Latest modern slavery fight updates - FreedomUnited.org

Wealth Management Capital Sets Sights on Slavery

  • Published on
    September 24, 2018
  • News Source Image
  • Category:
    Human Trafficking, Supply Chain
Hero Banner

The principality of Liechtenstein — a global capital for wealth management — has launched a new initiative to mobilize the global financial sector against modern slavery.

Announced on Monday at the United Nations, the ‘Liechtenstein initiative’ aims to fight money laundering by traffickers, promote ethical investment, and offer opportunities to people vulnerable to slavery.

Related Campaign: Help end forced labor.

Globally, modern slavery is estimated to generate illegal profits of $150 billion USD according to the ILO. Much of that money ends up in banks, hedge funds, and other investments.

“Following the money can not only lead us to the perpetrators but also deny them the resources they need to commit such crimes in the first place,” said Aurelia Frick, Liechtenstein’s foreign affairs minister.

Thomson Reuters Foundation reports:

Traffickers illegally launder illicit gains, take advantage of informal banking systems and benefit when investors unknowingly back companies that profit from slavery in their supply chains, organizers said.

Meanwhile, a lack of access to credit can make people vulnerable to forced labor and trafficking, they said.

Plans call for commission members – institutional investors, global pension funds, investment banks, financial regulators and others – to design an anti-slavery strategy by mid-2019 for the financial sector.

“This commission will make a major contribution to undermining the primary goal of the human traffickers and those who would enslave another human being – the money they make out of human misery,” said Marise Payne, Australia’s minister for foreign affairs.

Coined the Liechtenstein initiative, the commission was launched by the wealthy European principality and by Australia, along with the U.N. University.

In 2015, ending modern slavery was adopted as one of the targets of the 17 global goals adopted by the 193 UN member states.

Separately at the UN, Britain, the United States, Canada, New Zealand, and Australia unveiled plans for an alliance to eradicate slavery in global supply chains.

Subscribe

Freedom United is interested in hearing from our community and welcomes relevant, informed comments, advice, and insights that advance the conversation around our campaigns and advocacy. We value inclusivity and respect within our community. To be approved, your comments should be civil.

stop icon A few things we do not tolerate: comments that promote discrimination, prejudice, racism, or xenophobia, as well as personal attacks or profanity. We screen submissions in order to create a space where the entire Freedom United community feels safe to express and exchange thoughtful opinions.

Notify of
guest
0 Comments
Inline Feedbacks
View all comments

This week

The "Migration Pact" that could mean the end of human rights in the E.U.

After nearly a decade of deliberation, the European Parliament recently passed a sweeping overhaul of the European Union’s asylum and migration rules with what is known as the “Migration Pact” which advocates say will lead to an increase in human rights abuses, including extreme exploitation. According to Al Jazeera, prominent E.U. figures like German Chancellor Olaf Scholz and E.U. Home Affairs Commissioner Ylva Johansson believe these reforms

| Wednesday April 10, 2024

Read more