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Search Results for: International business

10 results out of 9731 results found for 'International business'.

OECD TRANSFER PRICING CHIEF PREPARES TO ADVISE ACCOUNTANTS ON VALUING MNC FINANCIAL TRANSACTIONS

THERE are few more complex accounting issues than transfer pricing (TP), and as the world’s economy becomes more integrated and tax jurisdictions impact each other, experts such as the OECD’s Tomas Balco are increasingly in demand.

Heading the OECD’s transfer pricing unit in the organisation’s Centre for Tax Policy and Administration, Balco commands an almost encyclopaedic technical knowledge of tax.…

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TECHNICAL ROUND UP – BRAZIL TOLD TO SCRAP MANUFACTURING TAX BREAKS

*Brazil has been told to reform tax breaks given to Brazil-based manufacturers of automobiles and information technology products. The World Trade Organisation’s (WTO) appellate body has ruled that they break WTO rules on giving special tax favours to domestic producers over importers.…

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VIETNAM PUSHES FORWARD WITH NEW AML LAW AND ASSOCIATED IMPLEMENTATION GUIDANCE

FINANCIAL institutions and other anti-money laundering reporting sectors within Vietnam have had to grapple, since January 1, with a revised Penal Code, which has changed how money laundering is defined in criminal law.

In its 2018, International Narcotics Control Strategy Report (INCSR), the USA State Department notes that this “revises the money laundering offence and adds criminal liability for legal persons involved in money laundering.”…

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IRAN GIRDS ITSELF AGAINST RENEWED USA SANCTIONS, PLOTS EVASION

With the USA re-imposing sanctions on Iran, and international financial institutions wary of dealing with the country, Tehran is dusting off its pre-2015 sanctions-busting playbook. Old networks are being renewed, including with neighbouring countries and China, but there are more obstacles for the Iranian government to contend with this time around.…

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RUSSIA MONEY LAUNDERING CONVICTIONS OF CORRUPT OFFICIALS RISE – BUT ARE CASES POLITICAL?

THE ENFORCEMENT of Russian anti-money laundering laws is in the rise, although there are concerns that some AML cases have political motivations behind them, even if – ultimately – the evidence demonstrating ML offences took place stands up in court. Between 2012 and 2016, according to research of Russian press reports and official law enforcement agency statements, more than 30 Russian governors and state officials, former and serving, were accused of fraud or [and] corruption.…

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USA CANNABIS AML CONTROLS REMAIN IN ABEYANCE AS LEGALISATION GROWS

THE AMERICAN legal cannabis sector is growing fast and bringing with it a complex and often confusing anti-money laundering compliance system, whose efficient operation is hindered by sometimes contradictory state and federal AML laws and regulations.

As of this November, writing, some 33 US states (including California, the most populous state – of 39.5 million out of the USA’s 325 million) have passed laws allowing for some degree of recreational or medical marijuana legalisation, with 10 states legalising possession and sale without medical justification – Alaska, California, Nevada, Oregon, Washington, Colorado, Michigan, Vermont, Massachusetts and Maine, plus the District of Columbia.…

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BLOCKCHAIN AND AI OFFER EFFECTIVE AML/CFT SOLUTIONS, BUT TEETHING TROUBLES ABOUND

BLOCKCHAIN technology may be being examined hard by the anti-money laundering/combating the financing of terrorism (AML/CFT) sector, but AML/CFT experts warn against its swift widespread adoption, stressing that while regtech innovation is important, adopters must make sure it does not “compromise the safety and soundness of the financial eco system”.…

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LICIT ARMS TRADE LIGHTLY REGULATED BY AML RULES, DESPITE CONCERNS OVER UNETHICAL PRACTICES

The conventional arms trade has a reputation for using side payment sweeteners to secure multi-million dollar deals. But despite allegations of corruption in numerous jurisdictions, the legitimate arms trade is not on the Financial Action Task Force’s (FATF) radar. Should it be?…

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DUTCH CARIBBEAN UNDER SPOTLIGHT OVER MONEY LAUNDERING CONTROL WEAKNESSES

THE DUTCH Caribbean continues to have a weak reputation for fighting money laundering, and to a lesser extent terror financing, with the US 2017 International Narcotics Control Strategy Report (INCSR) highlighting weaknesses in its three autonomous jurisdictions. See https://www.state.gov/documents/organization/268024.pdf

Aruba, Curaçao and Sint Maarten are ‘countries’ within the Kingdom of the Netherlands, with their own prime ministers, while less populous islands Bonaire, St Eustatius (Statia) and Saba are municipalities, with fewer powers vested in their island councils, and the Dutch government being responsible for enforcing international anti-money laundering and combating the financing of terrorism (AML/CFT) norms.…

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INTERNATIONAL REGULATORY ROUND UP – CHINA KNITTED FABRIC EXPORTS HIT BY AMERICAN DUTIES

CHINESE exports of knitted fabrics have been hit by major USA duties in the latest round of tit-for-tat tariffs imposed in the countries’ ongoing trade war. China exported USD470 million’s worth of knitted and crocheted fabrics to the USA in 2017, according to international trade data.…

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