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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”.…

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.…

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.…

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.…

MAJOR shifts in the power of exporting countries within the meat and livestock sector in the past decade have been identified in new statistical analysis released by the World Trade Organisation (WTO). The global body has noted how India between 2006 and 2016 became a bovine meat export power house (notably in buffalo meat) with overseas sales rising from 79,400 tonnes (1.9% of world exports) to 1.2 million tonnes (18.7%) and the world’s largest exporter to boot.…

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.…

THE EUROPEAN Commission’s ‘third circular economy package’ of pro-recycling reforms and regulations, proposed January 16 which contains an ambitious European Union (EU) plastics strategy, should be enshrined in hard law, with sector-wide targets, plastics industry experts have told Plastics News Europe.…

ONLINE-savvy cosmetics consumers are becoming more adventurous – gone are the days that they would only trust the quality of traditional brands bought sight unseen on the web. Instead, consumers are investigating product ingredients carefully, as well as online reviews, and armed with such information, are often choosing to buy emerging, smaller brands over those established, known ones.…

BEET and cane sugar exports from the European Union (EU) boomed in 2017, the year production quotas were scrapped (on September 30), according to figures released by the European Commission. They rose by 42.9% year-on-year, up from EUR631 million in 2016 to EUR902 million in 2017.…

THE WORLD’S largest virtual currency (VC) Bitcoin is being buffeted by alleged abuse by organised crime. And with at least 1,500 other ‘cryptos’ in circulation, even if this most established VC becomes crime-resistant, others may not, seeking a market edge with anonymity features.…