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With consumers becoming increasingly health conscious worldwide, demand for vegan chocolate, replacing dairy ingredients with plant-based materials, is growing fast.

According to US-based Grand View Research, the global vegan confectionery market – dominated by chocolate – is anticipated to generate USD2.62 billion in annual revenues by 2030, expanding at a compound annual growth rate (CAGR) of 9.9% from 2023’s USD1.23 billion.…

The Indonesian garment sector, already reeling from a decline in international orders, is facing a double whammy: a surge in illegal textile imports that is undercutting local producers and increasing pressure for sustainable production.

According to the Indonesian Fibre and Filament Yarn Producers Association (APSyFi – Asosiasi Produsen Serat dan Benang Filament Indonesia), the value of illegal textile and textile products, notably clothing imports into Indonesia last year (2022) reached USD2.94 billion.

More than 400 organisations from 64 jurisdictions have signed a declaration, committing themselves to advancing the adoption or use of the ISSB’s S2 climate impact reporting standard as the climate global baseline. This came on December 4, during the UN Climate Change Conference (UNFCCC) Conference of the Parties (COP28) meeting in Dubai.…

The global market for tallow, traditionally a common ingredient in the production of soaps, detergents, and lubricants, is undergoing considerable movement, driven by rising consumption of meat products coupled with the rising usage of tallow in the pharmaceutical, cosmetic, biofuels and feeds industries.…

Implementing international sanctions is never easy, but the sanctions regime on Iran is highly complex, buffeted by shifting diplomatic stances. With its Security Council ally Russia relying on Iranian military and technology supplies for it to pursue its invasion of Ukraine, time-limited UN restrictions on Iran’s nuclear programme officially lapsed on October 18.…

The risks of money laundering and terrorist financing (ML/TF) are increasing globally, according to the 2023 edition of the Basel AML Index (1), mainly through a “concerning” drop in the effectiveness of AML/CFT systems, indicated by Basel Institute on Governance analysis of Financial Action Task Force (FATF) data.…

The European Commission has published an extensive list (1) of the European Union’s (EU) politically exposed persons (PEPs) who should be subject to greater due diligence in banking and other transactions. The list covers functions, not individuals, in the bloc’s 27 member states and the EU’s own institutions.…

The ability of computer algorithms to identify outlier behaviour and indicate potential fraud is becoming stronger as IT specialists, mathematicians and AI develop new applications and techniques, offering anti-fraud professionals better tools to unearth and prosecute financial crime.

A McKinsey report from November 2022 (1) noted how companies are using machine-learning algorithms to assess data to maximise fraud detection through reducing false positives and missed fraud.…

A UK Online Safety Act received Royal Assent October 26, in what consumer association Which? described (1) as “a major step forward in the fight back against fraud”. The new law (2) will authorise penalties for social media companies and search engines who fail to prevent their platforms being used for fraud – from false claims, profiles and promotions to misleading statements and counterfeiting, whether through user generated content or paid for advertising. …

The increasing risks posed by creative high-tech crime have been highlighted in the first European Financial and Economic Crime Threat Assessment released by European Union (EU) police agency Europol. It concluded criminals have weaponised the drift to digital finance, work and business.…