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The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.…

Predictions that a post-pandemic surge in nearshoring would follow clothing brand fears about volatile supply chains have only been partly realised. Inadequate advances in automation, limited raw material supplies, lack of appropriate infrastructure and persistent high costs have limited the ability of many near-sourcing industrial hubs close to Europe and north America to grab market share from Asia.…

The seizure of criminal proceeds has been a policy priority of the current Singaporean presidency of FATF (the Financial Action Task Force) (1). But while it and jurisdictions such as the European Union (EU) are developing reforms to boost asset recovery, more change is needed for this tactic to become a truly effective weapon against organised crime.…

3D printing technology has been fuelling innovative designs, performance enhancements and sustainability credentials in the sports footwear industry. Customer personalisation is an increasingly popular innovation, using data from foot scans to calibrate the printing machines.

Also, sustainability benefits claimed for 3D printed shoes are growing in effectiveness for marketing as brands seek to reduce their environmental footprint.…

AML experts are increasingly concerned that jurisdictions worldwide are still failing to act against key enablers of money laundering, such as lawyers, trust and company service providers (TCSPs), accountants, estate agents, casinos and luxury goods traders, who ask no questions or ignore money laundering (ML).…

The European Court of Justice (ECJ) has rejected a legal bid to trim the power of cross-border criminal investigations launched within the European Union (EU) by the European Public Prosecutor’s Office (EPPO). The ECJ was asked to intervene in an Austrian case brought by

German traders accused of smuggling biodiesel into the EU.…

Fraud remains rampant in China. And with the government cracking down on corruption, swindles and scams are politically sensitive. Mark Godfrey has investigated the latest trends for Commercial Crime International.

The Chinese communist party is always sensitive to public opinion, aware that its hold on power depends on delivering efficient governance and strong economy.…

A group of European Union (EU) member states is pressing for delays in approving lab-grown meat for sale in the EU, calling for a broad debate on a wide range of economic and social impacts. A common note to the EU Council of Ministers has been written by Austria, France and Italy, backed by the Czech Republic, Cyprus, Greece, Hungary, Luxembourg, Lithuania, Malta, Romania and Slovakia.…

Chinese sportswear giants Li-Ning Company Ltd and Anta Sports Products Ltd may have lost significant value (70% and 27% respectively) in Hong Kong’s Hang Seng Index at the close of 2023, but industry experts remain confident they will continue to be forces Western sportswear brands will have to reckon with in 2024.  …

An Interpol police operation cracking down on online financial crime across 34 countries (1) worldwide led to 3,500 arrests and saw a total USD300 million seized – USD199 million in hard currency and USD101 million in virtual assets. The global agency’s six-month HEACHI IV operation, which ran from July to December 2023, targeted seven types of cyber-enabled swindles: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud and e-commerce fraud.…