"Complaint filed against French banks for money laundering and concealment of proceeds from illegal deforestation in the Amazon", 08 November 2023

...Sherpa, supported by Harvest, the Center for Climate Crime Analysis (CCCA), Repórter Brasil and Transparency International, filed a complaint with the French National Prosecutor’s Office against French banks BNP Paribas, Crédit Agricole, BPCE and Axa. Sherpa is calling for a criminal investigation for money laundering and concealment, due to the banks’ financial support for Brazil’s leading beef companies, which contribute to illegal deforestation in the Amazon.

This is the first criminal complaint against French banks based on the offences of laundering and receiving stolen goods, due to their financial support for activities responsible for deforestation, and the profit derived from it.

Cattle farming is the main driver of deforestation in Brazil and across South America...

Between 2013 and 2021, AXA, Crédit Agricole, BNP Paribas and BPCE made investments (1) worth nearly $70 million in three major cattle companies JBS and Marfrig (2). However, over the same period, numerous investigations developed by Repórter Brasil revealed environmental and human rights abuses in the sourcing of cattle these companies (3). 

...In Brazil most of the deforestation is illegal and is often connected to other violations of criminal law such as corruption, money laundering and fraud.

BNP Paribas, Crédit Agricole, BPCE and Axa, by holding bonds issued by companies profiting from environmental crimes, are helping to reintroduce the proceeds of these offences into the legal circuit, when bonds are repaid with proceeds derived from illegal deforestation...