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Public financing instruments play a vital role in supporting fiscal stability, yet the main problem lies in the lack of comprehensive evaluation frameworks that integrate legal risk with financial performance. Existing practices often focus on cost-based indicators, while critical factors such as legal certainty, contingent liabilities, and institutional capacity are not systematically analysed. The literature also shows a significant gap in identifying and prioritising these multidimensional criteria within a unified decision-making structure. This study aims to develop a robust model that evaluates public financing strategies by incorporating both financial and legal dimensions. To address this gap, a novel decision-making model is proposed by integrating CRITIC and RAWEC techniques with Fermatean fuzzy sets to better capture uncertainty in expert judgments. The findings indicate that corporate and administrative applicability and contingent liability risk are the most critical criteria, while public–private partnership-supported instruments are the most suitable strategies. The proposed model contributes to the literature by offering a more flexible and realistic analytical framework. It is recommended that policymakers prioritise risk sharing mechanisms and strengthen institutional capacity for more sustainable financing decisions.

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Cryptocurrency adoption in Latin America has accelerated in recent years. Given that Colombia ranks second in the region in terms of transaction value received between 2023 and 2025, this study explores the drivers of total cryptocurrency transaction volume and how effective anti-money laundering (AML) policies in Colombia are under institutional weakness conditions. Using a heteroskedasticity- and autocorrelation consistent generalised method of moments (HAC‑GMM) framework on quarterly time series data (2019–2024), the study models the short- and long-run elasticities of cryptocurrency transaction volume (VTCI). Instead of measuring isolated illicit flows, VTCI serves as a proxy for total market exposure, which reflects the financial institutions’ capacity to absorb and obfuscate illicit capital. The empirical results show that institutional quality, measured by control of corruption (CC) and the rule of law (ROL), is the main deterrent for the use of Digital assets for capital diversion. Nevertheless, while state enforcement (lnAML) exerts a significant deterrent effect, its capacity is partially limited by macroeconomic growth (GDPG) and global cryptocurrency adoption (CADOP). Hansen’s J-test (p = 0.5018) and relevant diagnostics confirm the validity of the instruments. Considering the Colombian sociopolitical and economic conditions marked by a long history of civil war and drug trafficking, we conclude that Colombia requires structural institutional reinforcement for effective AML governance rather than reactive judicial tracking.

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