Search Results for: Singapore

As tech evolves, notably through the development of artificial intelligence (AI), anti-money laundering (AML) compliance officers at obliged entities are assessing a growing range of applications and platforms.
The global AML software market size is estimated to grow by USD2.7 billion from 2022 to 2027 at a compound annual growth rate (CAGR) of 15.01%, although “the high cost of implementation may impede” this expansion, according to the Illinois, USA-based market researcher Technavio.…

While opinion polling indicates that efforts to steer demand away from mass-producing, low quality, unsustainable fast fashion towards the slow fashion of high quality, sustainable, made-to-last, timeless designs have borne fruit, consumers are still reluctant to follow up their stated good intentions with purchases, say researchers.…

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).…

With the world’s illicit economy making up between 7% and 15% of global GDP according to the International Coalition Against Illicit Economies (ICAIE) (1), a national security NGO based in Washington DC, the need for robust law enforcement, including AML controls is clear.…

Speaking at the event on Friday (Feb 17), Mark Carney, UN special envoy for climate action and finance, and former central bank governor for the UK and Canada, said of the baseline: “It’s critical. You need compatible information.”  

Mr Carney stressed ongoing discussions between the ISSB and major jurisdictions, such as the EU (European Union), the USA and Japan, about the need for regulatory harmony.…

The precious metals and stones sector is increasingly under the spotlight regarding ML and TF, particularly gold. Given the fungibility of precious metals, the complexity of their supply chains and the varying levels of oversight worldwide, they continue to be an attractive means to launder money – especially gold, which remains the precious metal of choice for launderers.…

Australia is at the forefront of developing innovative marine coatings that draw inspiration from nature. These have the potential to not only protect ships from biofouling but also reduce fuel consumption by up to 10% by mimicking the properties of streamlined natural surfaces.…

The international clothing and textile sector will have to take account of the first global sustainability reporting standards designed to become compulsory in many countries worldwide from January 1, 2024. These will be published by June, having been approved in February by the International Sustainability Standards Board (ISSB).…

International automobile manufacturers, including those based in the USA, have been presented with the first global sustainability reporting standards designed to become compulsory in many countries worldwide from January 1, 2024. They may also apply to foreign companies operating in the USA and overseas branches of US-owned companies such as Ford and GM, depending on a looming decision made from the Securities & Exchange Commission, expected in April (2023).…