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RUSI Experts Welcome Renewed Global Commitment to Target Financial Proceeds of Illegal Wildlife Trade

Experts at the Royal United Services Institute have welcomed today’s commitment to combatting the illegal wildlife trade by the Financial Action Task Force, the intergovernmental body dedicated to combatting money laundering.

This week at its latest Plenary meeting in Paris, the Financial Action Task Force (FATF) committed to developing 'good practices in tackling the financial flows linked to illegal wildlife trade.’ As the central global body for setting standards on fighting financial crime, FATF leadership is critical. RUSI therefore welcomes this commitment.

The illegal wildlife trade (IWT) is not just an environmental crime; it is a profit-driven illegal industry conducted on an industrial scale across the globe. Targeting this crime via freezing and confiscation the proceeds of the crime is critical.

Alexandria Reid, a research analyst at RUSI recently said:

”The financial investigation of the illegal wildlife trade is an often-overlooked response. Through our research and in-country engagements, RUSI has been promoting the targeting of the proceeds of IWT, so this week’s developments at the FATF are very welcome.”

Tom Keatinge, Director of RUSI’s Centre for Financial Crime & Security Studies recently said: 

“For the criminals, the Illegal Wildlife Trade is a low-risk, high-reward crime. By making a concerted, global effort to target the profits of IWT, this equation will be reversed. But implementation will be key and we call on the FATF to ensure that its words are put into action.”

Cathy Haenlein, Director of Organised Crime and Policing at RUSI noted that ‘sustained engagement and follow up will now be required to ensure that the profit motive is more effectively addressed. RUSI stands ready to draw on its experience to support the FATF to pursue this commitment.’

Editor Notes

 

Channel website: https://rusi.org

Original article link: https://rusi.org/rusi-news/rusi-experts-welcome-renewed-global-commitment-target-financial-proceeds-illegal-wildlife

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