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Session 3: Connecting the dots: tracing funds from environmental crimes.
Global flows in environmental goods (such as wildlife, forestry products and minerals), both licit and illicit, utilize the same financial infrastructure. Criminal organisations exploiting and illegally trading in environmental goods abuse the financial system to fund their business, to trade goods and to conceal profits. Calls are growing for a more finance-focused approach to environmental investigations (OECD 2019, FATF 2020, ECOFEL 2021), but it still remains a highly underused method to combat environmental crime. As a result, the contribution of the follow-the-money approach to a reduction in environmental degradation remains unfulfilled.

Recognising this challenge, the private sector is seeking to integrate more sophisticated, environmental crime related transaction monitoring and KYC tools; detection and enforcement agencies work with the private sector to find ways to develop meaningful data sharing systems; and law enforcement is seeking to integrate new tools and methods to penetrate the financial machinations of environmental criminals. But these efforts are still largely in their infancy and numerous obstacles remain with the result that prosecutions of masterminds and the seizure of their assets remain rare.

The event will discuss what can be done by law enforcement and by the financial sector, separately and through joint efforts, to make the detection and tracing of environmental crime related assets, related investigation and ultimately prosecution more effective.

Mar 17, 2021 01:00 PM in Zurich

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