Search Results for: Russian

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. …

Anti-money laundering is a detection game, with AML officers (AMLOs) looking for red flags that may indicate crime-tainted transactions, and then digging deeper. But that usually requires automated alerts which need to be managed and tweaked, with algorithms configured according to risk.…

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 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.…

Brazil could once again impose restrictions on the country’s strong tobacco leaf industry under the new centre-left administration of President Luiz Inácio Lula da Silva, who plans to reinstate a committee to target production to reducing smoking. The 77-year-old leader, who also governed between 2003–2010, so far is not allowing tobacco business leaders to take part in policy debates.…

The fact that AML/CFT is expensive is widely appreciated by governments and international organisations, but they still support policies and programmes that cost a considerable proportion of the USD274.1 billion that LexisNexis Risk Solutions says is lavished on financial crime compliance (1).…

Russia’s invasion of Ukraine has given the Cypriot government an additional incentive to remedy its past reputation as a haven for Russian money of questionable provenance. As the war launched by President Vladimir Putin has as of March 27 caused 8,401 civilian casualties, according to UN figures, the internationally recognised government of Cyprus, which still controls just the southern two-thirds of its island (the north being run by the breakaway Turkish Republic of Northern Cyprus), has launched some significant AML/CFT reforms.…