Search Results for: Singapore

Australia is set to establish one of the world’s largest renewable energy production centres, capitalising on the vast solar and wind resources of the remote Pilbara region of the state of Western Australia. The private initiative, currently led by BP, represents a significant step in the nation’s push toward renewable energy and its current goal of achieving net-zero emissions by 2050, encouraged by the country’s centre-left Labor government.…

The gender pay gap is closing among anti-fraud professionals worldwide, according to the latest survey from the Association of Certified Fraud Examiners (ACFE). Its ‘Compensation Guide for Anti-Fraud Professionals’ (1) released September 25 shows median salaries for women are currently USD102,000 and men USD108,000, a USD6,000 difference, less than half the USD13,500 gap a decade ago.…

As jurisdictions worldwide prepare for an imminent assessment by FATF or regional FATF-style bodies under a fifth round of scheduled mutual evaluation reports (MER), their governments will be parsing how these will differ from the fourth round of MERs

In short, according to a note from the Luxembourg office of international law firm Allen & Overy, FATF’s latest MER guidance, released in February (2024) (1), noted that MER5s will take six years, rather than earlier rounds’ average of 10.…

The development of anti-money laundering (AML) utilities, with banks and other financial services sharing customer due diligence (CDD) resources, is moving ahead, albeit slowly and unevenly. Should these systems work, they could strike firm blows against commercial crime. Keith Nuthall reports

Financial institution collaboration against crime has been promoted by both the public and private sector, but it needs to be done well – with client confidentiality and data protection being safeguarded alongside the development of operational efficiency.…

The European Public Prosecutor’s Office (EPPO) has spoken out against a proposed Austrian law that might undermine its ability to probe transnational and national crime, through preventing its teams from seizing data that might compromise offenders.

This proposed legal amendment from Austria’s justice ministry would reserve the power to seize data and data storage devices in Austria to Austrian law enforcement.…

The metal packaging sector in Taiwan has been building a sustainable future, with solid growth since the end of the Covid-19 pandemic, can makers and fillers told Cantech International at the Taipei Pack trade show in the Taiwanese capital Taipei (1).…

Former UK Serious Fraud Office (SFO) director Lisa Osofsky observed in 2022 that the material her agency had to work through in a typical case, if printed, would fill 22 London buses – so could artificial intelligence (AI) aid the management of such tough cases?…

The Financial Action Task Force (FATF) has approved priorities for the upcoming Mexican presidency of the global AML/CFT body, from July 1 (2024) to June 2026, including launching the fifth mutual evaluation assessment (MER) round. Other key goals include boosting financial inclusion; strengthening the cohesion of AML/CFT global network (member states and regional FATF-style bodies); asset recovery; beneficial ownership; virtual assets; and redoubling efforts on preventing terrorist and proliferation financing (1).…

That Singapore accepts these vulnerabilities regarding ML and TF was underlined by the recent June 20 release of the city state’s latest ML/TF national risk assessment. It concluded: “Singapore’s key ML threats are fraud (particularly, cyberenabled fraud), organised crime, corruption, tax crimes, and trade-based money laundering.…

Singapore authorities are trying to strengthen vulnerabilities in the Asian financial hub’s anti-money laundering (AML) system following an AML probe that led to the arrest of nine men and one woman, all from Fujian province in China last August (2023). Police subsequently seized assets and cash worth more than Singapore dollars SGD3 billion (USD2.2 billion) as of January 2024.…