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Aircraft giant Airbus has been fined nearly EUR15.9 million to settle the final vestiges of the massive bribery scandal that initially saw EUR3.6 billion (USD3.79 billion) in fines paid to British, French and United States authorities in January 2020. A Paris court (tribunal judiciaire du Paris) November 30 cleared a November 17 accord between the French financial prosecutor, the Parquet National Financier (PNF) and Airbus.…

The shortage of skilled workers in the US renewable energy industry is a straightforward economics problem, according to green power industry consultant Bob Parkins: “Too much demand and too little supply.” The ‘Inflation Reduction Act’, the scaled down version of the ‘Build Back Better Act’ that failed to secure enough support, will still boost renewable energy in the USA.…

With inflation and hard currency shortages compounding the economic disruption caused by Covid-19, governments in south and south-east Asia have been implementing unorthodox trade controls to wrestle control – unfortunately, the beauty sector has been a victim.

Pakistan is a case in point.…

MORE than 150 days since the beginning of Russia’s invasion of Ukraine, scammers are still finding new ways to turn compassion into profit– stealing thousands of pounds worth of donations through fake charity appeals, fraud, and deception. Dylan Carter reports
 

THE HUMANITARIAN impact of Russia’s invasion of Ukraine has been immense.…

There is a growing global movement to align Islamic social finance with the United Nations’ Sustainable Development Goals (SDGs) (https://sdgs.un.org/goals), which are designed to address global environmental, social and economic challenges by 2030. These include combating poverty, inequality, climate change and environmental degradation and ensuring social justice.…

Time was when modest Muslim fashion was about being unseen – practicing piety without giving as much as a nod to style or fashion. But female consumers around the Muslim world are increasingly combining their desire to proclaim modesty and religious identity without discarding elegance and sophistication in their clothing choices.…

European Union (EU) member states are lagging in compliance with a requirement in the fifth anti-money laundering directive (5 AMLD) (1) to create public ultimate beneficial ownership (UBO) registers by January 10, 2020. A European Commission webpage (2) on 5AMLD compliance last updated June 2 (2022) shows 12 governments are facing infringement proceedings either because they have not adopted legislation writing the directive fully into national law or because they have implemented it incorrectly.…

Suspicious transaction reports (STRs) often receive bad press in AML circles, experts claiming they are too expensive, numerous and often containing little value for law enforcement investigations. However, the truth is that STRs are widely used to investigate and prosecute money laundering and associated predicate offences, even if the debate continues over their cost effectiveness.…

Vendors continue to roll out what they claim are ever more powerful CDD/KYC systems, helping enable compliance with increasingly comprehensive ultimate beneficial ownership (UBO) laws.

But do these technologies offer the AML community the potential to consider a new model – focusing on robust CDD by obliged entities, without the need to report STRs, and relying on better financed law enforcement to demand information via subpoenas to firm up ML cases?…