The Finance Against Slavery and Trafficking (FAST) initiative launched by the Liechtenstein government is committed to a responsible financial sector that makes a significant contribution to eliminating slavery and human trafficking worldwide by 2030. LGT Private Banking has supported the initiative since its launch in 2018 and will continue its commitment for another year.
Since its launch in 2018, FAST has developed into a leading international initiative, underlining the crucial role of the financial sector in combating modern slavery. For example, FAST has reached over 55’000 professionals thanks to their anti-money laundering courses free of charge to date, has acted as a partner for investor associations with assets under management of USD 27 trillion, and has facilitated access to banking services for around 4500 survivors of human trafficking and slavery.
The FAST initiative was recently integrated into the UNDP's Sustainable Finance Hub, which specialises in sustainable finance and sustainable development in the Global South. This close collaboration will allow FAST to expand further, increase its impact at country level in the fight against modern slavery, and further optimise collaboration with the financial sector and survivors.
LGT was closely involved in the conception of the FAST initiative and acted as a partner when it was launched in 2018 by the Liechtenstein government together with the United Nations University - Centre for Policy Research (UNU-CPR) and other entities. Ursula Finsterwald, Head of LGT Group Sustainability Management, comments: "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."