapid and debated
development. This chapter explains how value in the metaverse can be created in and for the financial
services industry. In our chapter, while examining value creation through the lenses of Stakeholder
Theory and Service-Dominant Logic, we propose that value in the metaverse is co-created through
active participation, interaction, collaboration, and resource integration among different stakeholders.
By developing a 2 × 2 framework that categorizes metaverse opportunities into physical vs. virtual
world support and customer vs. company orientation, we demonstrate the value-creation opportunities
in a comprehensive manner. Additionally, we explore how financial institutions can fit into and benefit
from value creation within each quadrant of the proposed framework. This chapter contributes to the
academic literature by offering a structured explanation of value creation in the metaverse and provides
industry participants with a framework to integrate into their metaverse strategies. Understanding how
value is created and how stakeholders can benefit is essential for developing and scaling the metaverse
as a new business ecosystem
Introduzione - La legge, il giudice, la pena
No full textIntroduzione allo studio dell’esecuzione penale
Capitolo del manuale di procedura penale, dedicato alla disciplina codicistica dell’esecuzione dei provvedimenti del giudice penale, aggiornato alle ultime modifiche legislative e decisioni della Corte costituzionale intervenute rispetto alla precedente edizion
Avery valuable citizenship? European values and citizenship after Commission v Malta
No full textThis article analyses the recent ruling in Commission v Malta where the Court of Justice found a citizenship by investment scheme operated by Malta (Golden Passports) to be incompatible with EU law. It argues that the most important feature of the ruling rests in the forceful assertion of the tangible existence of a Union of values, membership of which cannot be reconciled with the commodification of its identity and of its polity. The ruling then provides a vision of the essential elements of both Union citizenship and EU membership: solidarity, democracy, mutual trust and the other foundational values specified in Article 2 TEU
Unilateral coercive measures under WTO law: unpacking security exceptions and seeking broader solutions to the trade-security dilemma
No full textThis article explores the intersection of trade and national security within the
framework of the World Trade Organization (WTO) law, focusing on the use of
unilateral coercive measures, such as sanctions, and their justification under security
exceptions. The article begins with an introduction to the relationship between trade
and peace, followed by a discussion of sanctions and the various sanctions regimes
employed by WTO members. It then examines the justification for sanctions (or
other unilateral measures like tariffs) through security exceptions under WTO law,
drawing on the case law, including the Russia-Traffic in Transit, Saudi Arabia-IPR, and US-Steel and Aluminium disputes, which have shed light on the interpretation of
these exceptions by WTO Panels. The paper also delves into non-violation complaints as a mechanism for addressing national security concerns beyond violation
claims under WTO law
COVID-19-related hospitalizations in Italy: an application of the synthetic control method to investigate the trajectory of diagnosis-related group 79 and its counterfactual during 2010–2021
No full textBackground: With 10.95 million cases (11 March 2020-9 February 2022), Italy was massively hit by the coronavirus disease 2019 (COVID-19) pandemic. Most of the COVID-19-related inpatient discharges were codified under the Diagnosis-Related Group (DRG) 79. During 2019–2021, DRG 79 inpatient discharges increased from 20,377 to 130,580 (+540.82%). Research design and methods: To investigate the causal relationship between DRG 79 inpatient discharges and COVID-19, the synthetic control method (SCM) compared the real with the counterfactual DRG 79. The latter was a weighted combination of control units (22 DRGs unrelated to COVID-19). The SCM mimicked the trajectory of DRG 79 in the absence of COVID-19. Placebo studies and robustness test investigated the reliability of the baseline findings. Results: Six out of the 22 control units contribute to the counterfactual DRG 79. The real and the counterfactual DRG 79 cease to overlap from 2019 onward. Placebo studies and robustness test confirm the causal relationship of COVID-19 with the increased number of inpatient discharges coded under DRG 79 during 2019–2021. Conclusion: The SCM identifies a causal link between COVID-19 and DRG 79 in Italy. Hopefully, future contributions will utilize SCM (and causal inference in general) in health care decision-making within the Italian National Health Service
Excel per gli studenti di economia e finanza
No full textIl libro esplora le diverse funzionalità di Excel, partendo dalle basi e proseguendo nella trattazione di argomenti sempre più complessi, incluse le principali funzioni matematiche, statistiche, finanziarie, di ricerca e riferimento, di data e ora e altre ancora. Verrà inoltre illustrato l’utilizzo di alcuni strumenti di analisi dei dati (Ricerca obiettivo, Risolutore, Scenari), delle tabelle pivot e delle macro. I contenuti sono pensati in particolare per offrire agli studenti universitari di qualsiasi corso di laurea un valido supporto nei loro studi. Allo stesso tempo, grazie all’approccio pratico e alla progressione graduale nella trattazione dei diversi argomenti, si rivolge a chiunque desideri raggiungere un’adeguata competenza nell’utilizzo di Excel sia per motivi di studio, sia per esigenze professionali
Systemic v administrative mutual trust: recomposing the disconnection between mutual trust and fundamental rights protection
No full textThis article explores the relationship between mutual trust and fundamental rights. It argues that mutual trust is a systemic principle of EU law only when activated by the free movement provisions, and even in that case it is relative in that it can be limited by fundamental rights. However, when there is no free movement, mutual trust needs to be activated by secondary legislation, and it is an administrative principle which requires mutual recognition only if that is provided in secondary legislation. The article then seeks to apply this categorization to the case law on the European Arrest Warrant and instruments adopted within the Common European Asylum System