Displaying items by tag: illegal wildlife trade

During COP28, a panel discussed the urgent need to address the vast and damaging illegal wildlife trade. The panel highlighted the severe consequences of this trade, which ranks as the fourth-largest illicit trade globally, valued at over $23 billion annually, mainly controlled by criminal networks. It poses a significant threat to biodiversity, ecosystems, and climate. It disrupts natural balance, impacting global sustainability. This illegal trade is transnational and organised, generating enormous profits; it was pointed out that banks have regulatory obligations to combat financial system abuse by such criminals. DP World, a major global supply chain solutions provider, revealed that a high portion of illegal wildlife trade products is transported by the maritime sector. The panel called for greater cooperation among stakeholders, including the financial sector, transport industry, and law enforcement, to combat this critical issue.