Search Results for: Malaysia

EUROPEAN oil and fats industry representatives are concerned and green groups angry that the European Commission is proposing to delay (1) implementation of the May 2023 European Union (EU) deforestation regulation (EUDR) (2) by a year. However, industry groups in Malaysia and Indonesia are hailing the delay as a sensible move, helping them prepare for the new regime.…

Non-compliance with a FATF recommendations can reflect concerns about national political and social systems, with some commentators arguing this is the case with the southeast Asian Sultanate of Brunei Darussalam. A 2023 mutual evaluation report (MER) released by the Asia/Pacific Group on Money Laundering (APG) found the tropical oil-rich Asian state (population 450,000 and size 5,765 sq km) non-compliant with FATF recommendation 25 – Transparency and beneficial ownership of legal arrangement (1).…

The shifts and volatility of the Malaysian Ringgit (MYR) against USD dollar has remained an important challenge for the Malaysian Textile Manufacturers Association and its clothing and textile manufacturing members.

Between July and September this year, the USD1/Ringgit fluctuated significantly, underpinned by both global and domestic factors, with the MYR/USD1 rate moving between July and early August between MYR4.55 and MYR4.69, making profit margin assessments a challenge for imported inputs and overseas sales.…

A landmark ruling in a Swiss court has clawed back the more than USD1.8 billion two dual nationals defrauded from the fraud and graft-wracked Malaysian investment fund, 1 Malaysia Development Berhad (1MDB). 

The Swiss Federal Criminal Court, in Bellinzona, southern Switzerland, August 28 convicted two former PetroSaudi executives over their role in embezzling money from 1MDB for over six years starting in 2009.…

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).…

As jurisdictions worldwide prepare for an imminent assessment by FATF or regional FATF-style bodies under a fifth round of scheduled mutual evaluation reports (MER), their governments will be parsing how these will differ from the fourth round of MERs

In short, according to a note from the Luxembourg office of international law firm Allen & Overy, FATF’s latest MER guidance, released in February (2024) (1), noted that MER5s will take six years, rather than earlier rounds’ average of 10.…

Vietnam’s clothing and textile industry may benefit from the accession to power of a former security minister, industry experts have told Just Style – although his closeness to Russia has raised concerns about weakening vital western trade links. To Lam was appointed President of Vietnam in April (2024) and general secretary of the ruling communist party earlier this month (August 3), the most powerful job in this south-east Asia sourcing hub.…

The metal packaging sector in Taiwan has been building a sustainable future, with solid growth since the end of the Covid-19 pandemic, can makers and fillers told Cantech International at the Taipei Pack trade show in the Taiwanese capital Taipei (1).…

A Financial Action Task Force (FATF) paper on gatekeeper professions and corruption has highlighted how some major countries are dragging their feet in implementing AML/CFT controls. Concerns focus on lawyers/notaries, accountants, real estate agents and company/trust service sectors. Indeed, jurisdictions delivering 50.89% of global GDP comply with half or fewer of FATF requirements for squeezing dirty money from these professions, said its report ‘Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption’ (1).…