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Banks are doing too little to prevent the estimated $150 billion annual profits from modern slavery flowing unchecked through the global financial system, according to a
report.
Finance firms have a key role in identifying proceeds from a crime that affects about
40 million people globally, but they have failed to put in place adequate checks and training for staff to disrupt gangs, the report said.
“While slavery is illegal in every country in the world, our economic and financial systems appear to tolerate and even promote practices which result in this abuse,” said Sara Thornton, the UK’s anti-slavery commissioner, who supported the research.
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The UK government headed by John Major tried to derail “mad” US plans for new sanctions against Libya in the 1990s, fearing international divisions over tactics to confront Col Muammar Qaddafi, according to newly released documents.
The US in 1994 was putting pressure on the UK and France to back a new round of UN measures against Libya amid the continuing refusal of Col Qaddafi to hand over the suspects for the 1988 Lockerbie bombing.
The UN had from 1992 imposed sanctions on Libya after the downing of Pan Am jet 103 over the Scottish town of Lockerbie, which killed 259 people, but the US was concerned about widespread breaches.