Search Results for: Ireland

With the Irish economy facing an uncertain 20200 final quarter, accountants are agreed that the government’s wage subsidy scheme has helped keep many clients afloat during the Covid-19 crisis. But they worry a revised version of the scheme applied from September may not be enough for some companies.…

Member states of the European Union (EU) have for the first time been fined by the European Court of Justice (ECJ) for tardy implementation of European Union anti-money laundering legislation.

The ECJ has fined Romania EUR3 million (USD3.4 million) and Ireland EUR2 million (USD2.3 million) for implementing the European Union’s 4th anti-money laundering directive (4AMLD),more than two years past a June 26, 2017 deadline.…

EUROPEAN sugar users’ association CIUS has warned about slow progress within the talks between the European Union (EU) and the UK over a permanent relationship after the current transitional Brexit period expires on December 31. The CIUS wants this period extended – a step that the British government is currently refusing to take.…

The European Commission has launched a series of infringement procedures for shortcomings in national legislation implementing the European Union’s (EU) fourth and fifth anti-money laundering directives (4AMLD and 5AMLD), including one against Britain, even though it left the bloc on January 31 (but remains subject to EU law during a transitional period to December 31. …

While it is too early to assess the full impact of the Covid-19 pandemic on the UK personal care product sector, industry experts expect strategic changes to its supply chain, a growth towards innovative digital strategies and changes in consumer behaviour that will shape the industry in the long run.…

The fact that auditors are struggling to conduct due diligence at companies during the Covid-19 crisis, given a lack of access to documents, offices and staff, is highlighting a key debate that was launched before the pandemic hit – just what standard auditors should target when seeking to prove accounts do not hide wrong-doing or crime.…

The world’s fast-growing digital banking and payments sector requires regulatory compliance software that is as scalable as the fast-growing number of users. Some digital banks are developing systems inhouse, which has certain risks, while others have outsourced regulatory solutions.

These financial institutions – which had 2.4 billion users in 2020 according to UK-based Juniper Research – are also known as neo- or challenger banks, and are characterised by being totally digital, operating through a website and smartphone app and having no physical branches, such as the UK-based Monzo and Revolut.…

GIVEN the hundreds of billions of dollars spent by banks on fighting money laundering, fears that trade-based money laundering (TBML) remains widespread, as stressed by FATF, the APG (http://www.fatf-gafi.org/publications/methodsandtrends/documents/trade-basedmoneylaunderingtypologies.html), and most recently, the European Commission (https://ec.europa.eu/info/sites/info/files/supranational_risk_assessment_of_the_money_laundering_and_terrorist_financing_risks_affecting_the_union_-_annex.pdf), are of serous concern. The World Trade Organisation (WTO) said that in 2018, global merchandise exports were worth USD19.48 trillion, so there is plenty of place for laundered money to hide.…

Only five European Union (EU) member states out of the current 27 have fully and properly complied with a requirement to set up public ultimate beneficial ownership (UBO) registers by January 10 (2020) under the fifth anti-money laundering directive (5AMLD), according to research by campaign group Global Witness.…

Joe O’Regan is a busy man, and busier than ever because of Covid-19, the novel coronavirus that has upended global life on an unprecedented scale.

“These past few weeks have been a complete game changer for all of us,” says O’Regan, FCCA, the director of Harvard University’s Global Support Services (GSS), a relatively new organisation within the university that supports students, faculty, and staff overseas — from responding to overseas emergencies to repatriating university affiliates in times of crisis.…