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 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
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 report emphasizes the importance of meaningful survivor engagement. Collaborating with survivors in all aspects of anti-trafficking efforts, including the development of practices, policies, and strategies – and prioritizing survivor leadershi...Read More
This report acknowledges federal agencies’ efforts to implement recommendations provided in the United States Advisory Council on Human Trafficking Annual Report 2016, and includes key takeaways from the Council’s two regional trips, and the wor...Read More
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