FATF to crack down on money laundering linked with illegal wildlife trade

The Financial Action Task Force (FATF) has approved a proposal by China to launch a programme to crack down on money laundering linked with illegal wildlife trade.

The anti-money laundering and counter financing of terrorism watchdog says it will work to develop good practices in tackling financial flows linked to this trade.

Programme schedule

The programme will analyse common supply chains and payment methods, as well as case studies from countries that have experience in investigating financial flows from illegal wildlife trade.

“It will also consider the role of public-private partnerships and international cooperation in combating this crime. The project is slated to complete in June 2020,” FATF said in a statement.

High profit – low risk

According to the Environmental Investigation Agency (EIA), wildlife crime generates annual profits of between U$7-23 billion, making it one of the most lucrative forms of transnational organised crime.

But the enforcement response in many jurisdictions remains inadequate according to the EIA, which says that potentially powerful tools such as anti-money laundering measures are rarely deployed in wildlife trade.

The EIA says it welcomes the new FATF commitment, but says it is long overdue.

Categories: Trade Based Financial crimes News

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