Search Results for: El Salvador

Free trade zones (FTZ) have long been identified as having potential vulnerabilities for ML/TF/PF. And while they are not a key priority for FATF as it assesses the criteria for its fifth mutual evaluation round (MER5), given FTZs are still growing in number, international concern about their criminal money risks persists.…

The European Commission has fined confectionery major Mondelēz International EUR337.5 million, claiming the company has breached European Union (EU) competition rules, hindering intra-EU cross-border trades in chocolate, biscuits and coffee products. The EU executive also concluded that Mondelēz had abused its dominant position in certain EU chocolate bar (tablet) markets.…

The director of business development of textiles and logistics major the Central American Group believes that CAFTA-DR trade agreement is playing a such a significant role in knitwear job creation in Central America, it could help reduce the wave of illegal migration to the United States.…

But even though the Lava Jato task force was officially disbanded in 2021, Pierpaolo Bottini, partner at São Paulo-based Bottini & Tamasauskas Advogados, and a former director of the Economic Criminal Law of the Brazilian Institute of Criminal Sciences, said this abuse of crypto has been highlighted in cases he is defending. …

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.…

The European Union (EU) knitwear sector is preparing to follow new detailed ‘best available techniques’ (BAT) on reducing industrial emissions as the EU considers revised legislation that might tell national regulators to take a hard line on their implementation. The European Commission has proposed a new EU industrial emissions directive that – as drafted – would tell industrial regulators to set limits on BAT-associated emissions levels “at the strictest achievable level for the specific installation” (1).…

As Pope Francis continues his moves to reform the financial controls of the Vatican City State and The Holy See (VCS/HS), including its AML/CFT systems, the uneven progress within this tiny state with a global reach to fighting corruption and money laundering is illustrated by an ongoing major financial crime trial.…

The European Union (EU) is edging towards a digital Euro, one of several jurisdictions worldwide developing a central bank digital currency (CBDC), but what anti-money laundering controls would need to be built into the system and how can this be balanced with data protection and privacy considerations?…

The European Commission is now assessing a first set of detailed proposed European Union (EU) mandatory sustainability reporting standards, delivered – on time – by the European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board (SRB). (1)  

Due diligence assessments and potential amendments will now be undertaken by the EU executive, before its formal adoption of these standards, planned for next June (2023).…

How to launder a sack of ill-gotten cash is a question that does not just stretch the imaginations of law enforcers and AML officers, it can and does prompt useful assessments by professionals in other fields.

The question of how to launder USD1 million in dirty money is, for instance, a popular thread on the international online Q&A service Quora, with 84 answers.…