Illegal Wildlife Trade: What Banks Must Do
Author: Erik Stretz, Fico Principal Consultant
The FATF released their report on ‘Money Laundering and the Illegal Wildlife Trade’ a topic that has been sitting on the side-lines for a long time, overshadowed by more prominent criminal ventures, such as drug trafficking. Although the market pales compared to the vast sums moved in the drug space, it’s still the 4
th most lucrative trade. Billions of dollars are made at the cost of our natural environment and the economical longevity of the affected countries and regions.
Now, one might think that IWT is very much a regional issue: Iconic wildlife such as elephants are poached in Africa, and probably in Asia, too, and the proceeds are primarily sold in East Asia, where followers of traditional Chinese medicine advocate various health benefits. However, that is in fact not the case.