Search Results for: Russia

The Financial Action Task Force (FATF) has suspended Russia from membership because of its continuing military invasion of Ukraine – an unprovoked attack that the UN said by February 20 had killed 8,006 civilians and injured 13,287.

The global AML body’s plenary today (Feb 24) acted following “reports of arms trade between the Russian Federation and United Nations sanctioned jurisdictions, and malicious cyber-activities emanating from Russia”.…

THE UK government has marked the anniversary of Russia’s unprovoked invasion of Ukraine by announcing a wide-ranging export ban it says will cover “every item Ukraine has found Russia using on the battlefield to date”. While London has yet to release the formal list of such products, Foreign Secretary James Cleverly said the widened ban “included…hundreds of goods are aircraft parts, radio equipment, and electronic components that can be used by the Russian military industrial complex, including in the production of UAVs [drones].”…

The European Union (EU) has now (one day late – on February 25) issued its own new sanctions package upon the first anniversary of Russia invasion of Ukraine, targeting senior figures within the Wagner Group of mercenaries that has bolstered Russia’s military attacks.…

The professional life of a money laundering reporting officer (MLRO) is of critical importance to the organisations that they serve, but many of their colleagues in separate roles maybe unaware of what happens in the typical day of an MLRO. Shilpa Arora, Senior Director of Anti-Financial Crime Segment Solutions at ACAMS (Association of Certified Anti-Money Laundering Specialists) stressed that a key element of MLRO work is not necessarily actively hunting down dirty money flows, but consultation.…

The European Union (EU) may this year complete a long-negotiated trade agreement with the South American Mercosur bloc, including major knitwear manufacturer Brazil and wool exporter Argentina. EU trade Commissioner Valdis Dombrovskis has said the ratification of a deal that was agreed in principle in 2019 should move a step closer “relatively soon”.…

Popular culture has long considered Monaco the perfect ‘sunny place for shady people’, as per the Lawrence Rothman song, and judging by the latest Moneyval assessment of this Mediterranean principality, this characterisation holds some truth regarding AML/CFT.

The European FATF-style body said in a report issued in January (2023) that Monaco’s AML/CFT effectiveness was low on supervision, investigation and prosecution.…

As Haitian clothing and textile factories lose contracts and are forced to shut down amidst this Caribbean country’s ongoing lawlessness and political chaos, industry officials in Haiti say the only way they can save this important national manufacturing sector is through international intervention.…

Fresh food manufacturers worldwide are developing intelligent packaging that can help them reduce both food and plastic waste, responding to regulatory and consumer pressure to minimise their products’ environmental footprints.

Such bio-innovations may be of particular importance to European Union (EU) food manufacturing companies, given the EU is revising its packaging and packaging waste directive.…

Transparency International (TI) has warned that “conflict creates opportunities for corruption and subverts governments’ efforts to stop it” when unveiling its 2022 Corruption Perceptions Index (CPI) on January 31, scoring 180 countries worldwide on perceived levels of public sector corruption from 0 (highly corrupt) to 100 (very clean) with the average 43.…

EGYPTIAN businesses are struggling to import goods due to an ongoing shortage of US dollars, while the Egyptian pound has depreciated by over half in less than a year and inflation is in the double digits. Such issues, along with tough import requirements, has pushed businesses to resort to roundabout, sometimes illicit, means to stay afloat.…