Search Results for: International law

As artificial intelligence (AI) systems advance, detection of trade-based-money laundering (TBML) should improve, but there are major drawbacks to widespread implementation, notably though a dearth of available trade data, and poor statistical harmonisation worldwide. Paul Cochrane reports.

Artificial intelligence (AI) and machine-based learning has been used for the past decade by financial institutions to sift through vast amounts of data to spot anomalies as well as verify information.…

American FIU FinCEN has been finalising arrangements for a January 1 deadline for private corporations, companies and businesses operating in the USA to start collecting beneficial and filing ownership information with the agency. While reporting companies created or registered before January 1, 2024, will have until January 1, 2025, to file their initial reports, FinCEN has proposed easing demands on businesses created next year (2024), extending their deadline for filing BO information on owners with 25% or more control to 90 days, than the 30 days mandated under previous rules, Companies being created in 2025, however, will face 30 days filing terms (1).…

While energy price rises have started levelling off after 2022 steep inflation, the need to boost sustainable electricity capacity in Europe, carried by strengthened transmission networks, boosting security of supply against unreliable partners such as Russia and further reduce carbon emissions, is becoming ever more pressing.…

The Cayman Islands is on the cusp of being removed from the FATF (Financial Action Task Force) grey list, where it has languished since January 2021, after it completed 63 reforms required by the global AML body. A final inspection by FATF officials was staged this month (September) (1), with the British overseas territory looking to be removed by the next FATF plenary in October (2023).…

The European dairy sector will be keeping a close eye on negotiations in Brussels about proposed reforms to the European Union (EU) industrial emissions directive (IED), in case the final text includes the milk producers, potentially limiting, for example, how they release methane and ammonia, especially, via air and liquid emissions.…

USA FIU FinCEN is to designate transactions involving international convertible virtual currency mixing (CVC mixing) a source of ‘primary money laundering concern’. The move, the first time FinCEN has used its authority under Section 311 of the USA Patriot Act on combatting terrorism and money laundering to target a class of transactions in this way, follows the Hamas attack on Israel on October 7, believed to have been largely funded with crypto.…

The Indian confectionery industry, which according to London-based market researcher Euromonitor International, is expecting sales of Indian Rupees INR335.92 billion (USD4.05 billion) in 2023, up 13.4% year-on-year, excelling with consolidation, automation and advanced packaging.

Growth is seen in almost every confectionery and sweet bakery segment, as per Euromonitor data.…

High inflation forces consumers and businesses to change their behaviours – and not always in positive ways: fillers for example, have sometimes been reducing the amount of food in cans, while maintaining the size of the packaging, and their prices. Unsurprisingly, this ‘shrinkflation’ has upset consumers and their representatives, highlighting a potential lack of transparency.…

California has passed a Climate Corporate Data Accountability Act, which would require US-based companies doing business in the state with more than USD1 billion in annual revenues to file annual reports publicly disclosing their Scope 1, 2 and 3 greenhouse gas emissions.…

Bangladesh’s globally important knitwear sector is facing a multifaceted crisis as work orders are falling, political instability and related diplomatic pressure is soaring, while the industry struggles to diversify its output as calls intensify for it to increase workers’ salaries. 

At the heart of the crisis are concerns that the country’s is losing ground in key Western markets.…