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INTRODUCTION 

With the textile industry under pressure from consumers, regulators and standards to become more sustainable, companies are looking at all aspects of the supply chain – including upstream to fibre production. Digitalisation has a key role to play here, especially in supplier countries where the use of such technology is weak – such as in Africa.…

If you listen to Mark Zuckerberg, chief executive of Meta Platforms, which runs Facebook, humanity is about to take a quantum leap into living lives online as well as offline, interacting with people’s digital representations (avatars) via ‘metaverse’ virtual platforms. The question in AML terms is whether such systems, especially if widely used and interoperable, pose a new and growing risk of dirty money flows?…

Australia’s commitment to strengthen its anti-money laundering legislation is now an eight-year-old promise that has yet to be fulfilled. However, with a change in government in May 2022, with the Labor Party taking power after nine years of government by the right-centre Liberal-National Coalition, there is renewed hope that reform could finally be delivered.…

The Financial Action Task Force (FATF) issued a dedicated report, ‘Money Laundering and the Illegal Wildlife Trade’ in June 2020 (1) and has followed up with further analysis on a topic that is being researched in depth by a wide range of NGOs.…

Xolisile Khanyile, the director of South Africa’s Financial Intelligence Centre (FIC) has been appointed chair of the Egmont Group (EG) of Financial Intelligence Units (FIUs), taking over from July for a two -year term. She replaces the Netherlands’ Hennie Verbeek-Kusters, who had served as chair since 2020.…

Clothing and textile companies are facing a major change in how they report their performance in future, with international and national initiatives pushing them to generate and declare data on their social and environmental performance. Draft mandatory requirements are being consulted upon in the European Union (EU) and the United States, with optional reporting rules being developed by an International Sustainability Standards Board (ISSB).…

Cambodia’s clothing sector may continue to face challenges over its weak backward linkages and pressure to increase wages – balancing reasonable pay with international competitiveness in price sensitive markets – but its apparel export receipts remain healthy. The country’s clothing export earnings were not seriously damaged by the Covid-19 pandemic, which had a relatively light impact on Cambodia.…

GERMANY, a market known for meat consumption, is increasingly trying out plant-based alternatives and has developed one of the largest and fastest-growing meat substitute markets in Europe. As a result, German producers are largely focused on growing the domestic market, with limited exports to other European Union (EU) countries.…

The US Congress is gearing up to adopt the ENABLERS Act (1) that would extend anti-money laundering requirements (AML) in the Bank Secrecy Act (2), such as customer due diligence and reporting suspicious transactions, to cover professional service providers including certain lawyers and accountants, third-party payment services and people who form or register companies or trusts.…

The UK’s new register of overseas entities (ROE) run by registrar Companies House, that went live August 1, has come under fire over loopholes that could mean beneficial owners of property can still hide their identity. Labour MP Dame Margaret Hodge, chair of the all-party parliamentary group (APPG) for anti-corruption and responsible tax, tweeted that the ROE “is not a silver bullet for tackling money laundering in UK real estate.…