Search Results for: Portuguese

THE EUROPEAN Commission must propose a new blacklist of non-European Union (EU) countries considered high-risk money laundering locations, after the full European Parliament (EP) overwhelmingly a proposed list yesterday (May 17), by 392 votes to 80, with 207 abstentions.

A Parliament spokesperson told Money Laundering Bulletin the Commission had no deadline to produce its third list of countries needing to face stricter controls doing business in the EU, but was expected to do so in the next “few months”.…

GLOBAL knitwear outsourcing centre Bangladesh is expected to soon ratify the emerging market D-8 PTA preferential trade agreement, newspaper reports in Dhaka say, indicating the government may have loosened demands over rules of origin. Bangladesh has been pushing for its manufacturers to gain privileged access to D-8 markets (Iran, Indonesia, Malaysia, Pakistan, Nigeria and Turkey, as well as Egypt if it also ultimately ratifies), if 30% of value in a product is created within Bangladesh.…

The oil and gas industry is reshaping its strategies, practices and values as it responds to global agreements on climate change and sustainable development. The 2015 United Nations Paris Agreement on climate change and the UN Sustainable Development Goals (SDGs) – which came into effect in January 2016 – are prominent among global governance challenges driving change in the oil and gas industry, but pressure just keeps building.…

THE EUROPEAN Commission has approved the creation of a significant holding by Japan’s Marubeni Corporation and Toho Gas Co Ltd in the Portugal gas distribution sector, green-lighting their acquisition of shares in Portugal’s Galp Gás Natural Distribuição. Henceforth, the Japanese companies will share control with Portugal’s Galp Energia SGPS, a key oil, gas and power generation company.…

Central Bank theft – casino repercussions: the Philippines

The theft in February of $101m from the Bangladesh Bank account at the Federal Reserve Bank New York in an audacious hack of SWIFT codes saw funds flow to casino accounts at Rizal Commercial Banking Corporation in the Philippines.…

Plastics has a very good image – but the industry’s contribution to marine waste is damaging it, Antonino Furfari, managing director of industry organisation Plastics Recyclers Europe, told yesterday’s (September 29) high level Brussels conference on measures to prevent this environmental problem.…

Three out of four people polled for a European Parliament-commissioned survey have said they wanted the European Union (EU) to do more to tackle tax fraud. Asked whether they would like the EU to intervene less than at present or more in “the fight against tax fraud” 75% said more, 14% said they wanted no change, 5% less and 6% answered they did not know.…

FOOD and drink manufacturers based in Britain face a risk that their exports to the European Union (EU) will attract duties now the UK government has confirmed it will push ahead with leaving the EU following the June 23 Brexit referendum result.…

The Philippines has been standing accused of passively aiding money launderers and terrorist financers ever since its Anti-Money Laundering Act in 2001 exempted local casinos from the duty of submitting suspicious transaction reports on their operations.. But pressures to revise that decision have been growing markedly since earlier this year Chinese cyber hackers managed to launder USD81 million through banks and casinos in Manila, with only approximately USD6 million of the booty recovered so far.…

Back in March 2014, a Hong Kong businessman named Joseph Lau Luen-hung was sentenced in absentia to five years and three months in prison by Macau’s Court of First Instance.

Lau had been found guilty, along with along with fellow businessman Steven Lo Kit-sing, of money laundering and paying a Hong Kong dollars HKD20 million (USD2.5 million) bribe to Macau’s former secretary of public works, Ao Man Long, who is himself serving a 27-year jail term (for bribery charges).…