Liechtenstein presents FAST initiative in Berlin

Vaduz (ots) -

At the invitation of the Embassy of Liechtenstein, Daniel Thelesklaf, Ambassador Christian Wenaweser and Ambassador Isabel Frommelt-Gottschald presented the FAST Initiative in Berlin. The expert briefing was opened by State Secretary Katja Hessel from the Federal Ministry of Finance on the German side and was acknowledged as an important occasion to raise awareness in the financial sector about the issue of human trafficking.

The FAST (Finance Against Slavery and Trafficking) Initiative is a multi-stakeholder initiative of the United Nations University that works to mobilize the financial sector against modern slavery. The initiative's goal is to engage and hold accountable the global financial sector for combating slavery and human trafficking, which are enormously lucrative illegal business models.

As head of the FAST program in New York, Daniel Thelesklaf presented the initiative to an interested audience of experts and high-ranking guests, including plenipotentiaries from state representations, members of the Bundestag, representatives of various federal ministries, as well as think tanks and international organizations such as the Berlin offices of the OECD and the World Food Program, the German Institute for International and Security Affairs (SWP), and the federal anti-trafficking coordination group. The Diplomat Corps was also part of the event. Ambassador Wenaweser elaborated on why Liechtenstein launched the initiative, how it relates to the SDGs, and its objectives. He also recommended the model of collaboration between the private and public sectors for similar projects to implement the SDGs.

In the panel discussion that followed, the head of the German delegation to the FATF spoke about its role in combating trafficking money flows, and a bank representative explained the indicators used to identify suspicious transactions related to trafficking and labor exploitation, pointing out the importance of training and a risk-based approach. A German prosecutor brought to the discussion that many victims do not see opportunities to take action against their exploitation due to their desolate economic situation, which in turn makes prosecution of the criminal accounts very difficult.

Further FAST occasions in Germany are planned to deepen cooperation with the German authorities and the German financial center. Prime Minister Daniel Risch kicked this off when he personally presented the initiative to Chancellor Olaf Scholz during his inaugural visit to Berlin.

Press contact:

Embassy of the Principality of Liechtenstein in Berlin
Isabel Frommelt-Gottschald, Ambassador
T +49 171 26 68 368