On 12/20/21, FinCEN released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data filed between January 2018 and October 2021. The result of the analysis shows that wildlife trafficking-related SARs filed between January 2018 and October 2021 trended significantly up and SARs filed in 2021 are on track to meet or exceed the amount of SARs filed in 2020 based on current trends.
This report seeks to highlight efforts to combat wildlife trafficking and the associated movement of illicit proceeds, which are estimated to be between $7 and $23 billion per year, or approximately one quarter of the amount generated from the legal wildlife trade. According to the release, FinCEN is calling attention to this threat for the following reasons:
its strong association with corruption and transnational criminal organizations (TCOs), two of FinCEN’s national antimoney laundering and countering the financing of terrorism (AML/CFT) priorities;
a need to enhance reporting and analysis of related illicit financial transactions; and
wildlife trafficking’s contribution to biodiversity loss, damage to fragile ecosystems, and the increased likelihood of spreading of zoonotic diseases.
See FinCEN’s full statement here.