Digital Shield: Technology for Transparency and Anti-Evasion

Abstract

In the contemporary digital economy, technology has been identified to be instrumental in fostering transparency and preventing financial irregularities. Technology-driven transparency and financial evasion measures involve the application of advanced digital technologies like Artificial Intelligence (AI), block chain technology, big data analytics, cloud computing, and digital identity to monitor and enforce compliance in governance and financial systems. These technologies have been identified to be effective in preventing financial irregularities like tax evasion, financial fraud, and corruption in governance and financial systems. Moreover, data exchange mechanisms and digital governance have been identified to be effective in fostering regulatory efficiency and public trust in governance and financial systems. This paper examines the application of emerging technologies in fostering financial transparency and preventing financial irregularities like financial evasion. The study also examines the benefits, challenges, and implications of technology-driven governance mechanisms. The study found that technology-driven financial monitoring mechanisms have been effective in fostering financial transparency.