Illegal Fishing represents one of the largest markets open to and exploited by organised criminal groups, but beyond overfishing and the environmental challenges this brings, other serious crimes are also involved, including drugs and human trafficking, corruption and tax evasion, particularly effecting developing Countries. its time Illegal fishing was considered as a major financial crime issue as well as an environmental one. For more read the Intelligence Briefing on IUU Fishing by FCN.
With fish and other aquatic animals an important part of many peoples diet, it’s estimated by the Food and Agriculture Organization (FAO) of the United Nations, that we catch approximately 171 million metric tons (likely more than 2 trillion fish) annually (2016) worth an estimated USD362 billion.
The following is a short summary of the finances of the Islamic State (IS), as taken from a detailed Intelligence Briefing available to FCN Premium Professionals. The 30 Page Intelligence Briefing, details how IS is thought to have raised, moved and stores its reserves to support its terrorist activities and its future plans, a full Threat Assessment, what Financial Crime Fighters can do to help and potential Red Flags and or Key Risk Indicators. See Here For the full Intelligence Briefing.
The threat from the Islamic State (“IS”) remains high, and will continue into the near future, despite the losses on the battlefield both in terms of men and territory. In particular Western Europe, North America, South East Asia, and large parts of Africa are on the highest form of alert with attacks not only expected, but considered highly likely.
Human Trafficking is a global problem, effecting the lives of millions of people. Traffickers deceive women, men and children from all corners of the world and force them into exploitative situations every day. Whilst the best known form of human trafficking is for the purpose of sexual exploitation, hundreds of thousands of victims are trafficked for the purposes of forced labour, domestic servitude, child begging or the removal of their organs.
In this interview, Neil Giles explains to Financial Crime News, why as programme manager of the Traffik Analysis Hub it has the potential to be a real game-changer in the fight against modern slavery and how information sharing, technology and collaboration are at the heart of this initiative.
FCN: How big is the problem of Human Trafficking?
The staggering estimates that 40 million people are trapped in modern slavery and that forced labor generates $150 billion dollars a year in illicit funds have raised global alarm. It comes as no surprise to those combatting financial crime that thefinancial community intersects with these forms of exploitation in a variety of ways, from unwittingly laundering funds generated by these practices to investment in businesses that have labor trafficking embedded in their supply chains.
The Financial Sector Commission on Modern Slavery and Human Trafficking, known as the Liechtenstein Initiative, is working to put the financial sector at the heart of efforts to identify, target and disrupt these crimes and their root causes.
Whilst the term “organised crime” appears to have emerged in Chicago in 1919, the phenomenon of organised criminal activity far pre-dates this and its manifestations have developed considerably since that time. Examples include “thugs” or gangs of criminals, who terrorised 13th century India moving from town to town, looting and pillaging and “piracy” on the high seas, and highwaymen and banditry to the pre-industrial world what organised crime is to modern society. Many of today’s leading organised criminal gangs also have long histories, many tracing their origins back to feudal times, retaining links and codes from a bygone era whilst at the same time modernising and expanding their operations far beyond their traditional roots from their homelands across the world.
Whilst prohibition on alcohol in the US was presented as a victory for public morals and health, it was to prove a temporary measure being repealed in 1933.
Building on the success of AHT toolkits designed to be used by Banks & other financial institutions, via multi stakeholder working groups established and co ordinated by the Thomson Reuters Foundation, the US and European toolkits are now being supplemented with an Asian toolkit which was launched on 12th February, 2019. The continued growth of human trafficking operations and the potential abuse of the financial system associated with this criminal activity, requires vigilance and action. The toolkits are therefore crucial resources and include a set of “red flag” indicators, tailored specifically for FI’s, together with case studies and resources that will help the detection, and reporting of suspicious activity. The Asian toolkit’s were put together by the Asian Bank’s Alliance, which is made up of ABN AMRO, American Express, ANZ, Citi, Commonwealth Bank of Australia, HSBC, Macquarie, Standard Chartered, along with The Mekong Club and the International Centre for Missing and Exploited Children. Continue reading