Search Results for: Russia

The June plenary of the Financial Action Task Force (FATF), which wound up today (Friday June 23), has warned that almost 75% of jurisdictions worldwide are failing to implement its AML standards on virtual assets and virtual asset service providers (VASPs).…

The European personal care product industry is facing a barrage of new European Union (EU) regulations, with a review of the 2009 Cosmetics Products Regulation (CPR) (1) being combined with environmental reforms. These changes, debated at the 2023 annual conference of personal care product industry association Cosmetics Europe – called ‘Preparing for the Future’- will be a major challenge.…

European Union (EU) anti-fraud agency OLAF has told Belgium-based news wires it is probing fraud and graft in the EU’s EUR724 billion Recovery and Resilience Facility (RRF) (1), designed to help member states’ economies recover from Covid-19.

So far, EUR150 billion has been paid out, reported Brussels news service Knack, with Italy and Spain receiving more than 25% of payments.…

The G7 group of industrialised nations has promised to ramp up sanctions against Russia over its invasion of Ukraine, including additional efforts to prevent circumvention.

Following a summit in Hiroshima, Japan, the group warned G7 members increase engagement with “third countries through which restricted G7 goods, services, or technology may be provided to Russia…”

It called on “third parties to immediately cease providing material support to Russia’s aggression or face severe costs”.…

Counter Proliferation Financing (CPF) is becoming an increasingly important third goal of international policies and programmes designed to attack and reduce illicit financial movements. With concerns about the development of nuclear weapons by sanctioned regimes in North Korea and Iran growing, governments have been focusing on how to implement Financial Action Task Force (FATF) guidance on CPF, which has been deepening since the global anti-money laundering and terror finance body in 2020 amended FATF Recommendation 1 and its Interpretive Note to require countries and entities to identify, assess, understand and mitigate their PF risks.…

Fashion brands have been warned to step up online security as the industry becomes increasingly digitalised and Russian hackers pose an increased risk as the country’s military struggles to maintain its invasion of Ukraine. 

While digitalisation brings enhanced sustainability, reduced waste, stricter inventory management, personalised designs, smart wearable tech garments, AI-enabled virtual fittings and integrated supply chains, increasing online data offers bad actors additional attack vectors, said Maryland, US-based cyber exposure management company Tenable. …

Counter Proliferation Financing (CPF) is becoming an increasingly important third goal of international policies and programmes designed to attack and reduce illicit financial movements. With concerns about the development of nuclear weapons by sanctioned regimes in North Korea and Iran growing, governments have been focusing on how to implement Financial Action Task Force (FATF) guidance on CPF, which has been deepening since the global anti-money laundering and terror finance body in 2020 amended FATF Recommendation 1 and its Interpretive Note to require countries and entities to identify, assess, understand and mitigate their PF risks.…

The AML/CFT system and laws of Montenegro is also under scrutiny by FATF-style regional body Moneyval, which launched a fifth round of mutual evaluation process of this small Balkan country last March. The country, which only became independent in 2006, although with a long pre-WW1 history of autonomy and formal independence, has a population of just 620,000.…

The public deployment of large language models (LLMs) such as AI chatbot ChatGPT present potential crime risks, particularly for online fraud and cybercrime, as Europol has warned. On the flipside, such systems are bolstering the capabilities of AI to ward off cybercrimes, and to decipher what is real and what may be a deep-fake.…

The Lithuanian dairy industry has seen its share of highs and lows in recent years, culminating this year in a rash of dairy farmer protests, rising energy costs, inflation, farm closures, and rock bottom prices for raw milk. During the first half of 2022, export sales grew according to Lithuanian dairy producer organisation Pieno Centras (1), as dairy product prices rose and demand remained high, boosting production and Lithuanian farm milk sales.…