Search Results for: Cambodia

The ongoing conflict in Myanmar, as its military government loses control over territory to rebel groups, is severely affecting the country’s clothing and textile industry. This is especially in the central Burman region, where a majority of the sector’s factories are located.…

Major emerging markets such as Vietnam are regarded by the west as sourcing hubs for products and packaging, but this south-east Asian country of 100 million people is now a major metal packaging market. According to recent forecasting from India-based market researcher Mordor Intelligence, the Vietnamese metal packaging market is expected to expand at a compound annual growth rate (CAGR) of 3.07% from 2024 through 2029, growing from USD2.11 billion to USD2.45 billion (1).…

Bangladesh’s accounting professionals have faced a challenging two months as political unrest toppled the country’s former government, which had imposed an internet blackout, hindering mobile and broadband communications with international clients and head offices.

Kowsar Ahmed, a Dhaka-based senior associate accountant working for a Big Four accounting firm (NOTE TO EDITOR – IT IS PWC – BUT HE COULD NOT SAY SO – OR HE WOULD HAVE TO GET PERMISSION, WHICH WOULD HAVE BEEN REFUSED) said: “Most of our clients are from abroad.…

As intensifying international trade frictions highlight the need for Chinese textile companies to spread their risk by investing in production capacity within diverse global markets, Chinese textile companies are indeed expanding their global footprint. That includes downstream as well as upstream segments.…

A Financial Action Task Force (FATF) paper has warned that governments are failing to increase AML/CFT controls on virtual assets and virtual asset service providers (VASPs), with only 25% of those surveyed fully or largely compliant with FATF guidance (1).

Of these 130 jurisdictions assessed under the latest mutual evaluation reports and follow up checks, the 75% proportion of those partially or not compliant with FATF recommendation 15 on VASPs and other new tech, “is identical to that of April 2023…and shows negligible improvement,” said FATF.…

Singapore authorities are trying to strengthen vulnerabilities in the Asian financial hub’s anti-money laundering (AML) system following an AML probe that led to the arrest of nine men and one woman, all from Fujian province in China last August (2023). Police subsequently seized assets and cash worth more than Singapore dollars SGD3 billion (USD2.2 billion) as of January 2024.…

The Myanmar clothing and textile industry is facing increasing labour shortages, as workers flee the country or hide at home, to avoid being conscripted into an army that has been losing its grip over large swaths of the country amidst the ongoing civil war (1).…

The doomsayers who in 2022 predicted the collapse of cryptocurrency as a major payment instrument have been proved wrong, meaning that AML regulators and obliged entities will need to focus hard to fight the abuse of these digital payment systems by criminals.…

Predictions that a post-pandemic surge in nearshoring would follow clothing brand fears about volatile supply chains have only been partly realised. Inadequate advances in automation, limited raw material supplies, lack of appropriate infrastructure and persistent high costs have limited the ability of many near-sourcing industrial hubs close to Europe and north America to grab market share from Asia.…

Trade regulators for the European Union (EU) and US markets are trying to set a higher bar for multinational brands on labour rights and environmental protections, but participants in the Cambodian garment and footwear sector are not anticipating any major shifts in their industry’s standards, at least not for a while.…