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The International Public Sector Accounting Standards Board (IPSASB) will start detailed work developing sustainability reporting standards for public sector bodies.

Ian Carruthers, IPSASB chair, said: “The public sector needs its own specific sustainability reporting framework and the IPSASB should lead its development.”…

Disgraced former crypto king Sam Bankman-Fried is facing years in jail and huge fines after being charged with multiple fraud offences following the collapse of crypto-trading platform FTX and its associated hedge fund Alameda Research. He is accused of illegally funnelling FTX customer funds for his own personal gain and for Alameda investments.…

Denmark’s largest bank Danske Bank has settled criminal cases brought against it in the USA and Denmark over allowing its Estonia branch to funnel around EUR200 billion (USD213 billion) in funds from non-residents, including from Russia, into international financial networks, with light touch AML controls.…

The European Parliament is reeling from the so-called ‘Qatargate’ cash-for-influence corruption and money laundering scandal that broke December 9 when Belgian police found over EUR1.5 million (USD1.6 million) cash in raids on locations across Brussels. In a December 15 resolution (1) on the suspicions of corruption by Qatar, passed by 541 votes in favour, two against, and three abstentions, members of the European Parliament (MEPs) agreed to suspend all work related to Qatar, notably on visa liberalisation and an aviation agreement, as well as to deny access to the Parliament for Qatari representatives.…

The UK and European Union (EU) textile and clothing sectors are still working out how to deal with the complex challenges brought by Brexit, with experts saying the industry has been suffering as a result. Work thus far has focused on dealing with the trading difficulties created rather than exploiting any theoretical opportunities created by increased UK regulatory autonomy since full Brexit came into being on December 31, 2020.…

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).…

The International Sustainability Standards Board (ISSB) has approved key technical decisions about the operation of its first two proposed sustainability-related disclosure standards, on general and climate-related disclosures – insisting that all direct and indirect greenhouse gas emissions are declared. That means that ‘scope 1’ direct emissions from a company; ‘scope 2’ indirect emissions from electricity purchased and used; and scope 3 indirect emissions from across a company’s the value chain will be measured and declared under ISSB-authorised statements.…

The United Nations has let its authorisation for foreign actors to fight maritime piracy in Somalia’s territorial waters lapse, because its government and backers have become more effective in fighting this criminality. Ramadhan Rajab reports.

The UN Security Council’s decision to let Somalia take care of its own piracy problem does not mean shipping companies can rest easy about attacks off Somalia, but it does indicate its government is taking control of the problem.…

The European Union (EU) Council of Ministers has told its member states that it expects their governments to actively combat fraud in spending under the EU Common Agricultural Policy (CAP). That this is an ongoing problem was highlighted in a report for the EU’s financial watchdog the Court of Auditors issued in July (1).…

International and Switzerland-based mining major Glencore has settled UK bribery cases brought by Britain’s Serious Fraud Office (SFO), accepting a GBP280.9 million (USD314.5 million) penalty ordered by Southwark Crown Court, London.

This followed an SFO investigation revealing that Glencore Energy UK had paid USD29 million in bribes to gain preferential access to oil in Africa between 2011 and 2015.…