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.
To find out more about how the SII has been experienced, the Expert Review gathered information from two surveys and 10 interviews with key stakeholders. There were 14 SSO (all US-based) and 10 FI survey respondents (seven US, two Canada, and on...Read More
As indicated by revised figures providing additional details on the scope of countries’ workplace closure policies, 94 per cent of the world’s workers are living in countries with some sort of workplace closure measures in place. Although more a...Read More
This report summarises case study research carried out in Mozambique in two sectors linked to deforestation: illicit logging of Pterocarpus Tinctorius in Tete Province and construction of the Cuamba–Mandimba–Lichinga section of the N13 road (par...Read More
When asked the importance of the following social and environmental issues at a personal level, over four fifths (87%) of financial services employees rate modern slavery and human trafficking as important. ...Read More
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