▷ Liechtenstein promotes the active role of the global financial sector in the fight against slavery
10/18/2021 – 5:27 pm
Principality of Liechtenstein
Vaduz (ots)
Over 40 million people today live in slavery-like circumstances. It generates annual revenues of USD 150 billion. As a contribution to remembering the UN Agenda 2030, Liechtenstein launched the “Liechtenstein Initiative on Finance Against Slavery and Trafficking” (FAST). It is a public-private partnership that puts the global financial sector at the center of the fight against modern slavery and human trafficking. FAST was launched by the permanent representation of Liechtenstein to the UN in New York.
On October 18 and 19, 2021, a conference took place in Liechtenstein as part of FAST, which focused on the review of the initiative. The conference brought together relevant actors from home and abroad who are participating in the implementation of FAST. In particular, the conference showed where there is a need for improvement in the implementation of FAST and which next steps will be taken and when in order to achieve even more impact with the initiative. At the same time, FAST can already point to concrete successes. For example, a certificate for due diligence officers was drawn up as part of FAST, which has now been completed by over 10,000 financial experts. Thanks to FAST, more than 2,000 human trafficking victims were able to regain access to banking services. At the same time, FAST supports an investment alliance in avoiding investments in problematic projects. Allianz has assets of USD 9 billion under management.
In order to make Liechtenstein’s great foreign policy commitment in the field of combating modern slavery accessible to the Liechtenstein population, new Government Councilor Dominique Hasler presented the FAST progress at a public event on Monday, October 18. High-ranking actors from the private and public sectors attended the extremely well-attended event. Government councilor Dominique Hasler saw FAST in the context of the new government program, which was under the motto “Sustainable. Reliable. Formative.” stands. In this regard, Government Councilor Hasler emphasized: “It is important to intensify our cooperation with private governments and advance joint projects. FAST is a prime example of such cooperation.” The FAST project director, Daniel Thelesklaf, went into detail about the successes and the next FAST implementation steps. A victim of human trafficking also gave personal insights and explained how cash flows from human traffickers can be detected. In addition, high-ranking international figures discussed the central role of the financial sector in combating these crimes.
Press contact:
Ministry of Foreign Affairs, Education and Sports
Claudio Nardi, Foreign Affairs Office
T +423 236 60 53