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The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed AML/CFT compliance costs USD300 billion and only nets USD3 billion of an estimated USD3 trillion in criminal funds generated annually (a 0.1% success rate).…

The test remains the same. French tech multinational Thales stressed in a paper that they “allow a person to be identified and authenticated based on recognisable and verifiable data, which are unique and specific…” compared to a person’s biometric template.…

CANADIAN auto dealers, whose sales of high-tech vehicles maybe hampered by safety concerns linked to hacking and computer viruses, are being assisted by a new university cyber-protection unit allied to parts-makers.

The SHIELD Automotive Cybersecurity Centre of Excellence is based at the University of Windsor, just over the Detroit River, and will work with Canada’s Automotive Parts Manufacturing Association (APMA), with whom it has signed a memorandum of understanding.…

A PUBLIC inquiry in British Columbia, Canada, has increased concerns about how auto dealers maybe exploited by criminal networks to launder dirty money. Purchasers can be prepared to pay high prices for vehicles in cash, with dealers struggling to identify the source of these funds.…

THE WIDE diversity of AML laws worldwide can complicate the enforcement of AML/CFT extradition proceedings.

Financial Action Task Force (FATF) recommendations 37 and 39 say that governments should be prepared to extradite money launderers (and terrorist financiers) to another country if they both criminalise the underlying predicate offence.…

PEACE appears to be breaking out between the European Union (EU) and the UK on one side the USA over an aircraft subsidy-prompted trade war that had led to billions of dollars of duties being levied on food and drink exported between these countries.…

UK universities are turning a blind eye to Nigerian political elites laundering dirty money through their fees, according to a paper published by the Carnegie Endowment for International Peace from West Africa expert and non-resident scholar, Matthew Page. Commissioned by the British High Commissioner to Nigeria, Catriona Laing, ‘West African Elites’ Spending on UK Schools and Universities: A Closer Look’ (1), flags up the “unexplained wealth” used by Nigerian politicians and public officials to pay British university and boarding school fees.…

INTRODUCTION

Accounting software is crucial for any company wanting to expand on a sustainable basis, adding diversity in supply and customer relationships as they grow. The clothing and textile industry is particularly complex regarding its inputs and outputs. Production is also complex when manufacturers handle spinning, weaving, cutting and finishing.…

With global markets and daily consumer habits being disrupted for almost a year due to the ongoing global Covid-19 pandemic, some oils and fats sales have grown – and a key example is soybean oil. This is true worldwide, from North and South America, to Africa, Asia, and Europe.…

SINGLE use plastics bans being brought in across the world may not cover all nonwovens products, but they certainly are having an impact on the industry as it parses often complex rules coming into force.

A key piece of legislation is the European Union’s (EU) so-called ‘single use plastics directive’ (1) which has deadlines passing in 2021.…