FATF: MONEY LAUNDERING AND THE ILLEGAL WILDLIFE TRADE

On 25 June, FATF published a report which is the first global report on IWT by FATF.  It builds on previous studies by 2 of the FATF-Style Regional Bodies, work by other international bodies and recent initiatives by the private sector.  This study by the FATF makes a unique contribution by assessing the money laundering aspects of wildlife crimes, and by demonstrating how jurisdictions should apply the FATF standards to combat IWT. It proposes that jurisdictions should consider implementing the following good practice that were observed during the study:

  • Prioritise combatting the financial flows associated with IWT proportionate to risk;
  • Provide all relevant agencies with the necessary mandate and tools to conduct successful financial investigations into IWT;
  • Improve co-ordination between authorities responsible for combatting wildlife crimes and those responsible for conducting financial investigations to ensure authorities more regularly exchange information and follow the financial trail; and
  • Cooperate with other jurisdictions, relevant international organisations and the private sector to combat IWT.

A comprehensive list of proposed actions to strengthen measures to tackle the financial flows associated with IWT is included in the report.

http://www.fatf-gafi.org/media/fatf/documents/Money-laundering-and-illegal-wildlife-trade.pdf

An executive summary is at –

http://www.fatf-gafi.org/media/fatf/documents/Executive-Summary-Money-laundering-and-illegal-wildlife-trade.pdf

 

If you would like to say thanks by making a small contribution, in case I need to upgrade or replace my computers and other paraphernalia, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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