Search Results for: European Court of Justice

The annual value of South Africa’s paints and coatings market will nudge USD2.1 billion (South African Rand ZAR33.3 billion) by 2026 after growing at a compound annual growth rate (CAGR) of 5.6% between 2021 and 2026.

These predictions from market researcher IndustryARC came in May (2021) as the industry battled the continued impact of the global Covid-19 pandemic.…

Fraud in the global halal food sector is emerging as a widespread problem. A series of scandals have rocked the industry worldwide, and shone a spotlight on the difficulty of eliminating non-halal practices from increasingly large and complicated food supply chains. …

Britain’s largest retail bank has been fined GBP264.7 million (USD350 million) for breaking UK AML laws through handling GBP365 million from a jeweller, suspected of being a major money launderer. (1)

NatWest staff were shown by the case at Southwark Crown Court to have ignored red flags that former Bradford, Yorkshire, jewellers, Fowler Oldfield, was processing millions of pounds of illicit cash.…

Higher education institutions are being warned they could be a target for money laundering, with fees being financed by the proceeds of crime, including corruption, which might also buy property, cars and other items for students.

The problem has been highlighted in a series of reports.…

A former DEA agent who laundered money undercover to attack the Medellín and Cali cartels has called for a root-and-branch reform of AML, so that its vast resources target the most suspicious transactions and the professional launderers who facilitate them. Speaking to MLB, Robert Mazur, who offered ML services to drug kingpins such as Pablo Escobar in the 1980s and 1990s to undermine their criminal networks, said that many laundering techniques used then are still in use today.…

THE UK’S Financial Conduct Authority (FCA) has fined HSBC GBP63.9 million (USD84.7 million) for maintaining weak and ineffective suspicious transaction monitoring systems for six years after being fined USD1.9 billion in 2012 for helping launder Mexican drug cartel proceeds.

Following this major fine from the US department of justice, the FCA concluded that the HSBC continued to operate a faulty automatic transaction monitoring system across its global operations.…

Populism, the force that elected Donald Trump to the US presidency in 2016, is not a new creed – representing, as it does, a distrust by the mass of voters of political and business elites. Indeed, in America, a formal ‘People’s Party’, also called the Populists, was formed in 1892 and ran in that year’s presidential election, with some success, gathering 8.5% of the vote.…

Cambodian and Myanmar clothing industry leaders have confirmed a shift in manufacturing orders from Myanmar to Cambodia, caused by the economic and political disruption within Myanmar, since the February 1 coup.

Kaing Monika, deputy secretary general for the Garment Manufacturers Association in Cambodia, told Just Style that brands were starting to redirect orders to Cambodia, seeking more competitive prices, quality, delivery and compliance, but it was unclear if this would lead to factories moving at this point.…

European Union (EU) law enforcement, perhaps emboldened by the launch of the European Public Prosecutor’s Office (EPPO), has launched a series of cases and inquiries, including against high-ranking politicians accused of corruption. For example, Gabrijela Žalac, Croatia’s regional development and EU funds minister from 2016-9, and three accomplices, have been arrested, on EPPO orders, for alleged fraud regarding the purchase by her ministry of deliberately overpriced software for a public company.…

British and Swiss banks have been fined a total of EUR344 million for operating a cartel coordinating their foreign exchange (forex) spot trades of the world’s 11 most important currencies – USD, EUR, GBP, Japanese Yen, Swiss francs; Canadian, Australian and New Zealand dollars; Danish and Norwegian krone and Swedish Kroner.…