Economic growth process is explained by many scientists in order to materialize a cherished objective of economic growth across the globe. In the current study, convergence among developed, developing and emerging countries has been estimated. Convergence process was estimated by employing sigma, beta and omega techniques. Analysis was done for three time periods i.e. from 1980 to 2018, from 1980 to 2000 and from 2001 to 2018. Sigma and beta analysis for the period from 1980 to 2000 showed divergence among countries however there are difference among developed, developing and economies Omega analysis showed divergence of developed countries and convergence among developing and emerging countries. Last analysis from 2001 to 2018 showed convergence among countries. The results are consistent with the adoption of information technology. Therefore, fast spillover effects of information technology help the countries in convergence process and make this world a global village.

The counter-terrorist financing (CFT) and the anti-money laundering (AML) regime is one of the broadest systems of global regulatory governance which integrates commitments in the form of binding treaties, soft law standards, and transnational networks of enforcement. This paper follows its development since the disjointed structure of the 1980s to the modern day issues of digital finance. It shows that AML/CFT governance is a hybrid order, which combines hierarchical treaties, FATF soft law, regulatory networks, and reputational incentives, through doctrinal analysis of the Vienna Convention (1988), Palermo Convention (2000), UNCAC (2003), and the International Convention of the Suppression of the Financing of Terrorism (1999). Even though financial action taskforce (FATF) does not have a formal treaty power, it enjoys de facto normative power due to compliance pressures. Based on FATF mutual evaluation (2013-2024), the article identifies the continuous disparity between technical compliance and operational quality, especially in the developing states, and suggests a model of reform to reconcile the norm diffusion with the ability to substantially enforce the rules.