Search Results for: Colombia

Cross-border drug and migrant trafficking is booming with billions of dollars being earned by crime networks, according to a United Nations Office on Drugs and Crime (UNODC) report. The report ‘Crime-related illicit financial flows: latest progress’ (1) is based on estimates of dirty money flows from nine countries – Afghanistan, Bangladesh, Colombia, Ecuador, Maldives, Mexico, Myanmar, Nepal and Peru.…

The International Cocoa Organisation (ICCO) has predicted that the chocolate industry will continue to face cocoa supply deficits, with its latest quarterly assessment predicting that for 2022/3, there will be 99,000 tonnes more grindings than cocoa production. As a result, global stocks will fall to 1.744 million tonnes, amidst declines in output from key production hubs Ghana and Côte d’Ivoire.…

Implementing international sanctions is never easy, but the sanctions regime on Iran is highly complex, buffeted by shifting diplomatic stances. With its Security Council ally Russia relying on Iranian military and technology supplies for it to pursue its invasion of Ukraine, time-limited UN restrictions on Iran’s nuclear programme officially lapsed on October 18.…

South America often eschews regional economic trends, with countries having sharply diverging fortunes, reflecting their contrasting economic interests and performance, as well as differing political records and policies. The paint and coating sector is not insulated from these trends, and while global issues such as the Covid-19 pandemic and Russia’s invasion of Ukraine affect all national markets and producers, in South America, the impacts are often manifested differently across the continent.…

The use of money mules moving dirty money worldwide continues to grow, with law enforcement, financial institutions and researchers continuing to highlight the problem. In the UK, 31,979 money mule cases were recorded in 2017; rising to 40,129 in 2018; 42,900 in 2019; and 40,353 in 2020; according to 2022 research published in the International Journal of Business and Economy (1).…

The European Union (EU) food and drink industry is preparing to lobby to improve reforms proposed by the European Commission to EU packaging and packaging waste legislation. Industry association FoodDrinkEurope has said they will “require significant improvements to be workable”. In particular, the association is concerned about mandates within a proposed regulation that food and drink companies ensure growing proportions of their packaging be made refillable or reusable.…

European Union (EU) food manufacturers are facing the potential imposition of new rules on the presence of nitrosamines in food products, following a European Food Safety Authority (EFSA) review that ended in November. EFSA has concluded that “it is highly likely that for all age groups dietary exposure to nitrosamines is above the level that could indicate a health concern”.…

High value banknotes remain of concern to AML regulators, even though they are increasingly being withdrawn from circulation. Despite the growth of electronic payments, the amount of physical cash in circulation remains huge. The USD remains the currency that circulates most widely in the world, with the US Currency Education Programme (a Federal Reserve scheme) saying that there was USD2 trillion in circulation by the start of 2021 (December 31, 2020).…

The Big 4 accounting groups (Deloitte, EY. KPMG and PwC) have joined with 161 major international accountancy and business companies, partnerships and organisations to call for a coordinated approach by promoters of international sustainability standards. A joint statement developed by the International Federation of Accountants (IFAC), the World Business Council for Sustainable Development (WBCSD) and Principles for Responsible Investment (PRI) said the International Sustainability Standards Board (ISSB), the US Securities & Exchange Commission (SEC) and the European Financial Reporting Advisory Group (EFRAG) should work closely together.…

The costs of investigating fraud have increased over the past three years, according to 79% of respondents to a global survey, with 26% overall and 49% of companies with a turnover of more than USD15 billion seeing this increase as significant, said risk assessment specialists Kroll.…