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INCREASINGLY tough anti-money laundering/combating the financing of terrorism (AML/CFT) regimes is increasing demand for AML/CFT compliance staff. And with financial institutions and non-financial AML reporters having to convince regulators that they take AML/CFT compliance seriously these professionals are needed: their salaries are rising as a result.…

The new realities of accelerating wage growth and the global shift towards placing smaller orders needs to be answered by Vietnam-based garment-makers by embracing technology-driven automation, according to ThreadSol, an India-based technology company. It supplies leading manufacturers in Vietnam with production software driven by artificial intelligence (AI) and Big Data.…

THE SINGAPORE government has released an accountancy roadmap, enabling the profession in the city state to grow 5.6% annually to generate Singapore dollars SGD2.03 billion (USD1.48 billion) in nominal value-added income, creating 2,000 new PMET (professionals, managers, executives and technicians) jobs by 2020.…

SPAIN’S personal care product market is continuing to grow after years of post-financial crisis weakness. Spain’s skincare, cosmetic and perfume industry continues to mature, and has turned in solid sales figures for 2017, reflecting the optimistic mood of the economy after the ‘lost’ years of the recession.…

A EUROPEAN Commission plan to identify online and physical marketplaces outside the European Union (EU) where counterfeiting piracy or other forms of intellectual property (IP) abuse are common practices has brought hope to the cosmetics sector. Continuously confronted with counterfeit and black-market goods, the legitimate industry sees the EU’s upcoming ‘Counterfeit and Piracy Watch-List’ as a way to minimise financial losses from pirates and smugglers.…

THE MALAYSIAN government has effectively scrapped the country’s Goods & Services Tax (GST) reducing its rate from 6% to 0%, effective June 1. The move follows the election of a new administration under former opposition alliance Pakatan Harapan, defeating the incumbent Barisan Nasional.…

CHINA’S State Council has announced reductions in mainland VAT, with businesses being saved Chinese Yuan Renminbi CNY400 billion (USD62.8 billion) in this year alone, it has said. Rates have been lowered (from May 1, 2018) from 17% to 16% for manufacturing and other industries, and 11% to 10% for transport, construction bills, standard telecommunications service, and direct farm output purchasers by consumers (12% when these goods are bought by manufacturers for onward processing).…

THE CANADIAN fur industry is adapting to changes in consumer demand by looking to new uses of pelts, including fur yarns that can be knitted or weaved, as well as the use of fur for trimming. The resulting product lines are intended for a broader target market, including clothing and accessories that will appeal to a new generation.…

WITH growing digitalisation set to transform 79% of Hong Kong jobs by 2021, according to a new Microsoft study, industry experts have called for a shift in HR thinking to consider “every company as a digital company”.

Microsoft Hong Kong and Macau general manager Cally Chan told People Management she would like to see HR departments start “creating a digital culture” in their organisations – encouraging the use of data across all work and processes within a company.  …

Taiwan’s first national risk assessment (NRA) report on money laundering has identified domestic banks and domestic banks’ offshore banking units (OBUs) as being very vulnerable to dirty money flows. The detailed study has been compiled ahead of an Asia/Pacific Group on Money Laundering (APG) meeting in November in which Taiwan is scheduled to undergo its third round of mutual evaluations.…