Overview 

Since World War II, the global financial system – anchored by the US Dollar and Western financial institutions – has supported global trade, economic growth, and financial inclusion. Yet its openness has also been exploited by malign actors, while its unipolar structure has enabled powerful states to exert influence through tools like financial sanctions. Today, as regulatory pressures mount and nations seek greater independence, alternative financial systems (AFS) – such as central bank digital currencies, stablecoins, and new clearing mechanisms – are gaining momentum. This SIFMANet workshop will explore the drivers behind the rise of AFS, the implications for global financial stability and security, and the challenges and opportunities they present for policymakers, regulators, and financial institutions. 

Workshop Structure 

This SIFMANet workshop is intended to set the agenda for further and more detailed studies into specific elements of the development of – and response to – AFS, over the coming months. It will be divided as follows: 

  • Review developments and identify the different motivations behind the emergence of AFS. 
  • Consider ways in which malign states are developing AFS to blunt the hegemony of the Western-dominated legacy financial system. 
  • Consider ways in which kleptocrats, the corrupt and criminals are adapting their modi operandi in response to the tightening controls within the legacy financial system. 
  • Consider ways in which countries that have been ‘de-risked’ from the legacy financial system are responding to this threat to their economic security. 

Lunch will be provided.  

Joining Instructions and Attribution 

Please register your interest for this event and apply using your work or organsiation email where possible. 

This is an in-person only event, taking place at RUSI, 61 Whitehall, London, SW1A 2ET. Please note that places are limited. 

You will be notified by Wednesday, 11 June 2025 if you have been selected to participate; please do not contact us to check the status of your application before then.  

Please note that discussions will be held under the Chatham House Rule and will not be attributable to any individual. A post-workshop report will also be produced to summarise the key findings and insights.

If you have any questions, please email [email protected]   

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