The Best Weapon to Shut Down the Illegal Wildlife Trade – Regulation Asia
Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.
Trafficking in illegal wildlife is a global business with soaring profits. According to the United Nations Environment Program, the illegal wildlife trade is estimated to generate USD 20 to USD 30 billion a year. Adding to the lure of big profits is the fact that penalties for trading in illegal wildlife are ridiculously low, which makes this a tempting high-profit, low-risk business.