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Large payments did not raise 'red flags', says Trafigura finance chief

^{Published on 2024-12-05 09:00:48 - Bill Williamson, WOPRAI}
 

• Large, loosely-explained payments to a third-party intermediary hired to facilitate business in Africa did not raise "red flags" at Trafigura, its chief financial officer told a Swiss court trying the commodity trader for bribery on Thursday.

The article from the Financial Times discusses the ongoing debate over the regulation of artificial intelligence (AI) in the European Union. It highlights the EU's efforts to lead in AI regulation with the proposed AI Act, which aims to set global standards for AI governance. The legislation seeks to balance fostering innovation with protecting citizens' rights, addressing issues like privacy, bias, and transparency. Key points include the classification of AI systems by risk levels, with high-risk systems facing stringent requirements. There's contention among member states and tech companies about the definitions of high-risk AI and the potential stifling of innovation. The article also touches on the geopolitical aspect, noting that while the EU pushes for regulation, other global powers like the US and China are taking different approaches, potentially affecting the competitiveness of European tech companies. The debate continues as the EU tries to finalize the AI Act amidst these complex considerations.

Read the Full The Financial Times Article at:
[ https://www.ft.com/content/bfa4c689-fa2a-4fe7-835b-266544c53b5d ]

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