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COMPANIES and citizens defrauding European Union (EU) revenue collection (including customs duties and cross-border VAT fraud) and spending programmes, may from 2020 face direct criminal proceedings brought by a European Public Prosecutor. The EU Council of Ministers has approved establishing this new institution in 20 of the 28 EU member states – Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Germany, Greece, Spain, Finland, France, Italy, Latvia, Lithuania, Luxembourg, Portugal, Romania, Slovenia and Slovakia.…

CHINA’S imposition of temporary safeguard duties to protect its sugar industry have been challenged at the World Trade Organisation (WTO), with sugar giant Brazil arguing Beijing’s tariffs break global commerce rules. In a signal that Brazil might be considering launching a disputes case against China, diplomats for the South American country told a WTO safeguards committee meeting that the duties broke the WTO agreement on safeguards and the general agreement on tariffs and trade (GATT). …

THE IDENTITY of 49 jurisdictions that will automatically exchange tax information in 2017 under a global standard has been revealed by the Organisation for Economic Cooperation & Development (OECD). Among the major countries included in this list are Britain, Mexico, Germany, France, South Africa and Argentina.…

COMPANIES and citizens defrauding European Union (EU) revenue collection (including
customs duties and cross-border VAT fraud) and spending programmes, may from 2020 face
direct criminal proceedings brought by a European Public Prosecutor (EPPO). The EU
Council of Ministers has approved establishing this new institution in 20 of the 28 EU
member states – Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia,
Germany, Greece, Spain, Finland, France, Italy, Latvia, Lithuania, Luxembourg, Portugal,
Romania, Slovenia and Slovakia.…

International police agency Interpol and its European Union (EU) counterpart Europol have
announced what they say is the biggest hit ever against online piracy with law enforcers
taking down more than 20,500 websites selling counterfeit goods seized in 26 countries.
Participating countries were Albania, Austria, Belgium, Bosnia & Herzegovina, Britain,
Colombia, Croatia, the Czech Republic, Denmark, France, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Moldova, Norway, Peru, Portugal, Romania, Serbia, Spain, Ukraine, the USA
and China special administrative region Hong Kong.…

A Paris court has convicted Teodoro Nguema Obiang Mangue, the vice-president of Equatorial Guinea, of embezzling more than EUR150 million (USD174 million) of public money. His is also the son of the small central African country’s President Teodoro Obiang Nguema Mbasogo.…

THE MAURITIUS textile and clothing industry is facing tough times, with exports falling amidst unfavourable currency shifts. Clothing and textile exports by value to all destinations fell by 9% in 2016, according to the Mauritius Export Association (MEXA), which has noted such sales declines have been happening for the last five years in key export markets.…

French prosecutors have accused Denmark’s leading bank Danske Bank of playing an organised role in a Russian fraud and money laundering scam. Prosecutors, from the Paris High Court, allege that an Estonian branch of the bank helped to move EUR15 million “from organised fraud and tax evasion” in Russia into France and other European Union (EU) jurisdictions between 2008 and 2011.…

AFTER introducing digital printing and leading Bangladesh’s knitwear sector by example, the country’s knitting major, the Knit Concern Group, has said it will ramp up its capacity to digitally print 1 million metres of fabric monthly by 2022. Presently, the knitter, based in Narayanganj, near Dhaka, can digitally print 260,000 metres of fabric a month.…

Multinationals and suppliers in the personal care product sector are unilaterally implementing measures to reduce their carbon footprint in the wake of the 2015 Paris climate treaty, taking steps to reduce energy use, their impact on forests and cutting water use and pollution.…