Illegal wildlife trade a global threat: FATF report

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News: Financial Action Task Force(FATF) has released a report titled “Money Laundering and the Illegal Wildlife Trade” report.

Facts:

  • This is the first ever report of the Financial Action Task Force(FATF) on Illegal Wildlife Trade(IWT).
  • Aim: To provide guidance to countries on measures they can take to combat money laundering from the illegal wildlife trade.

Additional Facts:

  • FATF: It is an inter-governmental body established in 1989 during the G7 Summit in Paris.
  • Secretariat: It is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris.
  • Objectives: To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing and other related threats to the integrity of the international financial system.
  • Members: It comprises 37 member jurisdictions and 2 regional organisations representing most major financial centres in all parts of the globe.