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FATF has agreed reforms to its Recommendation 24 on beneficial ownership, insisting that governments ensure UBO data is henceforth held by a public authority or central beneficial ownership registry. The changes agreed by FATF’s plenary last week also insist that competent authorities can rapidly and efficiently access UBO information.…

Global haircare brands are starting to recognise a gap in the Muslim market as they launch products for hijab-wearing women and include them in marketing campaigns. L’Oréal’s Kérastase is the latest international brand to target this segment, having positioned its first anti-hair fall (loss) range, Genesis, to appeal to hijab-wearing women in Malaysia.…

Pakistan’s retail banking sector is tapping into demand for Islamic consumer finance from religious-minded Pakistani expatriates via a government-backed digital accounts facility that enables remote buying of a property and a car in their home country.

In September 2020, the central bank, the State Bank of Pakistan (SBP), allowed the 8.6 million non-resident Pakistanis (NRPs) to open a bank account in Pakistan through a digital and online process, without any need to visit a bank branch in person.…

Roughly two decades after China entered the World Trade Organisation (WTO) (in December 2001) and nearly two-and-a-half years into the Covid-19 pandemic, the country’s textile and apparel sectors seem healthier than ever. Customs data show that in 2021, the cumulative export value of China’s textiles and clothing reached USD315.5 billion, a year-on-year increase of 8.4%.…

The United States, European Union (EU), Germany and the UK have reacted swiftly against Russian interests following its government’s recognition of independence of two breakaway republics in eastern Ukraine. The sanctions follow the announcement yesterday (Monday Feb 21) by President Vladimir Putin regarding the Luhansk and Donetsk People’s republics, into which he has openly sent Russian troops, as ‘peacekeepers’.…

It would be surprising if as complex an intergovernmental programme as AML/CFT did not spark unintended consequences, but some AML/CFT experts fear that the global system designed and promoted by FATF has caused unwanted and damaging actions that cut across its stated goal – to fight and prevent money laundering.…

THE PERU clothing industry has backed moved by the country’s left-wing government to impose temporary safeguard duties on imports of clothing into this south American country that is a hub for wool production, especially using alpaca fibre.  

The World Trade Organisation (WTO) has reported that Peru has launched an inquiry into what is considers a glut of imports that is undermining the commercial health of Peruvian clothing and textile manufacturers.…

The international growth of media content focused on Muslim cultural and Islamic religious interests is burgeoning, with companies expanding the reach of their output across national borders, developing an increasingly comprehensive ecosystem of programming delivered by broadcasting and internet-based apps.

The opening of the Dubai, United Arab Emirates (UAE) bureau of the Annahar Al Arabi digital news platform in January (2022) is one example of such cross-border growth, highlighting an appetite for regionally-relevant content in the Gulf region.…

Financial professionals involved in AML/CFT are facing a growing set of professional, regulatory and technical pressures, from top AMLO managers to the front-facing staff onboarding customers, and backroom technical staff screening transactions. AML/CFT regulations in most jurisdictions are becoming increasingly broad and detailed, with implementation and enforcement ramping up.…

Businesses and government agencies continue to face a barrage of attacks from cyber-criminals, which have continued unabated in the past year, keeping up the pressure of frauds and hacks that have increased since Covid-19 spread worldwide in March 2020.

Organisations around the world faced more cyberattacks than ever before in 2021, say some data collectors.…