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AML LAW ‘NOT GEARED UP’ FOR DECENTRALISED FINANCE
Decentralised finance – DeFi for short -is a growing variety of blockchain-based financial services, such as loans and insurance, that can operate without central control from an intermediary. While some say DeFi will democratise finance and liberate the under-banked, it is also an increasing area of interest for anti-money laundering (AML) authorities, who rely on the existence of intermediaries to enforce AML procedures.…
FATF CONSIDERS HOW TO IMPROVE EFFECTIVENESS WITHIN AML/CFT – BUT IS AML/CFT EFFECTIVE, PER SE?
While FATF’s mutual evaluation reports continue to show growing compliance with the organisation’s recommendations, concerns remain that the global AML/CFT system continues to fail in either preventing ML and TF or detecting and punishing such crimes after they are committed.
With FATF undertaking a strategic review since 2018, launched by the former China presidency and continued by the German presidency under Dr Marcus Pleyer, change in how the world fights ML and TF may emerge.…
MADAGASCAR’S CLOTHING AND TEXTILE SECTOR RECOVERS FROM HEAVY BLOWS CAUSED BY COVID-19
Madagascar’s textile and clothing sector is recovering from the heavy toll taken by the Covid-19 pandemic, initially causing the loss of 11,384 jobs according to government figures released in September 2020, reflecting a steep loss in output. According to Madagascar business association the Groupement des Entreprises Franches et Partenaires, this initially resulted in a drop of 47% in apparel turnover in an island nation whose economy was already under pressure before being hit by a Covid-19-led recession.…
THE DEAL OF THE CENTURY AND NEGOTIATIONS IN THE FOOTSTEPS OF THE PROPHET MUHAMMAD
While in recent years, the peaceful approach to progress associated with Islam has not been given a high-profile, because of the activities of extremists, the truth is that there is much to be learned from the Noble Prophet Mohammed about the value of incremental negotiation.…
KENYA BUSINESS LEADERS CALL FOR STRENGTHENING OF KENYA TEXTILE BACKWARD LINKAGES TO PROVIDE ALTERNATIVE TO SECONDHAND CLOTHES
The Kenyan government is being urged to strengthen the country’s backward linkages in clothing and textile production to ease poorer Kenyans’ reliance on imports of commercial second-hand clothing, factory and shop rejects.
Phyllis Wakiaga, chief executive officer at the Kenya Association of Manufacturers (KAM), stressed to just-style how the textile, apparel and cotton sub-sector has been identified as a key priority, with the potential for high growth and economic impact.…
TECHNICAL ROUND UP – ISSB LAUNCHED AT COP26
THE INTERNATIONAL Sustainability Standards Board (ISSB) will start work in early 2022, based in Frankfurt, Germany, and Montréal, Canada, the IFRS Foundation Trustees have announced at the COP26 climate change meeting in Glasgow, Scotland. The trustees added that the new body would by next June (2022) incorporate the work of the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF), which itself includes the Integrated Reporting Framework and the Sustainability Accounting Standards Board (SASB).…
BENEFICIAL OWNERSHIP LEDGERS BEING CREATED – BUT NOT WITHOUT SERIOUS TEETHING TROUBLES
Britain’s open register of beneficial ownership was groundbreaking worldwide but its effectiveness as a bulwark against money laundering is being debated, even as both the European Union (EU) and the US move ahead at varying pace to replicate the system. The question of whether BO registers should be open or closed is one that is being discussed in countries around the world.…
CANADIAN PARTS SECTOR COULD SUFFER FROM TRUMP IMMIGRATION TARIFFS ON MEXICO
THE CANADIAN auto parts sector is likely to suffer should the Trump administration go ahead with plans to impose escalating duties on Mexican exports to the USA to force Mexico to further restrict immigration into America.
With President Donald Trump yesterday (June 5) claiming talks with the Mexican government have been insufficiently productive, the US is poised to impose 5% duties on all imports from Mexico on June 10.…
INNOVATIVE ONLINE MERCEDES-BENZ FASHION WEEK ISTANBUL EXPANDS GLOBAL REACH OF TURKISH CLOTHING AND TEXTILE SECTOR
Istanbul is gearing up for its second fashion week of 2021, with the expectation of repeating the success of previous virtual events that reached some 25 million viewers worldwide.
With a physical Mercedes-Benz Istanbul Fashion Week (IFW) not feasible in 2020 due to the Covid-19 pandemic, the organisers pivoted to a virtual event.…
RENEWABLE DIESEL GROWTH SET TO DISRUPT LIQUID FUEL INDUSTRY AND MARKET
Growth in demand for and production of renewable diesel is set to disrupt the global liquid fuels sector, with major increases in refining capacity being developed now. Renewable diesel has major potential as a transitional alternative energy source, because, unlike standard biofuels, in its highest quality form, it is chemically identical to fossil fuel diesel. …