Abstract
The traditional shadow economy commonly associated with subsistence and rural economies has expanded into the sphere of trans urban-rural digital economy in recent years. This is made easier through the rise of development and usage of the Internet of Things (IoT) as well as other digital platforms. While governments and compliance experts in South Asia are still tackling a massive traditional shadow economy through anti-money laundering efforts, the rise of digital economy and commercial activities it encompasses complicates the efficiency and usage of traditional compliance mechanisms. These include a series of online peer-to-peer (P2P) trading and new remittance establishments under block chain technology as well as online worlds – where money launderers have found ways to capitalize on them away from traditional governance. This paper seeks to discuss and explore the viable options for South Asian policy makers in resource-pooling and norm setting, from neo-institutional perspectives, against an increasingly internationally connected digital shadow economy.
Digital Media
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