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The United States Department of Justice’s top priority for corporate criminal enforcement will be “going after individuals who commit and profit from corporate crime,” Deputy Attorney General Lisa O. Monaco announced in a policy statement made September 15 (1). “Whether wrongdoers are on the trading floor or in the C-suite, we will hold those who break the law accountable, regardless of their position, status, or seniority,” Monaco said unveiling new DoJ law enforcement priorities (2).…

Pakistan’s clothing and textile industry fears that the value of its exports may tumble at least 30%, after the recent floods wiped out much of the country’s usually plentiful cotton crop. To keep running, the sector is looking for strategies to buy cheaper cotton abroad and is asking for government aid to finance this task.…

India’s nascent wine market is dominated by domestic brands trying to overcome low awareness about wine among Indian consumers, while dealing with high taxation and cumbersome trading regulations. However, these wine companies are confident of achieving high sales growth in the short and medium term, with market projections looking healthy, even if they vary widely.…

The benefits to knitwear manufacturers of investing in sophisticated machinery and software may be undeniable, but when an industry can call on a large pool of cheap human labour, companies need to see clear financial benefits from acquiring such tech.

This dilemma is particularly stark in south Asia textile and clothing outsourcing centres, where labour can be particularly low cost.…

The Chinese are eating more cheese than ever.

China’s cheese market size reached Chinese Yuan Renminbi CNY/RMB6.32 billion in 2020 and is expected to grow at a CAGR of more than 8% during 2020-2025, according to a 2022 report from GlobalData, the market researcher that owns Just Food.…

Anti-fraud managers see the same old tricks and swindles repeatedly, even if repackaged and more digitalised than in the past. But why do people keep falling for well-worn scams?

To some extent it is that there are more fraud attempts targeting more people, who lack experience of such deception.…

Russian oligarchs are increasingly using cryptocurrency to evade sanctions, according to a leading cybercrime investigation firm whose blockchain analysts have probed the financial interests of recently targeted Russian nationals. Rich Sanders, co-founder of cybercrime investigations firm CipherBlade, spoke to the Organised Crime and Corruption Reporting Project (OCCRP) (1) on the increased use of cryptocurrency to circumvent sanctions as well as the techniques being used.…

Control measures used by retailers to combat fraud can deter consumer sales – a challenge for a sector that has seen a huge shift towards e-commerce because of the Covid-19 pandemic. Christian Beckner, VP of retail technology and cybersecurity at the USA’s National Retail Federation (NRF) told Fraud Intelligence that retailers faced “a lot of trade-offs” between preventing fraud and “creating friction in the customer experience”.…

Former US President Donald Trump has been sued by the attorney general of New York over claims he and his children made false statements inflating their apparent wealth to secure millions of dollars in loans, reduced interest payments, insurance coverage tax breaks and other benefits.…

Fraud under the UK Bounce Back Loan Scheme brought in to support businesses during the Covid-19 pandemic with lending being 100% underwritten by the government hit GBP1.5 billion (USD1.7 billion) on July 31, official data has revealed. Of this, GBP1.1 billion (USD1.3 billion) has been flagged as suspected fraud and an additional GBP408.7 million (USD468.4 million) are fraud losses already claimed from the state as guarantor, said a UK government September 5 statement (1): “Checks were put in place from the outset to reduce the risk of fraudulent applications being successful,” the statement argued, to head off inevitable criticism about weak controls.…