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BY PAUL COCHRANE

BANGLADESH’S fledgling anti money laundering and counter terrorist financing regime faces an uphill struggle, with the country ranked as one of the most corrupt on earth and money laundering equivalent to 13% of the country’s GDP. Furthermore, Abul Barkat, Professor of Economics at Dhaka University told the Money Laundering Bulletin, an estimated US$7 billion flows into Bangladesh through illegal alternative remittance systems, and there is an ‘economy within an economy’ generating some US$300 million in profits every year for Islamist political parties linked to fundamentalist and terrorist activities.…

BY PAUL COCHRANE

BANGLADESH’S knitwear sector is undergoing unprecedented growth: averaging 24% per year over the past 12 years, and an astonishing 45% in the first three months of this fiscal year, with exports projected to reach US$10 billion by 2011.…

BY SARAH BROWN

A FORMER chairman of America’s federal Deposit Insurance Corporation has called on the incoming Obama administration in the USA to start working on accounting reforms as soon as the new president takes office on January 20.

Speaking to Accountancy Age a day after the decisive election of Barack Obama as the 44th president of the United States, William M Isaac said: "I think generally that our accounting rules, as well as the way in which we set them, ought to be a very high priority for the Obama administration."…

BY KEITH NUTHALL

THE WORLD Trade Organisation (WTO) has again censured the European Union (EU) for failing to comply with global trading rules on its long running banana dispute with the USA and Latin America. An appellate panel of the WTO disputes settlement body found the EU’s discriminatory regime favouring the import of Caribbean and African bananas over central and south American fruit does illegally harm American fruit companies: "it nullified or impaired benefits accruing to the United States" under the WTO’s general agreement on tariffs and trade (GATT).…

BY MARK ROWE

THE FUTURE of the oils and fats sector globally may be shaped in the coming years by the emergence of synthetic biology, which is enabling scientists to create oils and fats with enhanced properties.

This new technology has been developed in the wake of advances in biofuel manufacture, as the United Nations, major energy companies, scientists and environmental organisations all seek to identify the sources of energy that will sustain a post-oil world.…

By Alan Osborn

The world is not over-full of specialist academics at universities and colleges teaching anti-money laundering (AML) methods – but these important experts are out there if you look for them. Their low profile is partly because the subject is often subsumed into financial crime generally and partly because genuine AML skills can command a useful premium to banks and other major financial institutions better able to support lavish salaries and back-up systems.…

BY ERIC LYMAN

SPEAKING to the Petroleum Review, the United Nations’ top climate change official has urged oil and gas companies to stay focused on sustainability despite the world economic turmoil, and predicted that the coming years will reward efficiency more than ever.…

BY MARK ROWE

THE CREDIT crunch may be about to apply the handbrake to the Russian economy, but its paint industry continued to flourish in 2008, mirroring the expansion of wealth in the country, and suggesting the sector may buck the expected downturn in the coming 12 months.…

BY JAMES BURNS, PHILIPPA JONES, KARRYN MILLER and FRANCES WANG

IF anything would drive the cosmetics sector away from mineral oils into the arms of bio-based oils and fats suppliers, it is surely the high crude oil prices that punished buyers before they began to fall steeply in the summer.…

BY ALAN OSBORN

THE LONG-AWAITED European digital library Europeana was launched last Thursday (November 20) but you had to be quick off the mark to learn anything from it: within hours the site had to be closed after its on-line servers proved unable to cope with the volume of demand.…