Search Results for: Canada

Legal professions worldwide continue to push against being integrated within comprehensive AML/CFT/CFP systems, with their firms arguing that conducting CDD/KYC and reporting STRs undermines client confidentiality, a cornerstone of practising law.

FATF’s recommendations allow governments significant flexibility on when lawyers should report suspicious transactions, contrasting with tougher requirements for bankers, payment service companies, and non-financial professions such as accountants.…

A Québec, Canada-based textile testing, and research and development (R&D) facility has noted an increased demand for sustainability-focused materials work. Two-thirds of CTT’s work involves testing, with the other third being R&D – the company offers emerging entrepreneurs assistance in developing products.…

Two modernisers have encouraged factory owners at the Sewn Products Equipment & Suppliers of the Americas (SPESA) conference in Montréal, Canada, to invest in technology, arguing that the wait for a return on investment (ROI) in technology is short; while the lasting results are long.…

A new California law mandating clothing and textile manufacturers to take back discarded products starting in 2030 had speakers at a sewn products conference thinking about the sheer complexity of circularity in an industry that mixes so many materials.

A Sewn Products Equipment & Suppliers of the Americas (SPESA) conference in Montréal, Canada, panel discussed California’s Responsible Textile Recovery Act, signed inti law in September (2024).…

The fashion worldwide industry needs to open itself to ideas from a variety of sources to strengthen its position, for instance through automated production efficiency, innovation in sustainability and widening sourcing worldwide, three young entrepreneurs have claimed. Speaking at the Sewn Products Equipment & Suppliers of the Americas (SPESA) conference in Montréal, Canada, this week Michael Mayr, co-founder and COO of Silana, a Vienna, Austria-based manufacturer claiming to have fully automated sewing of soft materials, a tough challenge for robotics, the “last major processing step in fashion production that has not been automated yet,” claims the company.…

Auditors can play a major role in fighting fraud, with the onset of sustainability reporting creating a new opportunity to sniff out swindles. Keith Nuthall reports.

While the initial goal of audits is not to detect fraud, rather to say whether financial statements (and latterly, sustainability reports) are accurate, these assessments do often uncover crime.…

Venezuela, whose July presidential election has been contested by its political opposition as fraudulent, is facing an increase in financial controls having been grey listed by FATF this June (2024). This was over failures to respond to the global body’s requests for improvements in AML/CFT.…

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.…

The Mexican textile and clothing industry is hoping the incoming administration of President-elect Claudia Sheinbaum, who takes office on October 1, will help locally-owned manufacturers combat what they regard as unfair competition from Chinese apparel companies.

The ongoing trade war between the US and China, and the increasing attractiveness of nearshoring to American clothing retailers, has encouraged Chinese apparel manufacturers and traders, including e-commerce platforms, to base themselves in Mexico.…

The New York-based International Auditing and Assurance Standards Board (IAASB) is revising its International Standard on Auditing ISA 240 – ‘The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements’ to help auditors play a more direct role in detecting and investigating fraud (1).…