Search Results for: hong Kong
10 results out of 1000 results found for 'hong Kong'.
CHINA CRACKING DOWN ON WEAK AUDITING OF ACCOUNTING CRIME
The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.…
IMPACT OF MYANMAR'S CONFLICT ON THE CLOTHING AND TEXTILE INDUSTRY
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.…
SOUTH KOREA FTA EXPECTED TO BOOST PHILIPPINES’ GARMENT SECTOR
Member companies of the Foreign Buyers Association of the Philippines (Fobap) fear failing to reach a USD1 billion-mark in apparel export revenue in 2024, but they hope for improvement next year, as a free trade agreement (FTA) between the Philippines and South Korea is expected to enter into force.…
EU HITS CHINA-BUILT BEVS WITH TARIFFS UP TO 35.3% OVER STATE SUBSIDIES
The European auto sector is uneasy about the 35.3% countervailing duties that the European Union (EU) has imposed on China-built BEVs on top of the standard 10% import tariff. While they were imposed in response to what the EU executive, the European Commission, claims are unfair state subsidies throughout Chinese supply chains that undercut the bloc’s own European Automobile Manufacturers’ Association (ACEA) has declined to comment.…
CHINA’S PVH PROBE RAISES CONCERN THAT BROADER ACTIONS AGAINST XINJIANG BOYCOTTERS MAY FOLLOW
China’s move to investigate New York City, United States-based clothing company PVH, the parent company of Calvin Klein and Tommy Hilfiger, for suspected violations of market trading principles regarding Xinjiang-related products, could pose risks for other clothing and textile companies doing business with China, according to industry experts.…
USE CASE – EBL AND COMPLIANCE
Compliance costs are an increasing burden on international trade, including shipping, aviation and road transport, with expanding requirements on anti-money laundering, sanctions, dual-use goods and environmental controls augmenting customs, know-your-customer, shipping identification documentation and more.
These requirements, while often based on international standards drafted by bodies such as the Financial Action Task Force (FATF) (for money-laundering and terror/proliferation finance), the World Customs Organisation (WCO) and the International Maritime Organisation (IMO), are usually imposed by sovereign states or autonomous customs administrations, such as Hong Kong.…
CRYPTO IN CHINA RESTRICTED – BUT HONG KONG IS BUILDING LEGAL REGIME
Despite mainland China tightly restricting buying, selling, mining and holding of crypto-currency in 2021 (1), private holdings and peer-to-peer transactions remain legal and so the country remains a major crypto centre – and hence a virtual currency ML risk. Its largest autonomous special administrative region (SAR) Hong Kong is also pushing ahead with a fully legal and regulated crypto sector, with AML/CFT controls being rolled out.…
CHINA CRACKING DOWN ON WEAK AUDITING OF ACCOUNTING CRIME
Major companies in China are under tightening scrutiny for accounting fraud, with major audit firms facing punishing penalties for turning blind eyes. Keith Nuthall, Jens Kastner and Sara Lewis report.
The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.…
MACAO PROTECTS GAMBLIGN GOLDEN EGG WITH TIGHTER AML CONTROLS
Autonomous Chinese gambling centre Macao has been responding to pressure from Beijing to tighten controls on gaming, amidst ongoing concerns that the special administrative region (SAR) is a hub for dirty money, washing through its casinos.
The Macanese government expects its tiny peninsular and associated islands of 33.3 square kilometres to generate gross gaming revenues of Macao Patacas MOP216 billion (USD27 billion) in 2024, up from MOP183.1billion (USD22.8 billion), recovering from a Covid-19 induced slump (1).…
SOLVING THE PROBLEM OF AI-BASED IP FRAUD
The advent of generative artificial intelligence (GenAI) digital tools that can create content including text, computer code, images, audio, sound, and video, in response to a user’s ‘prompt’ – usually a short written description of the desired output – has exposed new vulnerabilities for intellectual property (IP) protection.…