The Financial Action Task Force (FATF) estimates the industry is worth between £5.6billion and £18.5billion annually. Alongside William’s United For Wildlife organisation, the FATP have written a report providing guidance to help prohibit money laundering from the trade. In a video message, William said: “The work that has been done will help authorities trace the finances of the transnational organised crime gangs that facilitate this abhorrent activity.
“It underlines the need for us to work together to tackle the ill-gotten gains of wildlife poachers and traffickers and put a stop to this multi-billion criminal dollar enterprise.”
William also praised the report commenting: “This will help to improve and co-ordinate the public and private sectors to detect, disrupt and prevent this crime.
“Because it is only through prioritising this issue and following the money that we will stop these criminals in their tracks.
“Once again, I am grateful to you all for your continued efforts to end the illegal wildlife trade for good.”
Money laundering is defined as the process through which criminals disguise the ownership and control of the proceeds from criminal conduct.
The aim is to make the proceeds appear to have come from a legitimate source.
Last year, William called for more to be done to stop the illegal wildlife trade.
At the United for Wildlife Joint Taskforce event, William said: “Our motivation in doing this work is that we are going to play our part, we are going to do everything we can possibly can to prevent the extinction of some of the world’s most iconic species by poaching or by criminal networks.
READ MORE: Prince William heartbreak: Duke admits ‘frustration’ with Harry
According to the United for Wildlife website, the organisation helps train rangers.
This is done to aid on-site protection to help conservation efforts.
During a 2014 trip to the United States, William visited Washington DC.
He delivered a speech to the World Bank in which he spoke of the link between corruption, natural resource crime and illicit financial flows.
William explained the issue goes beyond just endangered species: “It recognises neither national borders nor national interests.
“It distorts economic development, undermines the rule of law and exacerbates sources of conflict.”
According to the Royal Family website, William has discussed the issue with then US President Barack Obama and Chinese President Xi Jinping.
William’s brother Prince Harry also has shown support for wildlife conservation.
As President of African Parks, Harry helps with the NGO’s conservation efforts.