Payments tied to illegal wildlife-trafficking operations continue to fly under the radar of compliance officers despite recent efforts because they often mimic transactions associated with legitimate commercial activity, sources told ACAMS moneylaundering.com. The illicit trade, which generates an estimated $23 billion a year, moved up the anti-money laundering compliance agenda in October when 22 financial institutions, including 10 global banks, pledged to train their staff to identify and share data on suspicious transactions linked to shipments of elephant ivory, rhino horn and other products taken from endangered species. Banks and money services businesses that have decided to take part in...
The Wolfsberg Group announced its endorsement of the United for Wildlife’s Financial Taskforce declaration and reiterating its commitment to fighting the facilitation of financial flows derived from international wildlife trafficking and associated corruption.
The Basel Institute of Governance issued a press release stating that financial investigations greatly contribute to the fight against illegal wildlife trafficking and, banks and law enforcement officials should work together to combat the illegal activity.
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