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.
Sharing of information between financial institutions related to potential money laundering and human trafficking activities is essential in the fight against modern slavery. However, the laws covering personal data privacy, anti-money laundering, ...Read More
The Council of Europe’s Group of Experts on Action Against Human Trafficking (GRETA) has published its second evaluation report on the implementation of the Council of Europe Anti-trafficking Convention by Belarus. The report assesses progress i...Read More
The UK Modern Slavery Act 2015 (Act) was established nearly six years ago and was hailed as a landmark piece of legislation. Its aim was to encourage business to take action to eradicate modern slavery from its operations and supply chains. Fundamen...Read More
Executive Summary Depriving someone of their freedom is a terrible violation. Modern slavery is a destructive, personal crime and an abuse of human rights. It is a widespread and profitable criminal industry but despite this it is largely invisible, ...Read More
2025 © Copyright, RESPECT International. All Rights Reserved. Website Disclaimer | Privacy Policy
