FinCEN sees upward trend in wildlife trafficking SARs

FinCEN yesterday released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act data. The report aims to further inform efforts to combat wildlife trafficking and the associated movement of illicit proceeds, which are estimated to be between $7 and $23 billion per year and account for a quarter of all wildlife trade.

FinCEN’s analysis of wildlife trafficking-related Suspicious Activity Reports (SARs) indicates that wildlife trafficking is affecting the U.S. financial sector. Overall, wildlife trafficking-related SARs filed between January 2018 and October 2021 trended significantly up and SARs filed in 2021 are on track to meet or exceed the number of SARs filed in 2020 based on current trends.

FinCEN is calling attention to this threat because of: (1) its strong association with corruption and transnational criminal organizations, two of FinCEN’s national anti-money laundering and countering the financing of terrorism priorities published in June 2021; (2) a need to enhance reporting and analysis of related illicit financial flows; and, (3) wildlife trafficking’s contribution to biodiversity loss, damage to fragile ecosystems, and the increased likelihood of spreading of zoonotic diseases.