Search Results for: European Parliament

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.…

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.…

The October 7, 2023, attacks on Israel, and Israel’s wars in Gaza and Lebanon, have hit the country’s higher educational sector hard, with roughly a quarter of all students, as well as faculty, called up to the armed forces, while budget cuts are expected as more money is allocated to the military.…

Companies and researchers are increasingly offering innovative coatings to help businesses and governments fight climate change, providing insulation, heat reflection and other energy-saving functionalities. These products also aid compliance with burgeoning legislation targeting net zero emissions by 2050 and meet intensifying consumer concern about the impact of climate change.…

The UK government is poised to launch talks with the European Union (EU) on forging a sanitary and phytosanitary agreement (SPS) that could remove British and EU food health checks that impede the trade in dairy products.

Dairy UK chief executive Dr Judith Bryans told DII: “A new sanitary and phytosanitary (SPS) agreement with the EU has the potential to help in reducing trade administration costs for UK dairy exporters.…