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Money Laundering Laws Should Include Climate Crimes, U.K. Told

Money laundering laws should be expanded to prevent financial institutions from facilitating environmental crimes, according to a recommendation sent to the U.K. government.

Though acts such as illegal deforestation are well documented, the banks and investors enabling such crimes tend not to face liability, research group Finance for Biodiversity (F4B) said in a report on Wednesday. The nonprofit, which responded to a request for feedback from the U.K.’s Global Resource Initiative, says expanded anti-money laundering rules would force the finance industry to apply more stringent due diligence practices to ensure the services it provides don’t harm the environment.