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Cryptocurrency innovation is moving fast, with AML/CFT-oriented financial institutions and law enforcement struggling to keep up as criminals exploit the system through newer technology such as decentralised finance and anonymous privacy coins.

The use of cryptocurrencies is surging, and is increasingly being adopted in more, often unregulated, markets.…

The huge offshore finance leak unveiled yesterday (October 3) by the International Consortium of Investigative Journalists (ICIJ) and its media partners has highlighted the pressures AML reporters face in complying with increasingly tough beneficial ownership transparency laws.

Reports generated from 2.94 terabytes of data within 12 million documents leaked to the ICIJ from the confidential records of 14 offshore service providers have been analysed by 600 journalists from 150 media outlets in 117 countries.…

AS the European Union (EU) debates the proposed creation of a supra-national EU Anti-Money Laundering Authority (AMLA) and associated reforms to EU AML/CFT law, it must take privacy concerns into account, the European Data Protection Supervisor (EDPS) has argued.

In a comprehensive and detailed comment on the proposed new EU AML/CFT regulation and directive, the EDPS, an EU agency with powers to regulate the EU general data protection regulation, has said it supports these proposed laws’ embrace of the risk-based approach, which implies measures “as effective as possible and as less intrusive as possible”.…

The Covid-19 pandemic has delivered experience about how an external crisis – in this case health – that forces AML officers to work at home, poses challenges in maintaining professional excellence. According to the Bank for International Settlements’ Financial Stability Institute an estimated 300 million office workers worked from home in May 2020, including 90% of banking and insurance workers.…

INTRODUCTION

The concept of bespoke tailoring and couture has long been regarded as the apex of clothing and textile making, given that it matches a garment closely to its wearer and intended use. Until now, such personal apparel has inevitably been expensive, given runs are individualised – indeed, bespoke has been the antithesis of mass-produced fast fashion.…

INTRODUCTION

While debates continue over whether Aristotle actually said ‘The whole is greater than the sum of its parts’, the concept that a system can deliver more impact than each element of its technology acting alone is well established in the textile sector.…

INTRODUCTION

Financial crime is a minefield for the international textile and clothing industry. With extended international supply chains extending into jurisdictions where the rule of law and a reliable independent judiciary may have a weak hold, if they exist at all, textile and clothing brands and manufacturers must take care.…

There is much about the world of blockchain and cryptocurrencies that may seem obscure to the uninitiated, but the recent growth in the market for non-fungible tokens (NFTs) in particular has perplexed many onlookers: Why, for example, would anyone spend USD69 million on a jpeg collage featuring, among other artworks, an image of Tom Hanks beating up an anthropomorphic coronavirus?…

European and US interest in carbon capture and storage/sequestration (CCS) and carbon capture utilisation and storage (CCUS) is continuing to surge as governments make ever more ambitious climate change commitments.

In tandem with improvements in technology mean capturing carbon dioxide (CO₂) emitted from industrial processes, power generation or directly from the air, and either storing or using it, CCS/CCUS is no longer viewed as a marginal solution with limited applications. …

London and New York-based WPP, the world’s largest advertising group, has agreed to pay USD19.2 million to resolve charges laid by the USA’s Securities & Exchange Commission that it breached the US Foreign Corrupt Practices Act (FCPA). The SEC alleged WPP allowed overseas subsidiaries to bribe clients and breach accounting controls.…