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.
Authors: Robin Cartwright & Frances Cleland-Bones This paper is based on the Global Initiative against Transnational Organized Crime's detailed review of the scale and nature of organised crime’s infiltration of the private sector. These find...Read More
In research, policy and practice, internal trafficking has been long overshadowed by its international counterpart. Despite the introduction of specific legislation against internal sex trafficking, confusion remains in Britain around how this crim...Read More
The heightened risks of trafficking in the context of climate change are rooted in existing and persistent inequalities, in poverty, in racism, and in discrimination. These heightened risks and vulnerability to exploitation are not inevitable or fix...Read More
There are over 40 million people in modern slavery worldwide. Modern slavery exists in every industry, in every country in the world. The financial services industry has a major role to play in combating this violent and abusive business. And yet ou...Read More
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