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.
EUROPEAN PARLIAMENT WANTS 5% BO OWNERSHIP THRESHOLD IN NEW EU AML REGIME
Detailed negotiations over the final texts of the planned comprehensive reforms to the European Union (EU) AML/CFT regime are about to begin, with the European Parliament setting out what changes it wants flowing from this legislative package. That includes that football (soccer) clubs, agents and federations be subject to AML obligations; that additional checks for politically-exposed persons (PEPs) by extended to heads of regional and local authorities, and PEP siblings; that extended due diligence is always undertaken for high net worth individuals (their minimum wealth is not defined in the amendments); that the threshold for beneficial owner declarations be lowered to individuals holding 5% or more of voting equity; that BO rules should insist that the beneficial owners of real estate held by offshore corporates be disclosed; and cash transactions over EUR5,000 should be banned – up from the current EUR10,000.…
EUROPEAN BANKING AUTHORITY PUSHES AGAINST UNFAIR DERISKING OF NON-PROFITS IN TROUBLE ZONES
The European Banking Authority (EBA) has released formal guidance to European Union (EU) banking regulators, requesting the unfair removal of access of non-profits to financial services over association with a high-risk jurisdiction. Rather, said the EBA, EU regulators should insist local banks carefully assess the ML/TF risk posed by specific non-profits.…
CYPRUS SEEKS TO SHED REPUTATION AS SUNNY HOME FOR RUSSIAN DIRTY MONEY
Russia’s invasion of Ukraine has given the Cypriot government an additional incentive to remedy its past reputation as a haven for Russian money of questionable provenance. As the war launched by President Vladimir Putin has as of March 27 caused 8,401 civilian casualties, according to UN figures, the internationally recognised government of Cyprus, which still controls just the southern two-thirds of its island (the north being run by the breakaway Turkish Republic of Northern Cyprus), has launched some significant AML/CFT reforms.…
SCREENING OUT BAD HATS FORM CLIENT LISTS MAKES COMMERCIAL SENSE TO OBLIGED ENTITIES
AML is expensive, and for obliged entities, the cost increases the more suspicious transactions they must assess and process. So, it is far better for them to prevent – where possible – a potential money launderer from opening an account with them in the first place.…
SOUTHERN EUROPE IS HEART OF EUROPEAN DIGITIAL TEXTILE PRINTING EXPANSION
Southern Europe has always been a key region for creative textile and clothing development and so it is no surprise that local companies have been enthusiastic adopters of digital textile printing, given the flexibility, speed and sustainability that these systems offer.…
NORTH AFRICAN COUNTRIES STRUGGLE TO BOOST LOCAL DAIRY PRODUCTION
Egypt’s buoyant dairy market is riding on the back of the country’s high population growth, but inflation and the depreciation of the currency is keeping this growth in sales in check and may depress earlier positive forecasts. The Egyptian dairy market’s value was forecast to be USD5.06 billion in 2023, with annual growth of 4.37%, according to figures from Germany-based statistical service Statista (1) released in Marh (2023).…
DEPOSIT RETURN SYSTEMS KEY TO BOOSTING RECYCABILITY, SAY EUROPEAN CAN EXPERTS
Deposit return systems (DRS) promoted by European Union (EU) regulation are the best way to help EU can manufacturers achieve high recycling and collection of quality materials, EU (European Union) can sector experts told the March 28-30 Packaging Waste and Sustainability Forum, in Brussels. …
IRELAND’S HIGH WINDS FUEL EXPANDING RENEWABLES SECTOR – BUT WITH TEETHING TROUBLES
The high winds buffeting Ireland, blowing in from the Atlantic Ocean, are providing the island country with a solution to ease its reputation as a laggard in climate action policies required by international agreement and European Union (EU) politics. (1) .…
BLACK SUB-SAHARAN STUDENTS TRY TO FLEE TUNISIA AFTER WAVE OF MASS ARRESTS AND VIOLENCE
Students from sub-Saharan African countries are warning they are ready to abandon degree courses in Tunisian universities and colleges, fleeing this north African country in the wake of mass arrests of compatriots and racial violence this month.
Christian Kwongang, president of the Tunisian Association of Sub-Saharan Students (Association des Étudiants et Stagiaires Africains en Tunisie – AESAT) said that as of March 7, at least 400 sub-Saharan African students had been arrested in immigration sweeps by police, and there had been more than 30 racially motivated physical attacks by the against black African students over the past year.…
CANADA’S DEVELOPMENT OF CRITICAL EV MINERALS MAY BOOST HOPES FOR MORE EV ASSEMBLY PLANTS
The Canadian and Ontario governments are proactively pushing the development of critical mineral production needed to fuel electric vehicle (EV) batteries, looking to leverage Canada’s vast mineral wealth in building a domestic EV sector.
The federal government in Ottawa released a Canadian Critical Minerals Strategy in December (2022) (1).…