Coin Press - US to help Amazon nations fight illicit finance, Yellen says

"Across the Amazon, criminal organizations and individuals are motivated by the potential for financial gain to illegally harvest plants, minerals and wildlife," Yellen said in Belem, a city in northern Brazil surrounded by swaths of dense jungle.

She said these "nature crimes" generate hundreds of billions of dollars each year and "often entail misusing and abusing the US financial system."

Under the initiative, the US Treasury will boost coordination efforts by hosting "follow the money" trainings for partner nations, enhancing information sharing and supporting joint investigation, Yellen said.

The project will coordinate efforts among the United States, Brazil, Colombia, Ecuador, Guyana, Peru and Suriname.

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

The capital city of Para state is set to host the COP30 climate conference in 2025.

The Amazon, the world's biggest rainforest, covers nearly 40 percent of South America. In the last century it has lost about 20 percent of its area to deforestation, due to the advance of agriculture and cattle ranching, logging and mining, and urban sprawl.

P.Kolisnyk--CPN