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The International Accounting Standards Board (IASB) has published planned changes to its standards, helping accountants write financial reports including currencies whose jurisdictions suffer from hyper-inflation. The planned changes to IAS21 on ‘The Effects of Changes in Foreign Exchange Rates’ would help translate financial information from a non-hyperinflationary to a hyperinflationary currency.…

Free trade zones (FTZ) have long been identified as having potential vulnerabilities for ML/TF/PF. And while they are not a key priority for FATF as it assesses the criteria for its fifth mutual evaluation round (MER5), given FTZs are still growing in number, international concern about their criminal money risks persists.…

Since the Hamas-led attack on Israel on 7 October 2023, and the ensuing Israeli war on Gaza, the Palestinian banking sector has been caught in the crosshairs. Meanwhile, Hamas continues to get funding as the war enters its 10th month.

The Palestinian banking sector, overseen by the Palestinian Authority (PA), has been under heightened pressure from the Israeli government following the Hamas-led attacks.…

As intensifying international trade frictions highlight the need for Chinese textile companies to spread their risk by investing in production capacity within diverse global markets, Chinese textile companies are indeed expanding their global footprint. That includes downstream as well as upstream segments.…

Digital currency customers will continue to be subject to fraud if new regulatory tools are not introduced, claimed the chairman of the Commodity Futures Trading Commission (CFTC) as the organisation won a case ordering cryptocurrency exchange FTX to pay USD12.7 billion to victims of its fraud.…

The freezing of Russian assets since the government of President Vladimir Putin invaded Ukraine in February 2022 has prompted western governments to consider seizing that money and property to fund reconstruction of a country ravaged by Moscow’s military aggression. Estimates of the value vary, but there is consensus that the value is at least USD300 billion, with the vast majority being assets from the central bank, the Bank of Russia.…

Although the low countries boom in the paints and coatings markets of Belgium, the Netherlands and Luxembourg (Benelux) during the Covid-19 pandemic is easing, and the industry has been hit by Russia’s invasion of Ukraine and the cost-of-living crisis, the sector is holding up well.…

Automakers selling battery electric vehicles (BEVs) into the 27-country European Union (EU) market are working hard to fulfill EU regulatory requirements to provide digital battery passports using a unique serial number and QR code from February 2027.  https://www.consilium.europa.eu/en/press/press-releases/2023/07/10/council-adopts-new-regulation-on-batteries-and-waste-batteries/

The law was only adopted in July 2023, creating a compliance challenge for EU market automakers, many of them US-owned, said Beatriz Ildefonso, circularity and materials manager at the European Association of Automotive Suppliers (CLEPA), the suppliers representative body.…

Bangladesh’s clothing and textile manufacturers have called on the country’s incoming interim government to protect their factories, as violence still wracks the country following the downfall of former Prime Minister Sheikh Hasina.

She fled the country on Monday (August 5) after resigning amidst cascading political demonstrations against an earlier brutal crackdown on protesters upset about government job quotas.…

Universities and higher education institutions (HEIs) worldwide are being encouraged to focus on achieving global sustainability initiatives with the help of a new United Nations (UN)-sponsored reporting and measurement resource.

On July 15 (2024), UNESCO (the United Nations Educational, Scientific and Cultural Organisation) unveiled its Sustainability Evaluation Tool for Higher Education Institutions (SET4HEI).…