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Apartheid Banks: Civil society groups demand accountability for apartheid profiteers
Author: Open Secrets, Centre for Applied Legal Studies (CALS) , Published on: 19 April 2018
New evidence shows that two European banks were at the centre of the apartheid era international arms money laundering machinery. For nearly two decades, Belgium’s Kredietbank and its subsidiary in Luxembourg (KBL) were responsible for facilitating up to 70% of all illegal arms transactions that allowed the apartheid government to secretly buy weapons despite mandatory UN arms sanctions...
Open Secrets in partnership with the Centre for Applied Legal Studies (CALS) are bringing the fight for accountability for South Africa’s historic economic crimes to Europe using international accountability frameworks. The complaint is against two major European banks - Belgium’s Kredietbank (now known as the KBC Group) and its subsidiary in Luxembourg (KBL) in terms of the OECD Guidelines for Multinational Enterprises.
The conduct of these banks exemplifies impunity amongst private actors who collaborated with the apartheid regime. It also shines a spotlight on similar contemporary practices involving major financial institutions that continue to undermine human rights across the globe.