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Cross-Border Challenges Of Financial Control: An International Perspective

Author

Listed:
  • Mihaela-Iuliana Dumitru

    (National University of Science and Technology POLITEHNICA Bucharest, Pite?ti University Center)

  • Consuela Dicu

    (National University of Science and Technology POLITEHNICA Bucharest, Pite?ti University Center)

Abstract

The article explores the complexities and evolving dynamics of financial control in a globalized economic environment. It highlights how differences in regulatory frameworks, cultural approaches, and technological adoption across countries create significant obstacles for effective cross-border financial management. The study examines the impact of international regulations such as Basel III, IFRS, and EU directives on harmonizing financial control practices while addressing the challenges posed by jurisdictional inconsistencies and enforcement disparities.Additionally, the paper analyzes the role of advanced technologies, including artificial intelligence and blockchain, in overcoming these challenges by fostering transparency, real-time monitoring, and efficient cross-border coordination. Through a case study approach and a practical survey, the article provides insights into how multinational organizations navigate risks such as tax evasion, money laundering, and compliance gaps.In conclusion, the study emphasizes the need for enhanced international collaboration, standardized regulatory frameworks, and strategic integration of technology to improve the effectiveness of cross-border financial control. The findings offer valuable recommendations for policymakers, financial institutions, and corporate managers to address the growing complexity of financial oversight in an increasingly interconnected world.

Suggested Citation

  • Mihaela-Iuliana Dumitru & Consuela Dicu, 2024. "Cross-Border Challenges Of Financial Control: An International Perspective," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 23(3), pages 53-64.
    • Handle: RePEc:pts:journl:y:2024:i::p3:53-64
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    References listed on IDEAS

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    1. Granlund, Markus, 2011. "Extending AIS research to management accounting and control issues: A research note," International Journal of Accounting Information Systems, Elsevier, vol. 12(1), pages 3-19.
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    Keywords

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    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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