Illegal Wildlife Trade: The Critical Role of the Banking Sector in Combating Money Laundering
During the past two decades or so, the sale of illegally harvested wildlife or derivatives thereof, commonly referred to as illegal wildlife trade (IWT), has developed into a highly profitable organised crime, with the World Economic Forum estimating an annual generation of approximately USD 20 billion in proceeds from wildlife products. The increasing demand for wildlife products such as pelts, ivory, furs, wildlife-based medicines and exotic pets poses major consequences for the international financial system. It also threatens biodiversity, enables corruption and increases public health risks such as the spread of zoonotic diseases which are transmitted from animals to humans. This widespread impact illustrates the seriousness of IWT.