Archive
International News Services archives articles supplied to clients one year or more after initial publication. These articles are protected by a password and not made available to readers without permission from clients. They are used as a background resource by agency journalists. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.
THE GREAT LAKES REGION IS SEIVE OF DIRTY MONEY GENERATED BY CRIMNAL GROUPS
The Great Lakes region in cenztral and eastern Africa is exceedingly resource rich, and being beset by instability and conflict, it is highly attractive for illicit trade and financial crime fuelling money laundering. A new European Union (EU) Great Lakes Strategy is trying to promote the rule of law in the region – notably Rwanda, Burundi, Uganda and the eastern provinces of the Democratic Republic of Congo (DRC) – but faces major challenges.…
RUSSIA SANCTIONS ARE UNPRECEDENTED – BUT SO IS THE LEVEL OF EVASION
The invasion of Ukraine by Russia has sparked an unprecedented level of international sanctions. However, it has also caused an unprecedented wave of sanctions evasion.
June’s (2023) plenary of the Financial Action Task Force (FATF) had a clear message for the global anti-money laundering community, which includes organisations fighting sanctions evasion: “FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system.”…
BEYOND COMPLIANCE: ELEVATING PACKAGING STANDARDS WITH INSPECTION AND DETECTION
With packaging manufacturers facing increasingly tight regulatory and industry standards, the role of inspection and detection technologies to ensure packaging meets industry requirements is becoming ever more important.
Different products have to adhere to different standards – for example, the International Featured Standard (IFS), a Global Food Safety Initiative (GFSI) benchmarked standard, applies to food packaging; packaging for pharmaceuticals and veterinary products has to conform to nationally-set pharmacopoeia standards and World Health Organisation guidelines (1); and cosmetics packaging must conform to specific ISO (International Organization for Standardization) standards (2); and, in the European Union (EU), rules set out in the EU Cosmetics Regulation (3).…
BRITISH PAINT AND COATINGS INDUSTRY MULLS SUSTAINABLE FUTURE AS UK REACH STILL UNDER DEVELOPMENT
The push to secure a better environment is at the forefront of the UK paint and coating sector’s current growth trajectory. From groundbreaking innovations that incorporate plastic waste into coating products, to new ways of minimising paint waste and creating aesthetics, the industry is taking sustainability seriously.…
FATF CALLS FOR TIGHTER TF CONTROLS FOLLOWING HAMAS ATTACK ON ISRAEL
With weaknesses in terror finance controls exposed by Hamas’ bloody attack on Israel, killing more than 1,400 people (UN reports), and sparking deadly military reprisals in Gaza, the Financial Action Task Force (FATF) has proposed a range of CFT reforms (1).…
USING AI TO DETECT AND FIGHT TRADE-BASED-MONEY LAUNDERING USING AI TO DETECT AND FIGHT TRADE-BASED-MONEY LAUNDERING
As artificial intelligence (AI) systems advance, detection of trade-based-money laundering (TBML) should improve, but there are major drawbacks to widespread implementation, notably though a dearth of available trade data, and poor statistical harmonisation worldwide. Paul Cochrane reports.
Artificial intelligence (AI) and machine-based learning has been used for the past decade by financial institutions to sift through vast amounts of data to spot anomalies as well as verify information.…
AML FINES RISE – BUT HOW EFFECTIVE ARE THEY?
Anti-money laundering fines worldwide are expanding fast, say researchers, but assessments of whether this reduces and deters money laundering or just feed government coffers are not yet conclusive. According to Ireland-based international compliance firm Fenergo, AML/CFT fines worldwide – levied on organisations failing to operate legally mandated AML/CFT controls – increased 52% year-on-year in 2022, totalling USD4.1 billion, compared to USD2.7 billion in 2021.…
AUSTRALIAN POLICE BUST ML RING HIDING IN PLAIN SIGHT WITHIN CHINESE CURRENCY EXCHANGE
The Australian Federal Police (AFP) has led a major operation to take down a Chinese-organised ML syndicate, which the AFP alleges laundered Australian dollars AUD228.8 million (USD145 million) between 2020 and 2023. It had been hiding in plain sight within a Chinese currency exchange, alleges the AFP.…
INEFFECTIVE ‘ANTI-HARASSMENT COMMITTEES’ AFFECT BANGLADESH’S FEMALE GARMENT WORKERS
Anti-harassment committees in Bangladesh’s apparel industry charged with helping female workers avoid and prevent unwanted attention and approaches from male colleagues and managers rare failing to carry out their responsibilities, a recent study for the Bangladesh Institute of Labour Studies (BILS) has claimed.…
FASHION RETAIL FLOURISHES IN UKRAINE DESPITE RUSSIAN MILITARY AGGRESSION
…In the aftermath of Russia’s invasion of Ukraine, which has forced 6.2 million people from the country (UN figures) (1) and caused more than USD151 billion in infrastructure damage, says the Kiev Schol of Economics (2), Ukraine’s fashion retail market has been transformed.