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CHINA’S central bank, the People’s Bank of China (PBC), has issued a new anti-money laundering and terror finance reporting requirements for all financial institutions inside the country. The rules come into force July 1. They cover banks, brokers, foreign exchange, online and mobile payment systems and insurance companies, who will have to file reports to the central bank, via their headquarters or via representative institutions, if a client requires daily cash transactions exceeding Chinese Yuan Renminbi CNY50,000 (USD7,261) or a larger amount of USD10,000’s worth in foreign currency.…

PROGRESS made by Bangladesh’s knitwear sector in improving its health and safety standards will come under scrutiny this spring, through the Bangladesh Sustainability Compact. A second stock-taking meeting of the International Labour Organisation (ILO), European Union (EU) and United States-led ‘Compact for Continuous Improvements in Labour Rights and Factory Safety in the Ready-Made Garment and Knitwear Industry in Bangladesh’ was to be held on January 28.…

THE NUMBER of mainland Chinese tourists visiting Hong Kong and Macao is set to fall sharply, and while Chinese travellers are becoming more enamoured with longer-haul destinations such as Australia and the US, worries over safety is weakening demand for visiting France.…

India’s market for male grooming products will grow at an annual rate of 22% in the next five years, with social pressure for men to look good increasing, along with rising per capita income and rapid urbanization. So says ‘Men’s Grooming Market in India 2015-2020’, a report by Research and Markets, released in September (2015).…

Thanks to the introduction of a tax incentive scheme launched by the government of Trinidad & Tobago, auto converters and dealers in the country are increasingly talking up Compressed Natural Gas (CNG) as a clean auto fuel for vehicles on the twin island Caribbean state.…

Innovative protective coatings have always been marked on their ability to deliver a function with excellence. However, there is real marketing gold where companies can demonstrate that coatings deliver a range of protective functions at the same time, such as waterproofing, insulating, and protecting aesthetics.…

The Money Laundering Bulletin has assessed the impact of western financial sanctions on Russia – looking at the impact on anti-money laundering regulation – but what of the compliance demands on financial institutions?

These sanctions are complex, showing how governments can increase the risk of making honest citizens and organisations break the law by imposing complex financial regulations.…

THE EUROPEAN Commission has signalled it will be probing the possible abuse of bilateral double taxation treaties forged by European Union (EU) member states with non-EU countries, to detect tax avoidance.

The Commission has opened a formal investigation into how Luxembourg has taxed McDonald’s, assessing concerns that it allowed the US fast-food giant to avoid paying tax on its EU royalties in the Grand Duchy.…

A year after the Russian rouble suffered its worst single-day drop in exchange rate value in 16 years, Russians are more cautious about buying cosmetics and are showing a tendency to downgrade to cheaper products or seek out sales items. Experts are expecting increased competition in these lower cost segments in the coming years, as well as growing consumer interest in local brands and natural cosmetics. …

MALAYSIA’S Audit Oversight Board (AOB) has revoked the registration of an audit firm for the first time since the regulator was established by the Securities Commission Malaysia in 2010.

It has scrapped the registration of Wong Weng Foo & Co, managing partner, Wong Weng Foo and partner Abdul Halim Husin, from December 2.…