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.
The ILO commissioned this report from Ms. Hayat Osseiran, an independent researcher on child labour issues. The report should not be construed as representing the views of the ILO. The views expressed are those of the author and do not necessarily ...Read More
In 2015, the UK Government introduced the Modern Slavery Act (MSA), which requires certain companies publish an annual statement detailing what steps they have taken to tackle modern slavery, both in their operations and in their supply chains. Busin...Read More
The following information is based on incoming communication with the National Human Trafficking Hotline from January 1, 2016 – December 31, 2016 about human trafficking cases and issues related to human trafficking in New York. ...Read More
Covid-19 has had a devastating impact on those most vulnerable to forced labour and human trafficking. Around the world, communities already suffering from poverty and exploitation have borne the brunt of the pandemic and its economic fallout. Th...Read More
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