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Madrid, 01 April 2019 – SANTANDER NEWS
Profits made by illegal wildlife traders each year are estimated at between seven to 23 billion US dollars. Making money is the primary objective for illegal wildlife traders and the Illegal Wildlife Trade Financial Taskforce, sponsored by Prince William, the Duke of Cambridge, aims to block the mechanisms in order to make illegal trading harder to achieve.
Illegal wildlife trade is the unlawful harvest of, and trade in, live animals and plants or parts and products derived from them for sale on the international market - it is considered to be one of the most lucrative global crimes. The associated funds need to be laundered in order to mask their illegal origin and the smuggling of animals and illegal products is also closely connected to other crimes like corruption, or the use of fake documents and identities.
Santander joined the International Wildlife Trade Financial Taskforce as a part of the Group’s commitment to the prevention and deterrence of wildlife trafficking and associated corruption. A series of red flags in regards to IWT have been shared with the local AML teams and a wider awareness training will be issued shortly.
Our Sustainability Policy prohibits any type of operation or financing in regards to activities related to species included in the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). Santander is also supporting the Wolfsberg’s Group initiative to help define the mechanisms to effectively deter and prevent financial transactions that stem from illegal wildlife trade.