On April 22, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a reminder to financial institutions to stay alert in detecting and reporting suspicious activities linked to environmental crimes. The call comes as the nation observes Earth Day, emphasizing the importance of safeguarding the environment.

According to FinCEN, environmental crimes often involve cross-border criminal operations associated with various Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, such as corruption, fraud, human trafficking, and drug trafficking.

In efforts to combat environmental crimes, FinCEN has released resources aimed at assisting stakeholders in recognizing and addressing illicit financial activities linked to environmental offenses. These include the Financial Threat Analysis report from December 2021, which delves into patterns of wildlife trafficking threats and trends identified in Bank Secrecy Act data.

Furthermore, FinCEN's Notice FIN-2021-NTC4 provides financial institutions with detailed instructions for filing Suspicious Activity Reports (SARs) and highlights illicit financial behaviors associated with environmental crimes like wildlife trafficking, illegal logging, fishing, and mining.

Highlighting the significance of SAR filings and robust implementation of Bank Secrecy Act compliance requirements, FinCEN underscores that these measures play a vital role in identifying and preventing environmental crimes and associated money laundering activities.