Financial Crime World

Genocide Unfolds in Occupied Palestinian Territories as Financial Institutions Enable Israeli Settlements

A new report has exposed that hundreds of European financial institutions have invested billions of dollars in companies supporting Israeli settlements in the Occupied Palestinian Territories, despite international humanitarian law and UN resolutions condemning such activities as illegal.

The Report’s Findings

According to the report by the Don’t Buy Into Occupation coalition, between January 2020 and August 2023:

  • 776 European financial institutions had financial relationships with 51 businesses involved in activities related to Israeli settlements.
  • These companies are actively contributing to human rights concerns such as:
    • Settlement construction
    • Service provision
    • Demolition of homes
    • Surveillance

Financial Involvement

The report reveals that:

  • $164.2 billion was provided in the form of loans and underwriting during this period, with European investors holding an additional $144.7 billion in shares and bonds of listed businesses.
  • The top 10 creditors alone provided $116.55 billion to listed businesses, with major financial institutions such as:
    • BNP Paribas
    • HSBC
    • Deutsche Bank
    • Société Générale leading the way

The Consequences

Dr. Susan Power, Head of Legal Research and Advocacy for Al-Haq, a Palestinian human rights organization, warned that:

  • The failure to hold corporations and financial institutions accountable for their complicity in international crimes is perpetuating the ongoing crisis on the ground.
  • “This entrenches Israel’s illegal occupation, annexation, and colonization of Palestine,” she said.

Antoine Madelin, Advocacy Director at FIDH, urged European financial institutions to:

  • Take responsibility for their actions, stating that they have an obligation to ensure their activities do not contribute to the perpetuation and expansion of settlements deemed illegal under international humanitarian law and UN resolutions.

The Call to Action

The report calls on financial institutions to adopt investment policies that exclude companies involved in settlement activities. As the genocide continues to unfold in the Occupied Palestinian Territories, it is imperative for these institutions to take concrete steps to address their complicity in this crisis.