Search Results for: European Court of Justice

When the UK left the European Union (EU) on 1 January 2021, it also left the EU’s comprehensive REACH chemical control system, which was formally replaced by a UK REACH system. This mirrored EU REACH, grandfathering existing registrations and restrictions to the national system, although GB companies lost access to EU databases run by the European Chemicals Agency (ECHA).…

The Moroccan clothing and textile sector is promoting itself to European and north American buyers, as well as Chinese investors, as a near-sourcing hub, which guarantees sustainable and ethical practices in its production.

This is a key message from the Moroccan Association of Textile and Clothing Industries (AMITH – L’Association Marocaine des Industries de Textile et de l’Habillement), as it prepares for its next Maroc in Mode 2024 expo in Casablanca from November 7-9.…

Britain’s new Labour government has launched a National Wealth Fund (NWF), making good on a manifesto promise, although the new institution is – as the Treasury has admitted, a supercharged UK Infrastructure Bank (UKIB), not a new institution.

Rather, Chancellor Rachel Reeves announced on October 14 that UKIB would become the NWF, with the same board, chair and CEO – John Flint, the former CEO of HSBC.…

The European Union (EU) is to get an anti-fraud commissioner in the new European Commission set to take over on December 1 (2024), a position that has not been appointed since 2014. The job has been given to Polish Commissioner designate Piotr Serafin, currently acting permanent representative of Poland to the EU, within the second term team of European Commission president Ursula von der Leyen.…

Employing former fraudsters is fraught with risk compared to hiring staff with no criminal record, but companies such as Big 4 accounting network KPMG who does this in Britain, argue that there are real benefits – and not just for ex-cons.…

Securely onboarding customers is a significant cost for financial institutions. Technology is viewed as a panacea, but processes are not as effective as they could be, in part due to the tech itself, but also regulatory issues, such as over data sharing.…

FATF has released its detailed rules on how its fifth mutual evaluation round (MER) will proceed, with assessments beginning next year (2025) and continuing until 2032 (1). Its new procedures for MERs, follow-up reports and grey- and blacklisted countries under FATF’s International Co-operation Review Group (ICRG), are spelled out in detail.…

Legal professions worldwide continue to push against being integrated within comprehensive AML/CFT/CFP systems, with their firms arguing that conducting CDD/KYC and reporting STRs undermines client confidentiality, a cornerstone of practising law.

FATF’s recommendations allow governments significant flexibility on when lawyers should report suspicious transactions, contrasting with tougher requirements for bankers, payment service companies, and non-financial professions such as accountants.…

Australia has long been a laggard in AML/CFT, despite being a leading developed democracy – but its current Labor government has finally bitten the bullet on reform.

In September, it proposed an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 (1).…

European Union (EU) member states are failing to implement mandatory sustainability reporting rules imposed by the EU’s corporate sustainability reporting directive (CSRD), the European Commission has concluded. It has opened infringement procedures against 17 of the 27 EU countries saying they have failed to properly write the directive into their national legislation: Austria, Belgium, Cyprus, Czechia, Estonia, Finland, Germany, Greece, Latvia, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia and Spain.…