Regulatory Alerts2020-07-09
Added · Updated
Money Laundering and the Illegal Wildlife Trade
The FATF report outlines the role of the private sector in combating money laundering linked to the illegal wildlife trade by identifying specific risk indicators and required actions. Financial and non-financial institutions are required to assess money laundering risks, conduct customer due diligence, and report suspicious transactions to their national financial intelligence units. The document provides concrete examples of suspicious client activities and transaction patterns, such as anomalous CITES certificates, unexplained wealth from government officials, and payments masked as gold trading. These measures aim to help entities detect illicit financial flows and disrupt the operations of wildlife trafficking syndicates.