Search Results for: Netherlands

The Dutch Financial Intelligence Unit (FIU-Nederlands) (1) and four major banks – ABN AMRO, ING, Rabobank and de Volksbank – have set up the Fintell Alliance NL, a public private partnership (PPP) to work together at one physical location to combat the estimated EUR16 billion (USD18 billion) laundered through the Netherlands each year (2).…

Anti-money laundering specialists may be focusing on how crypto-currencies and online transactions pose an increasing ML/TF risk, especially with Covid-19 encouraging ecommerce, but the reality is that cash remains the money launderers’ best instrument for moving dirty money.

That is the conclusion of Gabriel Hidalgo, a managing director at risk specialists K2 Integrity, in New York: “Cash is king for ML; it continues to be king; and on the majority of levels, illicit actors will continue to use cash,” he said.…

The president of the United States Fashion Industry Association (USFIA) has warned that the military takeover in Myanmar could spark a significant shift in sourcing away from this south-east Asian country if democracy is not restored promptly. Julia Hughes told just-style: “If there is not a quick resolution, then yes we would expect a major shift to other Asian suppliers.”…

THE ONSET of Covid-19 has caused many fraud problems, but a particular difficulty has been fraudsters exploiting the unprecedented government largesse released designed to prevent economic collapse at the hands of the pandemic. In the UK, for instance, the House of Commons public accounts committee issued a report in October (2020), saying that Her Majesty’s Revenue & Customs (HMRC) had reported 8,000 allegations from employees that their employers – supposed to pay a lower level of wages to staff to receive furlough payments under the UK Job Retention Scheme – had not actually made these payments, or paid less than they should.…

WHILE investment into nuclear energy continues, especially in emerging market countries such as China, in Europe, this sector continues to dwindle in size, with some key countries sticking to plans to phase out the technology.

Concerns about safety and the environmental cost of its waste have encouraged Belgium, for example, to stick to its goal, as laid down in a January 2003 law (1), of stopping any nuclear energy production within the country by 2025, experts have told Energy World.…

The Saudi Arabian paint market is rebounding after a sluggish 2020, when sales declined due to an economic downturn caused by lower oil prices and the Covid-19 pandemic, as well the trebling of value added tax (VAT) across the kingdom. The World Bank has projected that this will cause a 5.4% contraction in national GDP, a highly unusual recession in a fossil-fuel rich country used to robust growth.…

THE EUROPEAN Commission on Tuesday (December 1) launched the first component of its behind-schedule IT system for registering certified medical devices, but an ongoing regulatory bottleneck could render many products impossible to certify for some time.

The first of six modules of its EUDAMED system will assign a ‘single registration number’ (SRN) to each medical device manufacturer, producer of procedure kits, importer, and a European Union (EU)-based representative of non-EU manufacturers.…

THE CHAIR of the Egmont Group, which links and advises financial intelligence units (FIUs) worldwide, hopes that a new European Union (EU) AML coordination and support infrastructure now under consideration for FIUs will help European FIUs deal with complex cross-border AML cases.…

Many of European Union’s 27 member states appear to have been dragging their feet when implementing a key provision of the fifth anti-money laundering directive (5AMLD) (1), setting up a public ultimate beneficial ownership (UBO) register.  The registers should have gone live for the corporate world on January 10, 2020, and two months later on March 10 for trusts.…

Traditionally a society of meat lovers, Russians are now developing a taste for vegetable and cereal-based products that reflect the taste and texture of meat – food manufacturers are eager to cater to this trend.

International companies have been entering this segment in Russia, while ambitious local startups are rapidly expanding their production capacities.…