FATF REPORT WILDLIFE TRADE

FATF REPORT FLAGS WILDLIFE TRADE 

In its first global report on the illegal wildlife trade, the Financial Action Task Force (FATF) has described it as global threat 

The illegal trade is estimated to generate revenues of up to $23 billion a year

Money laundering and the Illegal Wildlife Trade report said criminals are frequently misusing the legitimate wildlife trade, as well as other import export type businesses, as a front to move the hide illegal proceeds from wildlife crimes. They also rely regularly on corruption, complex fraud and tax evasion

Financial Action Task Force (on Money Laundering) (FATF): An intergovernmental organization

 

Objectives: To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system

FATF was formed by the 1989 G7 Summit in Paris

 

FATF Secretariat is located at the OECD headquarters in Paris

 

FATF's Forty Recommendations on money laundering of 1990 are the primary policies issued by FATF and the Nine Special Recommendations (SR) on Terrorism Financing (TF)

FATF completely revised the Forty Recommendations in 1996 and 2003

FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries

At the time of its formation, FATF had 16 members

As of 2019 FATF had 39 full members, comprising 37 member jurisdictions and two regional organisations