It’s important to keep in mind that while money laundering is typically carried out by profit-seeking criminals who take advantage of complex financial transactions to hide their illegal activities, GoF research is not driven by financial gain. Therefore, we need to consider the unique nature of GoF research when assessing the need for regulation.
It’s not just a matter of how much regulation is in place, but also about finding a balance between the pressures to engage in the research and a regulatory framework that effectively manages any potential risks. If there’s an inadequate regulatory apparatus in place relative to the pressures to participate, then the field is “underregulated.” Conversely, if there’s too much regulation, the field may be at risk of becoming “overregulated.”
Given the significant risks associated with GoF research, it requires a high level of regulation compared to other public service research areas that have similarly limited pressures to participate. However, because profit is not a driving force, the field can only tolerate a certain amount of regulation before participation becomes difficult.
Rather than focusing on increasing regulation dramatically or maintaining the status quo, we should look to refine and improve regulation for GoF research. While some scope exists to tighten regulations, excessive regulation could stifle the field altogether, which may or may not be desirable. If we wish the field to continue while enhancing the risk-benefit ratio, our focus should be on regulating the field proportionately to the pressures to participate.
It’s time to shift the discussion from “how regulated is the field” to “how regulated is the field relative to the pressures to participate.” By doing so, we can strike a balance between promoting the field’s progress and ensuring appropriate risk management.
It’s important to keep in mind that while money laundering is typically carried out by profit-seeking criminals who take advantage of complex financial transactions to hide their illegal activities, GoF research is not driven by financial gain. Therefore, we need to consider the unique nature of GoF research when assessing the need for regulation.
It’s not just a matter of how much regulation is in place, but also about finding a balance between the pressures to engage in the research and a regulatory framework that effectively manages any potential risks. If there’s an inadequate regulatory apparatus in place relative to the pressures to participate, then the field is “underregulated.” Conversely, if there’s too much regulation, the field may be at risk of becoming “overregulated.”
Given the significant risks associated with GoF research, it requires a high level of regulation compared to other public service research areas that have similarly limited pressures to participate. However, because profit is not a driving force, the field can only tolerate a certain amount of regulation before participation becomes difficult.
Rather than focusing on increasing regulation dramatically or maintaining the status quo, we should look to refine and improve regulation for GoF research. While some scope exists to tighten regulations, excessive regulation could stifle the field altogether, which may or may not be desirable. If we wish the field to continue while enhancing the risk-benefit ratio, our focus should be on regulating the field proportionately to the pressures to participate.
It’s time to shift the discussion from “how regulated is the field” to “how regulated is the field relative to the pressures to participate.” By doing so, we can strike a balance between promoting the field’s progress and ensuring appropriate risk management.