Green Carbon, Black Trade

By-passing ow of investment to illegal logging A case study from the Norwegian sovereign wealth fund

Council on Ethics

Ministry of Finance

Central Bank

Norwegian sovereign wealth fund

Advise

Operates through

Invest in

BlackRock and others

Samling Global

Other companies

Charles Schwab

Goldman Sachs

Financial sector

Private sector

Council on Ethics

Identi es illegal activities and suggest disinvesting

Private company conducting illegal activities

Continue to manage money invested in Samling Global

Samling Global

Financial sector

Source: Personal communication with Keith Finlayson.

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