Suchergebnisse

The consequences of the financial crisis and successive UK governments' austerity programmes include the growth of precarious employment, in-work poverty, and financial exclusion. Credit unions have been identified as a solution to the problem of accessible and affordable credit and increasingly trade unions have adopted policies to support their development. This paper explores the structure, regulation, and competence of credit unions and also examines the problems trade unions face in promoting credit unions to their membership. Based upon exploratory research into three distinctive types of credit union, it is argued there are significant barriers to providing accessible and affordable credit, reflecting the small scale and limited resources of credit unions. Trade unions' relationships with credit unions also need consideration, since differences in union strategies, structures, and membership composition affect the demand for credit union services and the scope for trade union involvement. A final question raised by the research is the extent to which trade unions are capable of operating credit unions, particularly in relation to conducting enforcement actions against members over non-payment. It is proposed that further research into credit unions and their relationship with trade unions is required, if substantive steps toward financial inclusion are to be achieved.

Virtual currencies pose a serious threat to be used for money laundering, weakening the European Union's financial system. Directive (EU) 2018/843 (the fifth anti-money laundering Directive) intends to mitigate these risks by introducing a definition of virtual currencies within Union law. Some service providers connected to virtual currencies are made subject to anti-money laundering law. Member States are required to transpose this Directive into national law by January 2020. Consultations on national level are currently ongoing. This article analyses how the Directive applies to current forms of cryptocurrencies, their adjacent services and intermediaries. It highlights the Directive's imprecise wording as well as its limited scope. If Member States transpose it verbatim, they will create legal uncertainty and loopholes for relevant entities. Therefore, this article seeks to contribute to the national consultations of Member States by providing concrete legislative recommendations on how to fix the Directive's shortcomings.