4 - Challenges of Regulating Financial Service Provision in Cameroon in the Digital Age and a Globalised World
Corresponding Author(s) : Cosmas Cheka
Africa Development,
Vol. 43 No. 2 (2018): Africa Development
Abstract
This article identifies some of the challenges of the digital revolution and globalisation to the regulation of financial services in Cameroon. It provides a reading of records from data collected from documentary and online sources. The results show that to be relevant, the regulation of especially the provision of financial services must take into account evolving concepts about the basis of the operation of the economy and business models. The concepts of ‘time’, ‘space’ and ‘being’, which are central to the ascription of legal responsibility, are also undergoing a re-definition as well as diverse challenges couched inter alia as state politics, globalisation and trade, money laundering and the financing of terrorism. The results are significant in alerting to the dire need for reform of the rules governing the provision of financial services. The pre-digital age rules on the ascription of legal responsibility as well as the basis on which the regulation of such services was founded have been profoundly redefined by the information, communication and technology (ICT) revolution and globalisation.
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- Acemoglu, D. and Robinson, J., 2012, Why Nations Fail: The Origins of Power, Prosperity and Poverty, New York: Crown Publishers.
- Berman, H.J., 1958, The Nature and Functions of Law, Brooklyn, NY: The Foundation Press, Inc.
- Bower, T. 1971, ‘Formal and Rational Authority Some Notes, Hypotheses and Applications’, Kansas Journal of Sociology, Winter.
- Chayes, A. and Chayes, A.H., 1995, The New Sovereignty: Compliance with International Regulatory Agreement, Cambridge, MA: Harvard University Press.
- Critchley, S., 2009, ‘Being and time, part I: why Heidegger matters’, The Guardian, 8 June, accessed 21 August 2017.
- Delsten, R.S. and Walls, S.C., 2012, ‘Terrorism finance; strengthening our security: a new international standard on trade-based money laundering is needed now’, 2012 Case, Western Reserve Journal on International Law 44.
- Evans, A., 2001, This Virtual Life: Escapism and Simulation in Our Media World, London: Fusion Press.
- Hall, E.T., 1966, The Hidden Dimension, Garden City, NY: Doubleday.
- Friedman, T.L., 1999, The Lexus and the Olive Tree: Understanding Globalization, New York: Farrar, Straus, Giroux.
- Goggin, G., ed., 2004, Virtual Nation: The Internet in Australia, Sydney: UNSW Press. Heidegger, M. (1889s1976) in Being and Time, (1927) San Francisco, CA: Harper San Francisco, c.1993.
- Ng, I.C.L., 2013, ‘New business and economic models in the connected digital economy’, Journal of Revenue and Pricing Management.
- Lagarde, C., 2013, Managing Director of the International Monetary Fund (IMF) in ‘Strong Laws and Institutions for a global Economy’; address to Washington Foreign Law Society, 4 June.
- Locke, J., 1689, A Letter Concerning Toleration, trans. William Popple (London, Awnsham Churchill, quoted by D. Carey, 2013, in ‘Locke’s species: money and philosophy in the 1690s’, Annals of Science 70 (3): 357–80.
- Markosian, N., 1993, ‘How fast does time pass?’, Philosophy and Phenomenological Research 53: 829–44.
- Merleau-Ponty, M., 1962, Phenomenology of Perception, New York: Routledge.
- Nadelmann, E.A., 1990, ‘The role of the United States in the international enforcement of criminal law’, Harvard International Law Journal 31.
- Osterwalder, A. and Pigneur, Y., 2009, Business Model Generation, self-published.
- Rynasiewicz, R., 2004, ‘Newton’s Views on Space, Time, and Motion’, Stanford Encyclopedia of Philosophy, Stanford University.
- Ronderes, J.G., 1998, ‘Transnational drugs law enforcement: the problem of jurisdiction and criminal law’, Journal of Contemporary Criminal Justice 14 (4).
- Shroeder, W.R., 2001, ‘Money laundering: a global threat and the international community response’, FBI Law Enforcement Bulletin, May 2001.
- Slaughter, A.M., 2004, ‘Sovereignty and power in a network world order’, Stanford Journal of International Law 40.
- Simonovic, I., 2000, ‘State sovereignty and globalization: are some states more equal?’, Georgia Journal of International and Comparative Law 28 (3).
- Quillen, J.L., 1991, ‘The international attack on money laundering: European initiatives’, Journal of Comparative and International Law 213.
- Vigna, P. and M. Casey, 2014, The Age of Cryptocurrency: How Bitcoin and Digital Money are Challenging the Global Economic Order, New York: St Martin’s Press.
- Weber, M., 1978 [1922], Economy and Society: An Outline of Interpretive Sociology, 2 Vols, Berkeley, CA: University of California
References
Acemoglu, D. and Robinson, J., 2012, Why Nations Fail: The Origins of Power, Prosperity and Poverty, New York: Crown Publishers.
Berman, H.J., 1958, The Nature and Functions of Law, Brooklyn, NY: The Foundation Press, Inc.
Bower, T. 1971, ‘Formal and Rational Authority Some Notes, Hypotheses and Applications’, Kansas Journal of Sociology, Winter.
Chayes, A. and Chayes, A.H., 1995, The New Sovereignty: Compliance with International Regulatory Agreement, Cambridge, MA: Harvard University Press.
Critchley, S., 2009, ‘Being and time, part I: why Heidegger matters’, The Guardian, 8 June, accessed 21 August 2017.
Delsten, R.S. and Walls, S.C., 2012, ‘Terrorism finance; strengthening our security: a new international standard on trade-based money laundering is needed now’, 2012 Case, Western Reserve Journal on International Law 44.
Evans, A., 2001, This Virtual Life: Escapism and Simulation in Our Media World, London: Fusion Press.
Hall, E.T., 1966, The Hidden Dimension, Garden City, NY: Doubleday.
Friedman, T.L., 1999, The Lexus and the Olive Tree: Understanding Globalization, New York: Farrar, Straus, Giroux.
Goggin, G., ed., 2004, Virtual Nation: The Internet in Australia, Sydney: UNSW Press. Heidegger, M. (1889s1976) in Being and Time, (1927) San Francisco, CA: Harper San Francisco, c.1993.
Ng, I.C.L., 2013, ‘New business and economic models in the connected digital economy’, Journal of Revenue and Pricing Management.
Lagarde, C., 2013, Managing Director of the International Monetary Fund (IMF) in ‘Strong Laws and Institutions for a global Economy’; address to Washington Foreign Law Society, 4 June.
Locke, J., 1689, A Letter Concerning Toleration, trans. William Popple (London, Awnsham Churchill, quoted by D. Carey, 2013, in ‘Locke’s species: money and philosophy in the 1690s’, Annals of Science 70 (3): 357–80.
Markosian, N., 1993, ‘How fast does time pass?’, Philosophy and Phenomenological Research 53: 829–44.
Merleau-Ponty, M., 1962, Phenomenology of Perception, New York: Routledge.
Nadelmann, E.A., 1990, ‘The role of the United States in the international enforcement of criminal law’, Harvard International Law Journal 31.
Osterwalder, A. and Pigneur, Y., 2009, Business Model Generation, self-published.
Rynasiewicz, R., 2004, ‘Newton’s Views on Space, Time, and Motion’, Stanford Encyclopedia of Philosophy, Stanford University.
Ronderes, J.G., 1998, ‘Transnational drugs law enforcement: the problem of jurisdiction and criminal law’, Journal of Contemporary Criminal Justice 14 (4).
Shroeder, W.R., 2001, ‘Money laundering: a global threat and the international community response’, FBI Law Enforcement Bulletin, May 2001.
Slaughter, A.M., 2004, ‘Sovereignty and power in a network world order’, Stanford Journal of International Law 40.
Simonovic, I., 2000, ‘State sovereignty and globalization: are some states more equal?’, Georgia Journal of International and Comparative Law 28 (3).
Quillen, J.L., 1991, ‘The international attack on money laundering: European initiatives’, Journal of Comparative and International Law 213.
Vigna, P. and M. Casey, 2014, The Age of Cryptocurrency: How Bitcoin and Digital Money are Challenging the Global Economic Order, New York: St Martin’s Press.
Weber, M., 1978 [1922], Economy and Society: An Outline of Interpretive Sociology, 2 Vols, Berkeley, CA: University of California