Search Results for: Pakistan

While fraud is expanding, especially in the online world, there are limits to the amount of anti-fraud checks that can be undertaken, or business and public administration would seize up entirely. Indeed, with the increasing influence of risk-based approaches in fighting crime, an optimal anti-fraud strategy is as much about choosing what to trust as what to suspect – that way resources can be focused on the real vulnerabilities.…

The doomsayers who in 2022 predicted the collapse of cryptocurrency as a major payment instrument have been proved wrong, meaning that AML regulators and obliged entities will need to focus hard to fight the abuse of these digital payment systems by criminals.…

Pakistan’s textile and closing industry appears almost despondent about its future under a weak new coalition government, led by Pakistan Muslim League (N) president Shehbaz Sharif. This follows a split mandate given by the voters to contesting political parties and independents in the February 8 elections.…

Despite low domestic demand and transportation challenges posed by poor cold storage facilities, Bangladesh’s nascent cheese industry is showing potential for growth.

Consumers are eating more of this dairy product than ever before, spurring growth in imports. According to data from United States-based export-import trade intelligence firm Volza, there were 4,464 import shipments of cheese into Bangladesh, imported by 524 Bangladesh traders, as of from last January 1 (2023) to October 31 (1).…

An Interpol police operation cracking down on online financial crime across 34 countries (1) worldwide led to 3,500 arrests and saw a total USD300 million seized – USD199 million in hard currency and USD101 million in virtual assets. The global agency’s six-month HEACHI IV operation, which ran from July to December 2023, targeted seven types of cyber-enabled swindles: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud and e-commerce fraud.…

Practical programmes and strategies that enable universities and colleges to drive forward sustainable practices and knowledge to fight and manage climate change are increasingly needed, a UNESCO-sponsored workshop heard this week in Dubai.

Staged on Wednesday (December 6) as the United Arab Emirates hosts the COP28 conference of the United Nations Framework Convention on Climate Change (UNFCCC) this month, HE experts stressed such work needs to extend to less economically developed countries.…

Prospects of a bumper cotton crop on Pakistan this year (2023) and a planned extension to December 2027 of the country’s European Union (EU) GSP+ trade benefit status has raised hopes for increased sales by the Pakistan clothing and textile sector within the country’s government (1).…

Anti-money laundering fines worldwide are expanding fast, say researchers, but assessments of whether this reduces and deters money laundering or just feed government coffers are not yet conclusive. According to Ireland-based international compliance firm Fenergo, AML/CFT fines worldwide – levied on organisations failing to operate legally mandated AML/CFT controls – increased 52% year-on-year in 2022, totalling USD4.1 billion, compared to USD2.7 billion in 2021.…

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).…

Chinese textile and clothing manufacturers are increasingly relying on Egyptian cotton, over the past two seasons becoming Egypt’s second largest buyer of cotton, driven by the US ban on Xinjiang cotton, competitive pricing, and strong demand for luxury fibres.

“China has always been a player in Egyptian cotton, but they were never on top of the list.…