LGTSource: Shutterstock

Since the initiative’s inception in 2018, LGT Private Banking has provided support to The Finance Against Slavery and Trafficking, FAST, programme, and it will do so for an additional year.

The government of Liechtenstein started this effort with the goal of creating a responsible financial industry that contributes significantly to the global eradication of human trafficking and slavery by 2030.

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FAST, which was introduced in 2018, has grown to become a prominent global programme that emphasises the financial industry’s critical role in the fight against modern slavery.

For instance, FAST has acted as a partner for investor associations managing assets worth $27trn, has provided free anti-money laundering training to over 55,000 professionals, and has helped about 4500 survivors of human trafficking and slavery obtain banking services.

The UNDP’s Sustainable Finance Hub, which focuses on sustainable development and finance in the Global South, has recently incorporated the FAST programme.

This close relationship will allow FAST to grow even further, boost its influence at the national level in the fight against modern slavery, and improve coordination with the financial industry and survivors.

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When the United Nations University’s Centre for Policy Research (UNU-CPR) and other organisations jointly launched the FAST project in 2018, LGT played a key role in its creation and served as a partner.

Ursula Finsterwald, head of LGT Group Sustainability Management, stated: “As a socially responsible private bank, it is extremely important to us that we continue to support the FAST initiative financially and ideally in its growth. In addition, FAST is part of our stewardship commitment, as part of which we encourage companies to carry out sound due diligence when investing in high-risk sectors such as textiles or construction.”