Search Results for: Caribbean

Bulk cash smuggling remains a favoured way for criminals to move dirty money, despite the increase in electronic means to transfer the proceeds of crime, such as new cryptocurrency services.

In its most recent 2020 National Drug Threat Assessment, the US Drug Enforcement Agency (DEA) said in 2019, there were more than 3,000 bulk currency seizures in the United States, with more than USD368 million taken, 62% up from the USD227 million seized in 2018 (although that followed eight years when the value of bulk cash seizures fell).…

INTRODUCTION

In the competitive and innovative world of smart textile manufacturing and sale, companies strive to maximise functionality and minimise costs. Their ingenuity is the basis of their competitiveness. But as with all industries, some costs are out of their control.…

INDEPNDENT states accused of harbouring major corruption are the responsibility of their own citizens, ideally with change imposed through the ballot box. But dependent jurisdictions with powers reserved to metropolitan (former colonial) governments have more complex political problems. Keith Nuthall reports on the latest scandal in the British Virgin Islands (BVI).…

RUSSIA’S invasion of Ukraine has prompted a major increase in sugar prices, the UN Food & Agriculture Organisation (FAO) has said. Its FAO Sugar Price Index averaged 117.9 points in March, up 7.4 points (6.7%) from February, and up 20% year-on-year.…

The invasion of Ukraine by Russia risks undermining AML/CFT, said FATF in its post-plenary communiqué issued in March. (1) But how this unprovoked military action will disrupt the policing and detection of dirty money remains to be seen, noted Carol Van Cleef, chair of the blockchain and digital assets practice, at Bradley Arant Boult Cummings, Washington DC.…

The European Association of Sugar Manufacturers (CEFS) has attacked the UK government for extending until December 2024 an import quota of 260,000 tonnes for raw sugar, claiming this could disrupt the European sugar industry and market. “The UK’s approach is alarming, since it undermines existing concessions offered to sugar producers around the world,” said CEFS, notably European Union producers and those from African, Caribbean and Pacific (ACP) countries who usually have some special access to EU markets (and formerly UK markets prior to Brexit).…

It would be surprising if as complex an intergovernmental programme as AML/CFT did not spark unintended consequences, but some AML/CFT experts fear that the global system designed and promoted by FATF has caused unwanted and damaging actions that cut across its stated goal – to fight and prevent money laundering.…

INTRODUCTION

The Covid-19 pandemic has sparked a reassessment of the model of relying on one or two outsourcing locations. It has demonstrated that when there is a major disruption caused by an emergency as serious as a pandemic, shipping and industrial processing can be disrupted.…

A wait and see approach is being adopted by officials in Haiti’s apparel and textile industry following the July 7 assassination of President Jovenel Moïse, which came as the country struggled to cope with the continuing impact of the Covid-19 pandemic.…

The International Accounting Standards Board (IASB) will consider allowing the amortisation of goodwill, maintain some harmony with USA GAAP (generally accepted accounting principles). A joint US Financial Accounting Standards Board (FASB)/IASB education meeting discussed FASB plans to allow goodwill amortisation. “Most of those respondents commenting said that convergence on this topic with US GAAP was desirable,” said a meeting note.…