Day: June 5, 2021

On 2 June, Global Witness reported on how famous financial institutions bankrolling beef traders incentivise a chain of activity that links the destruction of vital rainforest to the food in the shops.  The NGO says that it has broken down long, global supply chains to show how the destruction of the Amazon rainforest and abuses against land rights activists and forest communities are linked to the food on our plates and the banks we all use.

https://www.globalwitness.org/en/blog/the-supply-chain-linking-beef-to-amazon-deforestation-with-banks-backing/

See also the NGO’s December report –

https://www.globalwitness.org/en/campaigns/forests/beef-banks-and-brazilian-amazon/

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In Australia, AUSTRAC has published this guide, saying that organised criminals use ‘cuckoo smurfing’ as a method of laundering money to disguise and integrate their funds across borders to profit from and further enable their illegal activities.  This guide has been developed to help remittance service providers, banking and financial services businesses understand and identify cuckoo smurfing and report suspicious financial activity.  Cuckoo smurfing is a method of money laundering used by criminals to move funds across borders and make money generated by their illegal activities appear to have come from a legitimate source.  It involves criminals hiding transactions in the bank accounts of innocent individuals or businesses

https://www.austrac.gov.au/sites/default/files/2021-06/AUSTRAC_FCG_CuckooSmurfing_web.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y