The collaboration highlights the social responsibility of individuals and organisations to contribute to the well-being of humanity and the natural environment.
Monday 25, March 2019 BY KUDAKWASHE MUZORIWA
The Dubai Financial Services Authority (DFSA) has partnered with Standard Chartered Bank to assess how financial institutions and regulators can work together to help curb illegal wildlife trade as well as disrupt the flow of illegal funds arising from this predicate crime.
Illegal wildlife trade impacts the financial services sector as the unwitting conduit for the movement of proceeds of illegal wildlife trade.
In a statement, the DFSA stated that illegal wildlife trade impacts economies by destroying natural and human resources and eroding society’s social capital as well as creating a false economy of dependence based on illegal activities making it more difficult to combat in poverty-stricken jurisdictions.
Bryan Stirewalt, Chief Executive of the DFSA, said, “Since our inception, we have identified financial crime as a top risk and have continuously assigned resources and efforts to fight it.”
“As an international bank that is deeply rooted in this country, StanChart is committed to fighting illegal wildlife trade, financial institutions can help map the criminal networks and provide law enforcement with vital intelligence to support their investigations and prosecutions by tracking suspicious transactions,” added Rola Abu Manneh, the CEO of Standard Chartered Bank, UAE.