U.S. Department of the Treasury

27/07/2024 | Press release | Distributed by Public on 28/07/2024 01:19

Remarks by Secretary of the Treasury Janet L. Yellen Announcing the Amazon Region Initiative Against Illicit Finance in Belém, Brazil

As Prepared for Delivery

I am glad to end a productive trip to Brazil here in Belém, at the mouth of the Amazon Delta and a gateway to the Amazon rainforest. I want to thank the federal police, and other governmental authorities for attending this roundtable. I appreciate your tireless work to defend the Amazon rainforest against illegal logging and deforestation, illegal mining, and related criminal activity.

I am very excited to open this roundtable by announcing the launch of the Amazon Region Initiative Against Illicit Finance, which will support efforts to disrupt nature crimes, especially those causing devastation in the Amazon.

Across the Amazon, criminal organizations and individuals are motivated by the potential for financial gain to illegally harvest plants, minerals, and wildlife. These crimes threaten the ecological balance of the Amazon rainforest, the livelihoods of local communities, and national economies, as outlined in last year's Belém Declaration. Globally, nature crimes are estimated to generate proceeds in the hundreds of billions of dollars annually and often entail misusing and abusing the U.S. financial system.

The United States has taken action to defend the region's rainforest, from President Biden's pledge of $500 million to the Amazon Fund to the Brazil Fazenda-U.S. Treasury Climate Partnership we launched while in Rio earlier this week.

Now, Treasury sees an opportunity for the United States to work with our regional partners to build on the Belém Declaration and our past efforts and strengthen international cooperation in the fight against these harmful crimes through this new regional initiative.

Let me briefly outline its four key components.

First, Treasury, in coordination with Brazil, will convene a regional meeting to boost cooperation on disrupting illicit finance linked to nature crimes.

This event will bring together a wide array of stakeholders, including financial intelligence units, law enforcement agencies, and other government authorities, representing Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, and the United States. We will seek to strengthen the framework for regional cooperation, aligning on how to productively leverage ongoing work and set forward-looking priorities.

Second, Treasury will organize "follow the money" trainings in the region to strengthen the capabilities of financial intelligence units, law enforcement, and other key stakeholders to pursue money laundering investigations against transnational criminal organizations, drug cartels, and others involved in nature crimes.

Third, Treasury will aim to enhance information sharing with regional partners to identify illicit finance associated with nature crimes. Illicit finance does not respect national boundaries, which means we need to find collaborative solutions that break down barriers between national authorities. The prominence of the U.S. dollar and financial system in international trade and finance means the United States has an important role to play.

Last, we will leverage our increased information sharing to support joint investigations involving corrupt actors, criminal organizations, and drug traffickers engaged in illicit activity that can overlap with or underpin nature crimes.

We will also consider other enforcement actions, including sanctions if appropriate, to hold illicit actors accountable and disrupt their activities.

As we launch this initiative, we have no illusions about the challenge facing us. There is much more work to do. But bolstering coordination between the United States and our regional partners will help protect the integrity of the international financial system, while also targeting a major threat to biodiversity.

This is a fight worth fighting-for everyone here, for future generations, and, as per this year's G20 theme, for a "just world and a sustainable planet."

Thank you all for being here to mark this milestone and in advance for sharing your perspectives. I look forward to seeing the progress from our partnership.

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