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Gaps in the international regulation of cryptocurrency and virtual asset service providers (VASPs) could aid money laundering, even in countries where these financial instruments are highly regulated, according to United States President Joe Biden. He warned in a March 9 Executive Order (1) on ensuring the responsible development of crypto assets that there was a need for international cooperation on crypto regulation if the US were to control its virtual currency-linked ML risks.…

Bangladesh’s knitwear industry has criticised the failings that caused a major fire at a storage depot holding clothing and textiles for export from the country’s major port at Chittagong, killing 44 people and losing sector companies more than USD110 million.

Mohammad Hatem, first vice-president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) expressed regret that despite the major improvements in factory safety made since the Rana Plaza tragedy in 2013, port facilities and associated depots were not covered by these investments.…

Sri Lanka’s clothing sector is “bracing for a 20-25 per cent drop in export earnings” between June to August thereby missing the USD6 billion export target set for 2022, as the country’s unprecedented political and economic crisis continues unabated, the country’s Joint Apparel Association Forum (JAAF) has said.…

Sri Lanka’s clothing sector is “bracing for a 20-25 per cent drop in export earnings” between June to August thereby missing the USD6 billion export target set for 2022, as the country’s unprecedented political and economic crisis continues unabated, the country’s Joint Apparel Association Forum (JAAF) has said.…

The American infant formula market has been suffering from shortages, in part, because of a problem rarely encountered in the US economy, a lack of free market competition.

The nationwide baby formula out of-stock percentage was at 74% for the week ending May 28, according to retail-tracking company Datasembly.…

The Bangladesh clothing industry is counting the cost of the deadly fire at the Sitakunda depot, serving the country’s major port at Chittagong, blaming the government and the depot owners for the blaze that appears to have erupted amongst stored chemicals.…

THE EUROPEAN Commission’s planned ‘Textile Transition Fund’ could be key to achieving a sustainable clothing and textile industry in Europe, Dirk Vantyghem, director general of the European Apparel and Textile Confederation (Euratex), has told Just Style.

He hoped it will enable the industry to fulfill the goals of the European Union [EU] Strategy for Sustainable and Circular Textiles (1), announced in March (2022).…

Glencore Energy (UK) has been convicted on seven charges of international bribery under the UK Bribery Act 2010, including two of corporate failure to prevent bribery. In a case brought by the Serious Fraud Office (SFO), at Southwark Crown Court on June 21, Glencore admitted to multiple counts of paying bribes in Africa to secure preferential access to oil and generate illicit profit.…

National risk assessments (NRAs) for money laundering and terrorist financing, required by the Financial Action Task Force (FATF) since 2012, are not comparable nor based on sound methodology, according to a new World Bank study (1) ‘National Assessments of Money Laundering Risks: Learning from Eight Advanced Countries’ NRAs’.…

Although China’s 13th Five-Year Development Outline for the Textile Industry (2016–2020) mandated sustainability improvements for China’s entire textile industry, the government’s efforts to improve the environmental performance of the country’s synthetic dye segment have gained visible momentum more recently, under the 2021-25 14th Five-Year plan.   …