Search Results for: Singapore

St Kitts & Nevis, the western hemisphere’s smallest sovereign state (by population), has significant work ahead to meet international AML/CFT standards, despite significant reforms being passed in 2020 and 2021. The twin-island state, with just over 47,000 people, is, noted a Caribbean Financial Action Task Force (CFATF) mutual evaluation report issued January 2022, a “small international financial centre which consists of commercial banking, international banking, domestic insurance, international insurance, securities, money service businesses and credit unions”.…

The bounce back from Covid-19 lockdowns to the key south-east Asian economies of Malaysia and Singapore have seen robust growth in both countries, boosting paint and coatings sales, although the Malaysian market has some fragility this year.

Economic growth in both ASEAN (Association of Southeast Asian Nations) members have been robust with data from the World Bank showing Malaysia’s GDP expanding from USD337.34 billion in 2020 to USD406.31 in 2022 (1) – its population being 33.5 million people.…

The European textile industry is well positioned to lead the global sector towards a more sustainable future, this year’s ITMA 2023 international conference has been told. Alberto Paccanelli, president of Euratex, which represents over 143,000 companies in the European Union (EU) textile and clothing industry, told Just Style at the Milan (June 8-14) event that the European Commission’s Textiles Ecosystem Transition Pathway (1), released June 6, implementing the EU Strategy for Sustainable and Circular Textiles, could have a positive impact.…

The use of money mules moving dirty money worldwide continues to grow, with law enforcement, financial institutions and researchers continuing to highlight the problem. In the UK, 31,979 money mule cases were recorded in 2017; rising to 40,129 in 2018; 42,900 in 2019; and 40,353 in 2020; according to 2022 research published in the International Journal of Business and Economy (1).…

The sustainability of the global fashion industry is coming under increased scrutiny. Concerns about how the industry uses water, chemicals and human labour, its greenhouse gas emissions and the mounting landfilling of ‘fast fashion’ disposables, have led politicians, sustainability activists and consumers to put pressure on the industry to change.…

As tech evolves, notably through the development of artificial intelligence (AI), anti-money laundering (AML) compliance officers at obliged entities are assessing a growing range of applications and platforms.
The global AML software market size is estimated to grow by USD2.7 billion from 2022 to 2027 at a compound annual growth rate (CAGR) of 15.01%, although “the high cost of implementation may impede” this expansion, according to the Illinois, USA-based market researcher Technavio.…

While opinion polling indicates that efforts to steer demand away from mass-producing, low quality, unsustainable fast fashion towards the slow fashion of high quality, sustainable, made-to-last, timeless designs have borne fruit, consumers are still reluctant to follow up their stated good intentions with purchases, say researchers.…

The European Union (EU) knitwear sector is preparing to follow new detailed ‘best available techniques’ (BAT) on reducing industrial emissions as the EU considers revised legislation that might tell national regulators to take a hard line on their implementation. The European Commission has proposed a new EU industrial emissions directive that – as drafted – would tell industrial regulators to set limits on BAT-associated emissions levels “at the strictest achievable level for the specific installation” (1).…

With the world’s illicit economy making up between 7% and 15% of global GDP according to the International Coalition Against Illicit Economies (ICAIE) (1), a national security NGO based in Washington DC, the need for robust law enforcement, including AML controls is clear.…

Speaking at the event on Friday (Feb 17), Mark Carney, UN special envoy for climate action and finance, and former central bank governor for the UK and Canada, said of the baseline: “It’s critical. You need compatible information.”  

Mr Carney stressed ongoing discussions between the ISSB and major jurisdictions, such as the EU (European Union), the USA and Japan, about the need for regulatory harmony.…