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On November 11 (2021), Indonesia’s National Ulema Council (MUI), the country’s top Muslim clerical body, ruled that “using” cryptocurrency is haram, due to its “uncertainty” and “potential for wagering and harm”. 

The ruling, which was not accompanied by any public clarification of MUI’s position on what constitutes “using” cryptocurrency, sent ripples through the Islamic world and reignited discussions about the role of the rapidly expanding digital assets sector in Sharia-compliant finance. …

BRITAIN’S halal food market maybe growing, but the UK’s withdrawal from the European Union (EU) in January 2020 has been impeding the sale, production and export of such products, and the regulatory headaches may get worse in future.

Speaking to Salaam Gateway, Rizvan Khalid, managing director, of Euro Quality Lambs, a major England-based producer and exporter of halal sheepmeat, said trade red tape imposed since the UK quit the EU has imposed GBP500,000 of annual regulatory costs on his business.…

The Bangladesh food industry is increasing its efforts to export halal foods to Muslim majority population countries. A senior government delegation is planning to visit Turkey and Indonesia this year to gather facts and advice on improving Bangladesh sales in these countries of halal food.…

THE USA is this year steadily installing new AML/CFT controls under a new ‘Anti-Money Laundering Act’ (AMLA) passed by Congress in January, the dying days of the administration of former President Donald Trump, overriding his veto of this long-debated reform.

This legislation is substantial.…

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.…

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.…

Australia’s development of biofuel and bioenergy production and consumption has been hampered by the Covid-19 pandemic and some diversion of effort into researching and manufacturing renewable hydrogen in the past few years. However, this is about to change with the Australian government working on a Bioenergy Roadmap, which, as Petroleum Review went to press, was about to be released.…

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.…

The question of how to deliver human rights and self-determination to the Palestinians has been debated in many ways and forums, from the establishment of the State of Israel in 1948, through the Oslo Accords of 1993, until the present day.…

Madagascar’s textile and clothing sector is recovering from the heavy toll taken by the Covid-19 pandemic, initially causing the loss of 11,384 jobs according to government figures released in September 2020, reflecting a steep loss in output. According to Madagascar business association the Groupement des Entreprises Franches et Partenaires, this initially resulted in a drop of 47% in apparel turnover in an island nation whose economy was already under pressure before being hit by a Covid-19-led recession.…