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On November 11 (2021), Indonesia’s National Ulema Council (MUI), the country’s top Muslim clerical body, ruled that “using” cryptocurrency is haram, due to its “uncertainty” and “potential for wagering and harm”. 

The ruling, which was not accompanied by any public clarification of MUI’s position on what constitutes “using” cryptocurrency, sent ripples through the Islamic world and reignited discussions about the role of the rapidly expanding digital assets sector in Sharia-compliant finance. …

A recent verdict (judgement 1751/2021) by Greece’s top court, the Council of State, regarding the ritual slaughter of animals has raised significant concerns to the Muslim and the Jewish communities of Greece, potentially impeding growth in Greek halal exports. The ruling effectively withdraws a permit that has allowed the slaughter of animals without stunning them first, as (usually) required to produce halal and kosher meat.…

THE USA is this year steadily installing new AML/CFT controls under a new ‘Anti-Money Laundering Act’ (AMLA) passed by Congress in January, the dying days of the administration of former President Donald Trump, overriding his veto of this long-debated reform.

This legislation is substantial.…

The United States Financial Crimes Enforcement Network (FinCEN) has highlighted “financial red flag indicators” that financial institutions should use to detect companies falling victim to ransomware, which they might use to generate suspicious activity reports (SARs). Its November 8 advisory (1) follows an increase in ransomware attacks against critical US infrastructure.…

Australia’s development of biofuel and bioenergy production and consumption has been hampered by the Covid-19 pandemic and some diversion of effort into researching and manufacturing renewable hydrogen in the past few years. However, this is about to change with the Australian government working on a Bioenergy Roadmap, which, as Petroleum Review went to press, was about to be released.…

While FATF’s mutual evaluation reports continue to show growing compliance with the organisation’s recommendations, concerns remain that the global AML/CFT system continues to fail in either preventing ML and TF or detecting and punishing such crimes after they are committed.

With FATF undertaking a strategic review since 2018, launched by the former China presidency and continued by the German presidency under Dr Marcus Pleyer, change in how the world fights ML and TF may emerge.…

The question of how to deliver human rights and self-determination to the Palestinians has been debated in many ways and forums, from the establishment of the State of Israel in 1948, through the Oslo Accords of 1993, until the present day.…

The Ethiopian government has attached the US decision to suspend its country from the African Growth and Opportunity Act (AGOA) from January 2. The Ethiopia ministry of trade and regional integration (MoTRI) today said it was disappointed by the move: “We’re currently disappointed by the threat of AGOA withdrawal currently under consideration by the US government,” it said in a formal statement. …

While in recent years, the peaceful approach to progress associated with Islam has not been given a high-profile, because of the activities of extremists, the truth is that there is much to be learned from the Noble Prophet Mohammed about the value of incremental negotiation.…

For nearly a hundred years, the city of Jerusalem has been the scene of violent confrontations between Jews and Arabs. This is the most recent of struggles over this most disputed city that have continued for more than three thousand years.…