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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.

PHILIPPINES GOVERNMENT LAUNCHES INNOVATION DRIVE TO COMMERCIALISE TROPICAL INDIGENOUS TEXTILE SECTOR



THE PHILIPPINES government hopes to jumpstart its tropical indigenous textile sector through more innovation, but the country’s exporters say significant work needs to be done to score export orders. The Department of Science and Technology-Philippine Textile Research Institute (DOST-PTRI) last November (2019) inaugurated a Regional Yarn Production and Innovation Center (RYPIC) in Miagao, Iloilo, Panay island, which now produces crafted yarns from blends of natural local textile fibres – culled from abacá, banana and pineapple leaf – combined with cotton.…

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CORONAVIRUS SLOWS ITALY’S IMPORTANT TEXTILE SECTOR



Italy’s textile sector is running at reduced capacity due to the tougher health protocols that have been put in place to protect workers from Covid-19 contamination, the president of Confindustria Toscana Nord, Andrea Cavicchi, told WTiN.com.

All textiles mills in manufacturing centre Prato were operational following the March 12 decree, which shuttered until March 25 much commercial activity across the country, including clothing stores, allowing manufacturing activities to continue only if companies respected stricter health protocols aimed at mitigating the spread of the infectious disease.…

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INNOVATIVE TEXTILES DELIVERING LIGHTWEIGHTING AND NEW FUNCTIONALITY FOR AUTO DESIGNERS



Innovative textile materials are proving to be a game changer in the auto industry’s drive towards sustainability, electric transmission and autonomy. Experts have noted how the amount of textiles used in the automotive sector have been growing and will continue to do so: up from 20kg in a mid-size car on average in the year 2000 to 26kg in 2020, said the chair of a ‘Textile Opportunities in a Changing Automotive Industry’ conference, held in Birmingham, England, at the Jaguar Experience centre.…

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TRADE DATA ANALYSIS INDICATES WIDE SCOPE FOR TRADE-BASED MONEY LAUNDERING MAY INVOLVE THE SHIFT OF BILLIONS OF DOLLARS IN VALUE



GIVEN the hundreds of billions of dollars spent by banks on fighting money laundering, fears that trade-based money laundering (TBML) remains widespread, as stressed by FATF, the APG (http://www.fatf-gafi.org/publications/methodsandtrends/documents/trade-basedmoneylaunderingtypologies.html), and most recently, the European Commission (https://ec.europa.eu/info/sites/info/files/supranational_risk_assessment_of_the_money_laundering_and_terrorist_financing_risks_affecting_the_union_-_annex.pdf), are of serous concern. The World Trade Organisation (WTO) said that in 2018, global merchandise exports were worth USD19.48 trillion, so there is plenty of place for laundered money to hide.…

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SERBIA'S MAKES INCONSISTENT PROGRESS IN ANTI-MONEY LAUNDERING AFTER COMING OFF FATF'S GREY LIST



DURING the Yugoslav wars and their aftermath, the government of Serbia President Slobodan Milošević, and his family, were accused of laundering millions of dollars from Serbia, notably to Cyprus – see https://www.tax-news.com/news/Cyprus_Traces_Two_Accounts_Linked_To_Milosevics_Alleged_Money_Laundering_Activities____3063.html. Today, 20 years after the fall from power of the man held responsible for whipping up the nationalism that broke up Yugoslavia, Serbia’s AML/CFT affairs are more prosaic.…

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TOP 10 MONEY LAUNDERING CASES



  • 1MDB SCANDAL IN MALAYSIA SEES USD BILLIONS STOLEN AND HIDDEN

 

Malaysia 1MDB scandal is one of the largest money laundering cases ever, worldwide, with Malaysian courts considering charges over how at least USD4.5 billion was stolen and then spent or laundered from Malaysian sovereign wealth fund 1Malaysia Development Berhad by former Prime Minister Najib Razak and his associates.…

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NEPAL GOVERNMENT OFFICIALS HOPE AML/CFT REFORMS OF PAST DECADE WILL PROMPT POSITIVE APG REPORT IN UPCOMIGN REVIEW



ANTI-money laundering authorities in Nepal hope an upcoming 2020-21 review by the Asia/Pacific Group on Money Laundering (APG) will conclude this Himalayan state is at least largely compliant with all FATF recommendations and special recommendations, although experts admit the review will be tough.…

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LEBANON’S POLTICAL UNREST HAS BEEN PROMOTING MAJOR MONEY LAUNDERING



The large-scale civil protests that erupted across Lebanon in October 2019, and which continue today, have promoted large scale money laundering thought concerted and often successful attempts to avoid capital controls imposed by Lebanese banks to head off failure. Billions of dollars have flown out of the country, the Banque du Liban, the central bank, has warned, while Lebanese consumers have frantically withdrawn deposits as the Lebanese Pound LBP) has devalued against the US dollar – in October it was officially pegged to the US dollar at LBP1,507 and began to trade above that rate after the protests began, reaching LBP2,700 to the USD in March 2020.…

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ITALIAN CLOTHING MANUFACTURERS FACE SHORT-TERM DISRUPTION AND MEDIUM-TERM SALES OVER COVID-19



WHILE clothing manufacturers within Italy have not been told to close outright in the country’s bid to fight the Covid-19 virus, many have been subject to major disruption during this health emergency. A drop in demand for clothing and textiles in China and the cancellation of fairs and missions both abroad and in Italy have hit brands hard, with events being called off and many catwalk shows at Milan Fashion Week (18-24 Feb 2020) having taken place behind closed doors as the virus outbreak gathered strength.…

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AML/CFT HIGHER LEARNING AND TRAINING STILL DEVELOPING AND MERGING - INTERNATIONALLY ACCEPTED MODELS YET TO COALESCE



ANTI-money laundering maybe a career that financial and legal professionals increasingly follow, but the training and qualification structure for AML/CFT is still emerging and solidifying, and there are doubts whether it will ever coalesce into a formal global structure, akin to FATF recommendations.…

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