Financial institutions are being urged to stem the flow of illicit funds from illegal wildlife trafficking, which drives as much as $23bn in revenue per year and is set to become an area of focus for the Financial Action Task Force (FATF).
Illegal wildlife trafficking covers a range of activities, including the illegal poaching and black market sale of animals and animal parts, such as exotic pets, elephant tusks and rhino horns. It also includes the illegal procurement of animals like fish and certain types of wood, which are subsequently sold legally in another jurisdiction.
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