FATF released a report recently stating that environmental crimes, such as illegal logging, illegal mining and waste trafficking generate up to US$281 billion a year. But little has been done to address this increasing problem.
The gangs involved often engage in other crimes such as corruption, human trafficking and tax fraud, using trade-based fraud and shell companies to launder proceeds from environmental crime. There is a terrifying human cost too, as these crimes can involve conflicts that claim lives.
In this conversation, we will bring to light some of the stark truths about green crime and how financial institutions can start to play a more effective role in uncovering the dark money trails connected to these crimes.