US financial system helps shelter profits from environmental organized crime

Global environmental crime is a lucrative enterprise, generating billions of dollars annually, with the U.S. financial system playing a role in concealing these profits.

According to Interpol, activities such as poaching and illegal logging yield up to $281 billion annually, ranking as the third most profitable illegal business globally.

The complexity of these illicit industries varies, ranging from small networks involved in wildlife trafficking to large-scale operations like illegal logging and gold mining, which often intersect with other criminal activities like drug trafficking and terrorism.

Money laundering, facilitated through shell companies and cross-border transactions, is a key mechanism in these criminal enterprises, allowing perpetrators to obfuscate the origins of their illicit gains, The Hill reported.

read more: https://thehill.com/policy/energy-environment/4646784-how-the-us-financial-system-helps-shelter-profits-from-environmental-organized-crime/

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