Middle East

Emirates NBD Joins United for Wildlife Financial Task Force

Emirates NBD is committed to curbing illicit financial flows related to the illegal wildlife trade (IWT) by becoming a member of the United for Wildlife (UfW) Financial Task Force, which is committed to the global wildlife market. Supporting efforts to combat biotrafficking.

Illegal wildlife trade usually refers to the trade in products derived from non-domesticated plants and animals that are extracted from their natural environment or raised under controlled conditions. This is global organized crime estimated to be worth up to $23 billion annually.

The trade has increased significantly in recent years, increasing the rate of poaching of many species, especially those of high value to consumers. Illegal wildlife poaching and trafficking continues to undermine conservation efforts around the world, with nearly 7,000 species of plants and animals reported in illegal trade involving 120 countries.

The global banking system is an important vehicle for remittance of illicit proceeds from the illegal wildlife trade. Financial institutions are at risk of unwittingly acting as facilitators of transactions, and related illicit financial flows continue to move around the world through legitimate banking channels. Financial institutions can therefore play a key role in addressing IWT by “following the principle of money” and identifying the institutions profiting the most from this crime.

Group Chief Compliance Officer Victor Matafonov said: In line with the UAE government’s efforts to end the illegal trade in endangered and invasive species, Emirates NBD will support wildlife welfare and safety as part of the bank’s broader efforts to champion sustainability. We work diligently with our peers and other local and global organizations to promote Related Initiatives.

Formed in October 2018, the UfW Financial Taskforce is made up of approximately 50 global financial institutions.

Several major UAE companies have already taken steps to combat IWT by joining UfW. This includes non-governmental organizations as well as those in the transport and financial sectors. Over the years, several Dubai government agencies have also launched programs to raise awareness and combat illegal activities.

Emirates NBD’s move to join the UfW Finance Task Force focuses on sustainability, including the UN’s Sustainable Development Goals (SDG), specifically Goal 15, Life on Land, and UAE Vision 2021. Consistent with the bank’s commitment to support global and local initiatives. It aims to ensure sustainable development while protecting the environment.

In recent news, Emirates NBD has launched a Global Accelerator Program for Metaverse Startups to enhance the customer experience. The program positions banks as leaders in the next phase of banking innovation in line with the Dubai Metaverse strategy.

read: Emirates NBD Launches Global Accelerator Program for Metaverse Startups

https://gulfbusiness.com/emirates-nbd-joins-united-for-wildlife-financial-taskforce-supports-fight-against-illegal-wildlife-trade/ Emirates NBD Joins United for Wildlife Financial Task Force

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