Financial crime and green crime continue to inflict severe consequences on individuals, companies, and societies across the globe every year. A multi-faceted, collaborative approach is needed if we are to succeed in the fight against the criminal networks perpetuating these crimes.
Financial crime (including fraud, money laundering, theft, bribery and corruption, cybercrime and modern slavery) and green crime (including wildlife trafficking and environmental crime) are often closely linked, and the criminal networks responsible for perpetuating these illicit activities frequently conceal their activities within complex customer or third-party supplier, vendor and partner networks.
While crimes such as fraud and money laundering can have crippling economic consequences for organisations, societies and even entire countries, other crimes — including human trafficking and modern-day slavery — have an incalculable social and humanitarian impact on the lives of millions of individuals every day.
At the same time, green crimes are systematically contributing to significant biodiversity loss, with far-reaching consequences for every country across the globe.
Third-parties linked to financial and green crime
Refinitiv research reveals that 41 percent of third-party relationships within global supply chains are not subject to due diligence checks at the onboarding stage. Furthermore, 60 percent are not subject to ongoing monitoring.
This is an except of the original blog article published on Refinitiv Perspectives. Continue reading the rest of the article here.
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