Search results

This paper aims to analyze the sensitivity of different external factors to the returns of the precious metals of gold, silver, platinum and palladium. The goal is to find similarities and differences between the dependencies of every factor to each metal in a time-varying framework.

A brief co-integration test for the precious metals is conducted followed by a Kalman smoother approach to study the different sensitivities to the price changes of precious metals. A dynamic time warping (DTW) approach finally compares sensitivities for pairs of precious metals to a specific factor.

Results point to strong time-dependencies of the sensitivities, such as a declining relationship of gold to equity volatility. Consistent strong relationships are rare and can be identified for the consumer price index and the dollar. the DTW approach finds higher similarities between platinum and palladium compared to other pairs.

The similarities and differences of the precious metals can be used by investors and risk managers in portfolio construction processes and risk analyses.

The focus of the research is put on a broader context of precious metals with different external factors instead of focusing on a single factor, enabling a comparison of differences and similarities of the sensitivities. The analysis via a Kalman Rauch–Tung–Striebel smoother together with a DTW approach has not been conducted before in this way and is able to characterize the dependencies by a single number.

Precious stones and metals have commonly been used throughout the world as a conduit for terrorism and money laundering activities. Such illicit use of these assets has called for its much-needed attention from a regulatory perspective. This is particularly relevant in a financial haven such as Singapore. Accordingly, the purpose of this paper is to explore how several of the most common trading and investment activities involving precious stones and metals in Singapore are regulated.

The research explores activities include the trading of – the storing or custodising of – and the current available savings plans involving the use of precious stones and metals. It is based mainly on information collected from various legal sources such as books, domestic legislation and international papers issued by the Financial Action Task Force and the Asia Pacific Group on Money Laundering.

With the author’s findings, the analysis may prove useful for businesses seeking to navigate the regulatory landscape for precious stones and metals in Singapore, for investors seeking to understand the protection offered to them under the regulatory framework and for other jurisdictions seeking to evaluate and refine their existing framework for regulating precious stones and metals.

To the author’s knowledge, this is the first substantive academic study which analyses the regulatory landscape for the use of precious stones and metals under the Singapore Law.

New legislation to encourage the recycling of end of life electronics and moves to implement sustainable development in electronics manufacturing have focussed attention on the large quantity of printed circuit boards (PCBs) being consigned to landfill. Also, in a recent investigation conducted on behalf of the UK's Department of Trade and Industry, the need for new methodologies for dealing with end of life circuit boards was identified as a priority issue. Within the UK it is estimated that ∼50,000 tonnes per annum of PCB scrap is currently generated and investigations indicate that only ∼15 per cent is subjected to any form of recycling, with the remainder consigned to landfill. This paper reports the results of a scoping study carried out to identify the technologies and processes that can be used to recycle materials from end of life PCBs.

This paper describes the development of a new generation automated edge connector plating system specifically concerned with the even distribution of precious metal on the connector surfaces. Other aspects include the minimisation of process chemical contamination through the development of special interstage sealing methodology, and the introduction of high speed process chemical technology.

Acquisitions. DEK—UIC DEK Printing Machines Limited (DEK) have announced that negotiations have been concluded with Dover Corporation, New York, to acquire the majority of the share capital of DEK. The object of this exercise is to enable DEK and Universal Instruments Corporation (UIC) who are part of the Dover Corporation, to amalgamate and thus further advance their plans to offer a fully integrated package of equipment for the automated hybrid factory.

This paper aims to examine the dynamic return and volatility connectedness for six major industrial metals (tin, lead, nickel, zinc, copper and aluminium) and the coronavirus media coverage index (MCI).

To that purpose, this study applies the fresh time-varying parameter vector autoregression methodology (TVP–VAR model) during the sample period between 2 January, 2020, and 16 April, 2021, that is, covering the three waves of the COVID-19 pandemic crisis.

This study’s results show interesting findings. First, dynamic total return and volatility connectedness changes over time, highlighting a significant increase during the third wave of the pandemic. Second, the MCI index is a leading net transmitter in terms of return and volatility at the introduction of the SARS-CoV-2 coronavirus crisis. Third, this study clearly distinguishes two profiles among industrial metals: copper and tin/zinc as net transmitters and lead and aluminium as net receivers. Finally, the most relevant differences between them are concentrated not only at the beginning of the COVID-19 pandemic (first wave) but also during the second and third waves of the coronavirus outbreak.

To the best of the authors’ knowledge, this is the first research that explores the dynamic return and volatility connectedness in the industrial metal market, applying the TVP–VAR methodology during the first waves of the COVID-19 pandemic crisis.

OMI International (GB) have announced that Allan Murray, one of the leading UK technologists in the field of plating through hole systems for the printed circuit industry, has recently joined the Company.

Designated non-financial businesses and professions (DNFBPs) are important actors both in the formal and informal sectors owing to the nature of services they offer. The DNFBPs are key players in financial and economic development and thus are highly vulnerable to money laundering (ML) and terrorist financing (TF) risks. Globally, and indeed, within the West African region, typologies studies have indicated several instances of misuse of DNFBPs for the laundering of proceeds of crime and to a lesser extent, TF. Factors that make DNFBPs vulnerable to ML and TF in the region, include limited understanding of ML/TF risk and anti-money laundering and combating the financing of terrorism (AML/CFT) obligations, and poor implementation of AML/CFT measures by the sector. As reporting institutions, DNFBPs are required to implement appropriate measures to mitigate the ML/TF risk facing them. Mutual evaluation reports (MERs) of countries in the region noted weak implementation of AML/CFT measures by DNFBPs compares to financial institutions. These coupled with the general poor monitoring and supervision of DNFBPs for compliance, make them a weak link in member states’ AML/CFT regime. This study examined how Economic Community of West African States member states can plug the loopholes in the DNFBPs to strengthen their AML/CFT regime and thus improve their performance during mutual evaluation. This study reviewed data from the publications of Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Financial Action Task Force (FATF) and other credible sources.

This study is more of desk-review based on secondary data, including information obtained from GIABA, and FATF publications, and websites as well as information obtained from reliable sources on the internet. The authors reviewed the MERs of GIABA member states that have been assessed under the second round, especially that of Ghana, Senegal, Cape Verde, Mali and Burkina Faso, with particular focus on sections of the reports relating to preventive measures and supervision. In general, this paper adopts a policy approach with a view to explaining the importance and benefits of implementing AML/CFT preventive measures by reporting entities, especially the DNFBPs.

This study found that there is a general lack of information on the exact size of DNFBPs across member states, the risk of ML/TF associated with DNFBPs is generally identified as high across member states (albeit at different levels), the extent and level of monitoring/supervision of DNFBPs for AML/CFT compliance trails what is obtainable in financial institutions; the institutional and operational frameworks for regulating, supervising and monitoring DNFBPs are either weak or poorly defined in many member states; and the focus of AML/CFT technical assistance has been more on financial institutions than DNFBPs. Although the number of MERs reviewed for this work may be few, the findings and conclusions in the concluded MERs reflect regional peculiarities, including high informality of the economies, preponderance use of cash in transactions, diversity of DNFBPs and the general weak application of AML/CFT preventive measures by these entities, and the weak AML/CFT supervision or monitoring of DNFBPs which cut across all GIABA member states. Although efforts to address the weaknesses in the DNFBPs, including training and supervision, have commenced, in most member states, these are still at rudimentary levels.

However, this study is limited by the fact that it was desk-based review without direct inputs of industry players (DNFBPs and their supervisors).

In general, this paper adopts a policy approach with a view to explaining the importance and benefits of implementing AML/CFT preventive measures by reporting entities, especially the DNFBPs. It aims to bring to the fore the weaknesses of the DNFBPs in the implementation of AML/CFT preventive measures and therefore will be useful to national authorities who are striving toward strengthening their national AML/CT regimes and to DNFBPs who wish to protect the integrity and stability of their system.

It is imperative to mention that the weak compliance by DNFBPs, and indeed other challenges inhibiting effective implementation of preventive measures, is not peculiar to West Africa. A review of MERs of 17 African countries (eight countries in the Eastern and Southern Africa Anti Money Laundering Group region, five in GIABA region and three in the Middle East and North Africa region assessed under the current round as on October 2020, show a similar pattern of weak ratings under Immediate Outcome 4.