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.
At first glance, this research publication may seem niche, perhaps relevant only to “fringe” aspects of international migration. Historically, we know from decades of studies, data collection and analysis that there has been a strong bias toward...Read More
The data in this report represents signals and cases from January 1, 2017 through December 31, 2017 and is accurate as of July 11, 2018. Cases of trafficking may be ongoing or new information may be revealed to the National Hotline over time. Conseq...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
The Accord on Fire and Building Safety in Bangladesh (the Accord) was signed on 15 May 2013. It is an independent, legally binding agreement between global brands and retailers and trade unions designed to build a safe and healthy Bangladeshi Ready M...Read More
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