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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.

SLOVAKIA STRENGTHENS EFFORTS TO TACKLE MONEY LAUNDERING AND TERRORISM FINANCING – BUT WILL NEED TO FOCUS ON ENFORCEMENT



SLOVAKIA may have been facing European Commission legal action over foot-dragging in implementing European Union EU AML/CFT legislation and has been striving to improve its AML/CFT weaknesses, but its general reputation in combating money laundering is solid. The Basel Institute of Governance AML Index 2019 ranked this central European country 109 out of 125 countries assessed, with the highest number being the top performer.…

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FATF RAISES CONCERN OVER TURKISH FIU EFFECTIVENESS FOLLOWING 2016 COUP



THE FINANCIAL Action Task Force (FATF) has raised concerns about the effectiveness of the Turkey’s Financial Crimes Investigation Board (MASAK) given its involvement in a significant number of legal cases since the 2016 coup, which sparked a wave of government action against suspected or actual political opponents.…

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SA COATINGS SALES CONTINUE TO RISE – BUT INDUSTRY FEARS IMPACT OF WEAKNESS IN OVERALL ECONOMY



SALES within the South African home paint market are expected to reach USD416.6 million (South African Rand ZAR5.96 billion) in the year to December 2019, up from USD358 million (ZAR5.12 billion) in the previous year, but industry association officials fear this growth could be hit by South Africa’s weak general economy in the coming year.…

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FATF CALLS ON RUSSIA TO PRIORITISE COMPLEX ML CASES AND FIGHT AML AGENCY CORRUPTION



THE RUSSIAN government, while being praised for improving its AML/CFT efforts, has been asked by the Financial Action Task Force (FATF) to better probe complex ML cases and root corruption from banks and even AML institutions.

In its latest mutual evaluation report on Russia released today (December 17), FATF noted that “some parts of Russian law enforcement agencies have a corruption problem, including agencies charged with investigating ML” (although it did not name the tainted bodies).…

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EU MINISTERS GREENLIGHT COMMISSION TO DRAFT LAW CREATING NEW EU AML AUTHORITY



 

THE EUROPEAN Union (EU) Council of Ministers has invited the European Commission “to present legislative proposals” on creating an EU anti-money laundering/combating the financing of terrorism (AML/CFT) body and tightening the harmonisation of AML/CFT rules across the EU. A comprehensive policy document, signalling a likely shift in authority over AML/CFT powers from EU member states to central EU institutions, highlighted how a central EU AML institution might work.…

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CHINESE INVESTORS INTEREST IN PAKISTAN TEXTILE INDUSTRY GROWING



PAKISTAN’s clothing and textile sector hopes that 2020 will be a big year for Chinese investment – as Chinese companies look to move production to outsourcing centres, such as Pakistan, that have lower labour costs than China, but nonetheless a skilled workforce, and government incentives through reduced taxes and duties.…

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UZBEKISTAN CLOTHING SECTOR EYES MAJOR INCREASE IN EXPORTS AS GOVERNMENT PUSHES AHEAD WITH LIBERALIZATION PROGRAMME



THE UZBEKISTAN clothing and textile industry is eyeing a major increase in clothing and textile imports as its government liberalises what was until three-years-ago a largely unreformed post-Soviet state. A key goal is swapping raw cotton exports for overseas sales of added value textiles and clothing.…

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INDIAN CLOTHING EXPORTERS CLAIM GOVERNMENT’S FAILURE TO DELIVER PROMISED TAX BREAKS ARE HITTING OVERSEAS SALES



Indian apparel exporters fear losing business, maybe forcing some to close units, over the Failure of the government to pay promised tax benefits since March (2019), which according to the Apparel Export Promotion Council of India (AEPC), now amount to more than USD 710 million.…

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INCREASING THE JOB FORCE AND PROMOTING THE COMPOUND EXPANSION - TEGRA'S STRATEGY FOR CENTRAL AMERICA



Tegra, the Atlanta, USA-based leading apparel manufacturing and supply chain provider, is expanding its workforce in Latin America, with new job posts in El Salvador’s compound as well as its soon to be opened facility in Honduras. Tegra’s plant in El Salvador, Decotex, was expanded to nearly 250,000 square feet in August (2019).…

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EUROPEAN COMMISSION APPROVES MAJOR LITHIUM ION SUBSIDY SCHEME – BENEFITING MINERS, PROCESSERS, MANUFACTURERS AND RECYCLERS



THE APPROVAL of a EUR3.2 billion set of subsidies by seven European Union (EU) member states could generate a major mineral supply and processing chain to manufacture lithium ion batteries within Europe. A decision announced yesterday (December 9) by the EU executive, the European Commission, loosening its usually tight control of national government support for industry, effectively greenlights a major collaborative project designed to strengthen European battery production.…

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