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AML EXPERTS GIVE SCEPTICAL WELCOME TO EU REFORM PACKAGE, STRESSING NEED FOR ROBUST IMPLEMENTATION
The comprehensive set of reforms to the European Union (EU) AML/CFT system the European Commission proposed July 20 through a package of four legislative initiatives (1) could eliminate weaknesses in the fight against dirty money, but success will still hinge on implementation in the member states, experts have argued.…
AML LAW ‘NOT GEARED UP’ FOR DECENTRALISED FINANCE
Decentralised finance – DeFi for short -is a growing variety of blockchain-based financial services, such as loans and insurance, that can operate without central control from an intermediary. While some say DeFi will democratise finance and liberate the under-banked, it is also an increasing area of interest for anti-money laundering (AML) authorities, who rely on the existence of intermediaries to enforce AML procedures.…
FATF CONSIDERS HOW TO IMPROVE EFFECTIVENESS WITHIN AML/CFT – BUT IS AML/CFT EFFECTIVE, PER SE?
While FATF’s mutual evaluation reports continue to show growing compliance with the organisation’s recommendations, concerns remain that the global AML/CFT system continues to fail in either preventing ML and TF or detecting and punishing such crimes after they are committed.
With FATF undertaking a strategic review since 2018, launched by the former China presidency and continued by the German presidency under Dr Marcus Pleyer, change in how the world fights ML and TF may emerge.…
CAMBODIA MINIMUM WAGE RAISE CONTROVERSIAL POST COVID-19
Cambodia’s raising of its minimum wage for garment workers up to USD194-per-month after Covid-19 delivered a turbulent year for this key outsourcing hub has raised concerns within the industry. Both unions and factory associations are groaning under pandemic-driven shortages, but the garment, footwear and travel goods sector will see their 2022 minimum wage increase by USD2 a month to USD194, after a vote from Cambodia’s National Minimum Wage Council in September.…
EL SALVADOR CLOTHING INDUSTRY BOSS PILOTS SALVADORAN TEXTILE AND CLOTHING INDUSTRY OUT OF COVID CRISIS
The executive director of the Chamber of the Textile and Apparel Industry, of El Salvador (CAMTEX – Cámara de la Industria Textil) has told Just Style how her manufacturing hub is seizing market opportunities growing as Covid-19 ebbs.
Patricia Figueroa, who has been in her job since 2015, also highlighted the challenges the Salvadoran clothing and textile industry will tackle in 2021-22, with CAMTEX’s help.…
DEFENCE AND SECURITY GRAFT A RISK IN 62% OF COUNTRIES
Nearly two-thirds of 86 countries assessed worldwide face a high to critical risk of corruption in their defence and security sectors, according to the 2020 Government Defence Integrity Index (GDI) (1) that the Transparency International defence and security programme published November 16.…
TECHNICAL ROUND UP – ISSB LAUNCHED AT COP26
THE INTERNATIONAL Sustainability Standards Board (ISSB) will start work in early 2022, based in Frankfurt, Germany, and Montréal, Canada, the IFRS Foundation Trustees have announced at the COP26 climate change meeting in Glasgow, Scotland. The trustees added that the new body would by next June (2022) incorporate the work of the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF), which itself includes the Integrated Reporting Framework and the Sustainability Accounting Standards Board (SASB).…
BENEFICIAL OWNERSHIP LEDGERS BEING CREATED – BUT NOT WITHOUT SERIOUS TEETHING TROUBLES
Britain’s open register of beneficial ownership was groundbreaking worldwide but its effectiveness as a bulwark against money laundering is being debated, even as both the European Union (EU) and the US move ahead at varying pace to replicate the system. The question of whether BO registers should be open or closed is one that is being discussed in countries around the world.…
INNOVATIVE ONLINE MERCEDES-BENZ FASHION WEEK ISTANBUL EXPANDS GLOBAL REACH OF TURKISH CLOTHING AND TEXTILE SECTOR
Istanbul is gearing up for its second fashion week of 2021, with the expectation of repeating the success of previous virtual events that reached some 25 million viewers worldwide.
With a physical Mercedes-Benz Istanbul Fashion Week (IFW) not feasible in 2020 due to the Covid-19 pandemic, the organisers pivoted to a virtual event.…
TURKISH CLOTHING AND TEXTILE SECTOR LOOKS TOWARDS A DIVERSIFIED CLIENT BASE AS COVID-19 EBBS
THE TURKISH apparel sector is capitalising on sourcing diversification and changes in retailers’ orders in the wake of the Covid-19 pandemic. Exports are up on last year, and the industry is laying the foundations for strong future demand as the sector expands.…