Search Results for: united nations
10 results out of 4207 results found for 'united nations'.
US BANCORP TO PAY USD598 MILLION PENALTIES AND FORFEITURES OVER AML FAILURES
US Bancorp and its subsidiary, the US Bank National Association (US Bank), the fifth largest bank in the United States, will pay USD598 million in charges, penalties and forfeits to American regulators and judicial authorities over failures to operate effective anti-money laundering (AML) systems.…
ORGANISED CRIME RAISES MONEY LAUNDERING CONCERNS IN VULNERABLE FINANCIAL CENTRE JAPAN
JAPAN’S long-standing exposure to organised crime groups such as the Yakuza means that however effective the country’s anti-money laundering and combatting the financing of terrorism (AML/CFT) systems maybe, they will continue to face sophisticated challenges.
Despite enhanced criminal and civil legislation targeting Japan’s underworld groups, such as the February 2000 Act on the Punishment of Organised Crimes and the March 2007 Act on Prevention of Transfer of Criminal Proceeds (See part 4 at https://www.npa.go.jp/sosikihanzai/jafic/en/maneron_e/manetop_e.htm),…
NONWOVENS SECTOR PUSHES FOR NAFTA RENEGOTIATION TO STRENGTHEN INDUSTRY IN NORTH AMERICA
IF there is one issue that is a key focus of the north American nonwovens sector this year, it has to be the renegotiation of the North American Free Trade Agreement (NAFTA) between the USA, Canada and Mexico.
Tri-lateral talks have now reached their eighth round, with an objective of achieving a new deal by this summer, although observers believe this timescale might slip.…
EU COUNCIL DECISION TO DROP EIGHT COUNTRIES FROM TAX HAVEN BLACKLIST UNDER FIRE
EUROPEAN UNION (EU) finance ministers have agreed to remove eight jurisdictions, including much-criticised Panama that gave the world the ‘Panama Papers’ scandal, from the bloc’s tax haven blacklist, only a month after it was created.
A EU Council of Ministers statement said this decision, which has now been slated by members of the European Parliament (MEPs) and environmentalists, followed “commitments made” by the listed jurisdictions “to remedy EU concerns”.…
MONGOLIA STILL UNDER INTERNATIONAL PRESSURE TO BOOST AML/CFT SYSTEMS
WHILE Mongolia is a low-income country, with an annual per capita income of approximately USD3,590 in 2016 (said the World Bank), its economy is heavily reliant on mining, so increasing foreign investment in the sector is boosting the risk of dirty money entering the country.…
FINCEN MOVES TO BLOCK ALL USA CORRESPONDENT RELATIONSHIPS WITH LATVIAN BANK OVER ML CONCERNS
THE USA’S Financial Crimes Enforcement Network (FinCEN) has proposed banning correspondent bank relationships within the United States for the Latvia-based ABLV Bank which it says has aided money laundering. With US treasury secretary Steven Mnuchin immediately backing the move, the clampdown is sure to happen, maybe within three months.…
MID EAST AIR CARGO CLOTHING EXPORTERS GRAPPLING WITH NEW USA SECURITY CHECKS
EXPORTERS of air cargo, including clothing and textiles, from five Middle Eastern countries to the United States are in the process of gearing up to comply with mandatory enhanced screening imposed by the U.S. Transportation Security Administration (TSA). The order, disseminated on January 22, requires six air carriers flying from Egypt, Jordan, Saudi Arabia, Qatar and the United Arab Emirates (UAE) to participate in the TSA’s heretofore voluntary Air Cargo Advance Screening (ACAS) programme.…
OECD SUPPLY CHAIN GUIDANCE MOVES TOWARDS IMPLEMENTATION
CLOTHING and textile companies are grappling with new good practice guidance in supply chain management that was released by the Organisation for Economic Development & Cooperation (OECD) last May (2017). An OECD Forum on Due Diligence in the Garment and Footwear Sector was staged in Paris last month (January 30-31), attended by governments, businesses, trade unions and non-governmental organisations (NGOs) working within or having an impact on the apparel sector.…
NEW TAX A DAMPENER ON MIDDLE EAST PERSONAL CARE PRODUCT SALES
CONSUMERS do not like sales tax, and they are particularly sensitive to tax-based price increases when new taxes are introduced. So, it is maybe no surprise that personal care product sales in the Middle East have been dampened by the introduction of value added tax (VAT) in both Saudi Arabia and the United Arab Emirates (UAE) in January 2018, inflating beauty product prices.…
THAI COATINGS SECTOR DISPLAYING CONTINUED ROBUSTNESS
THAILAND maybe in political stagnation, with its military government unlikely to stage elections until November at the earliest, but its paint and coatings market is expanding robustly. Demand for coatings in Thailand, during the whole of 2017, was estimated at 510,000 tonnes worth USD1.5 billion, according to US-based consultancy for the chemical industry Kusumgar, Nerlfi & Growney.…