Search Results for: Australia

International organisations and academics are warning central banks to take AML/CFT into account as they develop central bank digital currencies (CBDC), although pressures to guarantee privacy might undermine such controls. According to 2023 research from the central banks’ central bank, the Basel, Switzerland-based Bank for International Settlements (BIS), 93% of central banks are now exploring or developing CBDCs (1).…

The International Accounting Standards Board (IASB) has proposed a new comprehensive standard – IFRS18 ‘Presentation and Disclosure in Financial Statements’, designed to give investors more transparent and comparable information about companies’ financial performance. It introduces three defined categories for income and expenses – operating, investing and financing – and requires companies to provide defined subtotals, including operating profit, aiding comparisons.…

Despite its size, Australia’s wool sector is having to pay attention to animal welfare concerns among increasingly ethical consumers – and as a result, the practice of mulesing poses growing risk for sales. The country supplies 22.1% of the world’s clean wool and 70% apparel wool globally according to the latest 2023 annual report from the Sydney-based Sheep Sustainability Framework.…

Business schools worldwide are increasingly using diversity to help teach environmental, social, and (corporate) governance (ESG), as these sustainability issues grow in importance commercially and for regulatory compliance.

These strategies are underpinned by the UN’s 2030 Sustainable Development Agenda and its associated 17 Sustainable Development Goals (SDGs), of which SDG 4 aims to ensure that by 2030, “all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education for sustainable development (…) and appreciation of cultural diversity” (https://sdgs.un.org/2030agenda…

Psychologists and academics have long tried to identify the personality types and disorders common among fraudsters, in part to aid their detection, or prevent people prone to deceit from having access to money and confidential information.

While fraudsters span all kinds of personality types, papers continue to be released, indicating that many high-profile fraudsters have personality traits identified as psychological red flags by experts.…

Anti-fraud is all about catching and preventing swindles, but victims are increasingly banding together to launch class action lawsuits to secure compensation for past misdeeds.

The 2024 edition of the Duane Morris Class Action Review, from Philadelphia, USA-based law firm Duane Morris declares that 2023 was the second most prolific year for class action lawsuits in the world’s class action centre, America, (next to 2022), and anti-fraud class actions were particularly valuable for plaintiffs last year.…

While fraud is expanding, especially in the online world, there are limits to the amount of anti-fraud checks that can be undertaken, or business and public administration would seize up entirely. Indeed, with the increasing influence of risk-based approaches in fighting crime, an optimal anti-fraud strategy is as much about choosing what to trust as what to suspect – that way resources can be focused on the real vulnerabilities.…

Birla Cellulose, the manufactured cellulosic fibre (MMCF) giant from India’s global conglomerate the Aditya Birla Group, is taking its mission for sustainability in textile a notch higher by developing lyocell fibres containing algae. Birla has long specialised in developing lyocell, a subcategory of rayon, made from organic solutions in which no substitution of the hydroxyl groups takes place, and no chemical intermediates are formed.…

As construction ramps up, paint and coatings companies are eyeing lucrative opportunities in Indonesia’s new capital Nusantara, with several recent project launches promising a significant boost to the industry.

Outgoing President Joko Widodo recently inaugurated several key projects in Nusantara, including the emerging city’s international airport, hospitals, schools and housing.…

Ransomware site LockBit is claiming to be back in business less than a week after being brought down by an international swoop led by Britain’s National Crime Agency (NCA). Operation Cronos, which NCA director general, Graeme Biggar described as “a ground-breaking disruption of the world’s most harmful cybercrime group” in a February 20 statement (1), saw the US Federal Bureau of Investigation (FBI), law enforcement from eight other countries (2), plus the European Union police agency (Europol), seize Russia-linked LockBit’s bespoke data exfiltration tool, Stealbit, various leak sites, 34 servers, and 14,400 rogue email accounts as well as freeze over 200 cryptocurrency accounts.…