London, 11th March 2026 – WWF and Themis have published new research revealing how illegal mining is inflicting significant environmental harm and creating major financial crime risks for the global financial sector. The report serves as a tailored resource for financial institutions, outlining the complexity of mining supply chains and highlighting how they intersect with financial crimes.
According to data from the Amazon Mining Watch, between 2019 and 2023, the mining-related deforestation footprint is estimated to have grown by more than 944,000 hectares, an area about the size of Jamaica. However, there remains a significant gap between financial institutions’ risk exposure and their actions to address these risks.
The research shows that financial institutions can be exposed to illegal mining both directly and indirectly through a wide range of business activities and third-party relationships along the mining value chain. The survey commissioned for this report found that 84% of financial institutions operate in at least one potentially high-risk market segment for exposure to illegal mining, with transport and transit identified as major vulnerability points. Despite this high level of exposure, mitigation remains limited: two in five financial institutions do not screen for illegal mining, while many lack relevant policies or staff training.
To help close this gap, the report brings together results from a targeted survey of financial institutions, case studies, expert insights and in-depth analysis that reveal the many dimensions of illegal mining. It highlights, for example, how gold’s high value and portability make it a prime vehicle for money laundering, leaving banks and investors at risk of unknowingly financing deforestation, corruption and human rights abuses.
The report further examines how mining operations exploit legal grey areas, regulatory loopholes and weak enforcement, creating incentives for illegality and opportunities for criminal groups. The findings build on the Environmental Crimes Financial Toolkit jointly developed by WWF and Themis, which provides financial institutions with practical guidance on identifying and mitigating environmental crime risks across multiple sectors, including mining.
There are also in-depth case study contributions in the report from Instituto Igarapé, the FACT Coalition and Amazon Conservation, detailing environmental destruction, criminal networks, armed-group financing and the rapid expansion of illegal gold mining across the Amazon.
The report highlights the need for strong action from financial institutions, policymakers, and regulators to address illegal mining and its associated financial flows. It notes that strengthened monitoring, enhanced due diligence, and closer public–private collaboration would help identify and disrupt the networks profiting from illegal mining.
The findings also indicate that financial institutions often lack internal processes to manage these risks effectively, particularly in relation to staff awareness, the integration of mining-related environmental and social risks into policies, and the provision of targeted training on financial crime detection and mitigation. Strengthening these internal practices could help institutions better address and minimise the risks identified.
John Dodsworth, Head of Deforestation Strategy at WWF-UK, said: “Illegal mining has become a systemic financial risk. It distorts markets, drives illicit financial flows and exposes banks and investors to hidden liabilities tied to environmental destruction and human rights abuses. Tackling it demands the same urgency and coordination we apply to other forms of financial crime, and we urge financial institutions to take strong action to strengthen internal processes and staff training.”
Dickon Johnstone, CEO at Themis, said: "Given the ongoing rise in the price of gold and what we know about how illegal gold funds conflict across the world, this report is a timely reminder that the private sector has a key role to play in stemming these illicit flows. Building on our previous work developing the Environmental Crimes Financial Toolkit, we’re pleased to be continuing our collaboration with WWF and other stakeholders to provide further actionable tools in the environmental crime disruption space. By strengthening awareness and due diligence and working collaboratively, we can cut off the financial lifelines sustaining this illicit industry and protect both nature and our economies.”
WWF (World Wide Fund for Nature) is the global environmental charity, active in nearly 100 countries, and we’re bringing our world back to life. With nature in freefall, we’re urgently tackling the underlying causes that are driving the decline – especially the food system and climate change. We’re finding solutions so future generations have a world with thriving habitats and wildlife.
WWF. Bringing our world back to life.
Find out more about our work, past and present at wwf.org.uk
Themis is a pioneer in the use of AI in the fight against Financial Crimes. A certified B-Corp dedicated to stopping the deliberate exploitation of people, businesses and the natural world. Themis works with clients globally across regulated and unregulated sectors. Its flagship platform, Themis Search, combines advanced AI with investigative intelligence to make financial crime detection more effective, accessible and impactful.
Contacts
For more information or to request an interview with WWF-UK or Themis, please contact:
Themis news: A library of recent press articles can be found here
For more information about Themis, visit www.wearethemis.com.
