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.
TEXTILE FINISHING AND DYEING COMPANIES SHOULD BE WARY OF UNUSUAL PRICING, LEST IT INDICATES TRADE-BASED MONEY LAUNDERING
CHEMICAL-based industries such as textile dyeing and finishing need to take care that trades involving products they make, have sold or are bought, are not being abused by money launderers to transfer the value of illicit proceeds across the world.
That is the message of the owner and operator of a specialist database that tracks the risk of products of any kind being exported and imported for the purposes of trade-based money laundering (TBML).…
CALL FOR AUDITORS TO GAIN ‘REASONABLE ASSURANCE’ ON FRAUD
The UK’s Financial Reporting Council (FRC) is proposing a revision to Britain and Ireland’s auditing standards to require auditors “to obtain reasonable assurance” that a client’s financial statements “are free from material misstatement due to fraud”. The proposals to revamp the 16-year-old International Standard on Auditing (UK) (ISA (UK) 240, from December 15, 2021, would also beef up professional scepticism requirements so that audits are not biased towards obtaining corroborative facts and exclude contradictory evidence.…
CAN MAKERS MUST TAKE CARE WHEN NAVIGATING THE COMPLEX WORLD OF LABELLING REGULATORY COMPLIANCE
IT goes without saying that can manufacturers and fillers have to comply with regulatory controls specifying how they make and fill cans, but maybe the biggest compliance challenge for the industry is following the world’s multifarious rules on food labelling.
Canners and fillers with contracts to supply labelled cans have to take special care given these labelling rules do not just vary from jurisdiction to jurisdiction, (or even within jurisdictions), these regulations are a very dynamic topic – they change, often. …
ASIA PACIFIC PAINT AND COATINGS REGULATORY ROUNDUP – CHINA RELEASES ANTI-VIRAL/BACTERIAL COATINGS STANDARD
THE CHINA Coatings Industry Association on September 14 published a draft standard for the manufacture and sale of antibacterial and anti-viral coatings – a key growth segment during the Covid-19 pandemic. The draft specifies the terms, definitions, requirements, test methods, inspection rules, labelling, marking, packaging and storage of coating products with antibacterial and antiviral properties.…
INTERNATIONAL TECHNICAL UPDATE – IFRS FOUNDATION UNVEILS MECHANICS OF GLOBAL SUSTAINABILITY REPORTING SYSTEM
The IFRS Foundation has released a consultation paper detailing a possible governance structure for a Sustainability Standards Board charged with creating global rules on environmental reporting. The paper says that an independent standard-setting board of experts would be governed and overseen by global trustees, themselves accountable to the IFRS Foundation Monitoring Board.…
COVID-19 HELPS RISK CONSULTANCIES PERSUADE CLIENTS TO PREPARE FOR THE UNCERTAIN, SAYS MAURITIUS BUSINESS AND AUDIT ADVISOR
Covid-19 has ripped through the economy of the Indian Ocean country Mauritius, but it has helped island business advisory agency managing director Sheila Ujoodha make her case to clients that risk assessments and contingency planning are important.
The owner of SmarTree Consulting (SCL) since she created the company in 2018, Ujoodha is busy suggesting how businesses can cope with the pandemic, through its services of internal audit, risk assessment and regulatory consulting.…
ECHA PROPOSES TEXTILE FINISHING SENSITIVITY RULES
THE EUROPEAN Chemical Agency’s (ECHA) committee for socio-economic analysis (SEAC) has backed a proposal from France and Sweden to restrict across the European Union (EU) skin sensitising substances in clothing and other textile products with potential skin contact. If adopted by the European Commission, the restriction would, said an ECHA note: “Prevent many people from developing new skin allergies while also relieving the symptoms of many of those who already have them”.…
EUROPEAN COMMISSION ANNOUNCES UPCOMING FRESH CHEMICAL CONTROLS FOR TEXTILE PRODUCTS
TEXTILE finishers and their suppliers working in the European Union (EU) are to face increasing controls over their use of potentially toxic chemicals under a new policy paper released on October 14 by the European Commission.
This ‘Chemicals Strategy for Sustainability Towards a Toxic-Free Environment’ flags three important changes that the EU executive intends to make to European chemical legislation that will impact the textile sector.…
COVID-19 SOFTENS BUSINESSES UP FOR MAFIA ML EXPLOITATION
The Covid-19 crisis has had many negative impacts, and one has been the undermining of legitimate businesses. In countries with strong organised crime traditions, this has meant more opportunities for money launderers to subvert hard-pressed entrepreneurs or take them over, to use their businesses as fronts for cleaning criminal proceeds. …
DEUTSCHE BANK AMERICAN ARM PAYS PENALTIES TO OFAC FOR HANDLING PAYMENTS BREACHING CRIMEA-LINKED USA SANCTIONS
THE USA’S Office of Foreign Assets Control (OFAC) has settled two cases involving Deutsche Bank Trust Company Americas, accused of breaching US sanctions designed to impede companies and individuals aiding Russia’s contested annexation of Crimea from Ukraine.
DB has agreed to pay USD425,600 and USD157,000 to the US Treasury to settle these cases, where OFAC found the German bank had not deliberately sought to flout these financial controls, but failed to apply correct legally-mandated due diligence.…