LGT, LLB and VP Bank refugees enable fee-free accounts – Liechtenstein
VADUZ – LGT, LLB and VP Bank, under the umbrella of the Banking Association, have agreed to provide people from Ukraine with protection status “S” with a free account including payment transactions and EC card where necessary and justified. According to a statement, those in need could contact the three banks directly.
Over 10 million people have now fled Ukraine. 4.5 of them have already found refuge in EU and EEA member states and Switzerland. Numerous refugees have also applied for protection status in Liechtenstein. The government expects that number WILL increase rapidly. Liechtenstein has expressed its solidarity since the outbreak of war. In addition to residence and the granting of temporary protection status S for certain groups of people from Ukraine, this also means that those affected can go about their everyday lives in Liechtenstein as quickly as possible. An important factor is financial “inclusion”, i.e. that these people have access to banking services. Be it to be able to shop or to be able to do anything at all, writes the banking association.
“Fundamental right for all people”
Access to financial services is a fundamental right for all people and is increasingly also a prerequisite for social inclusion. He helps to put those affected in a position to take their financial situation into their own hands. In 2018, Liechtenstein, together with partners, launched the FAST initiative (Finance Against Slavery and Trafficking) to combat modern slavery and human trafficking. One of the five defined goals of this initiative is to prevent vulnerable population groups from being exploited.
The risk of human trafficking and slavery will remain elevated after the conflict, writes the Bankers Association. For example, while women and girls are particularly vulnerable in the immediate situation, boys and men fleeing conflict and being exploited are likely to be at greater risk in the long term.