banks

New Oxfam, Fair Finance International and 11.11.11. report exposes how Europe’s banks and investors are blindly investing in mining companies linked to land grabs, pollution and human rights violations. This comes ahead of the EU’s Raw Materials Week.  

Major European banks and investors are backing Glencore’s toxic mining activities in Colombia and Peru. This is according to a new report by Fair Finance International, Oxfam, CooperAcción, Cinep and Censat. The report reveals that nearly 50 percent of loans and underwriting to Glencore over the last six years came from European banks like UBS and Société Generale, amounting to 41.2 billion euro.  

722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens – well out of proportion to the level of real economic activity that occurs there, according to a new report by Oxfam and the Fair Finance Guide International today.

It is shameful to see European banks again involved in a major global money laundering scandal. 

Every year, the Somali diaspora sends home approximately $1.3bn. But this system of remittances to Somalia is under threat, particularly in the US and the UK.