By Brian Huerbsch
Illegal logging poses real and significant regulatory risk for international financial institutions and corporations, especially those connected, either directly or indirectly, with the global timber industry, or that operate in areas where the industry is prevalent and important to the local economy. Considering the notable increase in regulatory activity over the past decade, the amount of enforcement actions given, and the ballooning size of fines over the past several years, it is clear that illegal logging is a crime that cannot be ignored anymore. Fortunately, this risk can be mitigated properly if strong third-party risk and know your customer (KYC) processes are in place, including enhanced due diligence (EDD) and anti-money laundering (AML) protocols.
According to the latest ILO global estimates, 25 million people are victims of forced labour. This issue concerns all regions in the world. UN Sustainable Development Goal 8 on Decent Work and Economic Growth includes a target 8.7 for which the inte...Read More
Modern slavery thrives in crisis situations. During conflicts, natural and man-made disasters, and humanitarian situations, adults and children are vulnerable to exploitation and trafficking. Conflict situations often exacerbate existing vulnerabili...Read More
There is no systematic use of child labour in the cotton harvest in Uzbekistan and significant measures to end forced labour are being implemented. The annual cotton harvest in Uzbekistan is a unique large-scale effort. In 2017, an estimated 2.6 mil...Read More
By: Liberty Asia & Blue Dragon Children's Foundation The Vietnamese government has made significant progress to reinforce the current legal system on combating trafficking, particularly in regulating and criminalising trafficking in the Penal Co...Read More
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