Search Results for: saudi arabia

USA FIU the Financial Crimes Enforcement Network (FinCEN) has released detailed guidance on how Iran funds Middle East allies labelled as terror groups by Washington, such as Hamas, Hezbollah, Palestinian Islamic Jihad, Yemen’s Houthis and militias in Iraq and Syria.

Stressing that the Iranian government funnels funding through the Islamic Revolutionary Guard Corps (IRGC), FinCEN said revenues are generated by sales of commodities, especially oil, to countries eschewing western sanctions against Iran, such as China, which bought 1.3 million barrels a day during 2023.…

International organisations and academics are warning central banks to take AML/CFT into account as they develop central bank digital currencies (CBDC), although pressures to guarantee privacy might undermine such controls. According to 2023 research from the central banks’ central bank, the Basel, Switzerland-based Bank for International Settlements (BIS), 93% of central banks are now exploring or developing CBDCs (1).…

A new FATF survey has suggested significant advances are being made in imposing AML/CFT on the use of virtual assets (VA) and on virtual asset service providers (VASPs), with 49 out of 58 countries surveyed establishing controls. The survey assessed all FATF members plus 20 jurisdictions with materially important VASP activity, including Russia, which remains suspended from FATF because of its ongoing invasion of Ukraine.…

Campaign groups Spotlight on Corruption and Transparency International UK are calling for Britain’s National Audit Office (NAO) to probe the country’s ministry of defence’s (MoD’s) involvement in a British-Saudi graft scandal.

The two organisations wrote to the UK’s public spending watchdog after former managing director of Airbus subsidiary GPT Special Project Management, Jeffrey Cook, and accountant John Mason were acquitted of corruption last month because the MoD was complicit in them paying bribes to win Saudi defence contracts.…

Treasury experts have gathered in Saudi Arabia’s capital Riyadh, for an important briefing staged by the Association of Corporate Treasurers (ACT), where speakers explored the importance of sharpening financial management as the kingdom diversifies its strong economy.

Senior financial executives from the kingdom and across the Gulf region heard on February 26 from speakers highlighting key strategies on how to respond to the Saudi government’s Saudi Vision 2030 development and its impact on broad-based economic growth.…

Emerging from past political unrest and economic downturns, Peru’s clothing and textile industry hopes for a strong 2024, leveraging ecological and technical innovations and a growing international presence through fairs and new commercial alliances.

“The industry has had a hard 2023; it has received a strong hit…” said Carlos Penny-Bidegaray, president of the textile committee at the Peruvian Exports Association (ADEX – Asociación de Exportadores).…

British government complicity in a Saudi Arabia corruption scandal saw two accused acquitted in London’s Southwark Crown Court on March 6, despite both admitting to paying bribes to secure defence contracts. Jeffrey Cook, managing director of Airbus subsidiary GPT Special Project Management from 2008 to 2013, and John Mason, former accountant for fixer Peter Austin’s Simec group of offshore companies, walked free in a case brought by the Serious Fraud Office (SFO).…

The European Association of Sugar Manufacturers (CEFS) have joined with five other European food industry associations to press the European Union (EU) to protect the EU sugar and honey industries against large import flows from Ukraine. Because of Russia’s invasion, Ukraine’s ability to service traditional markets has been impeded – with significant amounts of product entering the EU instead.…

The United Arab Emirates’ (UAE) spending push on mega construction projects is generating strong demand for paints and coatings in this key Gulf region economy.

This includes developments such as ‘Dubai South’, which will house the world’s largest airport, Al Maktoum International Airport.…

The scourge of the fentanyl trade and heightened international tensions caused by Russia’s ongoing invasion of Ukraine, Hamas’ attack on Israel and the resulting Israeli invasion of Gaza have shifted the USA’s assessment of its ML, TF and PF risks.

These conclusions have been written into the latest US treasury ‘National Risk Assessments [NRA] on Money Laundering, Terrorist Financing, and Proliferation Financing’, released on Wednesday (Feb 7).…