Environmental crime produces enormous profits for transnational criminal groups. Blurring the origins of the proceeds of environmental crime, storing the funds safely and making them readily accessible are key goals for professional money launderers.
Yet the same money laundering activity offers an opportunity for financial institutions and others to report suspicious transaction reports to financial intelligence units, hopefully leading to investigation and prosecution.
To combat environmental crime, financial intelligence must be gathered from a variety of sources. If the compliance function at financial institutions are able to detect and report on suspicious transactions to the authorities, illegal deforestation and the exploitation of animals can be greatly reduced.
Through detailed case studies, examples and red flags, the FIU CONNECT (Environmental Crime) training program advises participants on suspicious financial patterns that may indicate the trafficking of illegal environmental resources.