Regulatory Alerts2020-06-25
money Laundering And Illegal Wildlife Trade
The Financial Action Task Force (FATF) report highlights the increasing threat of money laundering connected to the illegal wildlife trade (IWT), which generates billions annually and undermines financial integrity. The report emphasizes that jurisdictions often neglect investigating the financial trail of IWT, which exploits weaknesses in financial and non-financial sectors. Addressing this requires prioritizing the combatting of financial flows associated with IWT, enhancing coordination between authorities, and fostering international cooperation. Jurisdictions need to focus on identifying and disrupting financial flows associated with IWT, including through cooperation between public authorities, the private sector, and civil society.