Financial crime related to illegal wildlife trade to feature at September G7 meeting

Financial crime related to illegal wildlife trade will feature at the meeting of the G7’s interior and security ministers in September.

Ensuring economic security is not undermined by the threat of serious and organised crime, including illicit threats to nature, such as the illegal wildlife trade, is one of four priorities set for interior and security ministers by the UK presidency of the G7 in 2021.

UK study
Ahead of the meeting the UK government has commissioned a project to assess the country’s own performance on tackling financial crime related to illegal wildlife trade.

The research, which is being conducted by the Royal United Services Institute (RUSI), aims to help the UK to fulfil commitments made at the G7 leaders’ summit in June 2021, where countries came together to agree to halt and reverse biodiversity loss by 2030.

London-based RUSI is the world’s oldest independent think tank on international defence and security.

International cooperation
A key component of the research involves strengthening the response to money laundering and financial crime associated with the illegal wildlife trade and other environmental crimes, along with implementing recommended actions from the Financial Action Task Force (FATF).

RUSI’s research will analyse how the UK is affected by illicit financial flows linked to the illegal wildlife trade; outline the country’s current response to these flows, and identify opportunities to enhance such efforts, including through joint working with the private sector, civil society and other G7 partners.

The institute will present its findings at the G7 meeting and publish a full report with UK-specific recommendations in October 2021.

Categories: Trade Based Financial crimes News

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