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Banking Sector Vulnerability to Financial Crime in Haiti Exposed

The ongoing crisis in Haiti has left the country’s banking sector vulnerable to financial crime, particularly modern slavery and human trafficking. The precariousness of daily life for ordinary Haitians has been exacerbated by widespread poverty, hunger, and systemic violence, making them highly exposed to exploitation.

UN Report Highlights Vulnerability to Modern Slavery

According to a recent report by the United Nations Human Rights Office of the High Commissioner, many poor and marginalized communities are especially vulnerable to modern slavery, including trafficking for exploitation within and outside of Haiti. The country’s financial sector faces constraints that limit its capacity to provide financial inclusion, with Haiti being placed under “Increased Monitoring” by the Financial Action Task Force (FATF) due to deficiencies in its anti-money laundering regime.

Call to Action: Engaging the Financial Sector

A recent call to action by the Inter-Agency Coordination Group Against Trafficking in Persons highlights the importance of engaging the financial sector in identifying and addressing slavery and trafficking. Promoting financial inclusion, creating responsible and sustainable financial products and services, is widely perceived as a key form of defense against modern slavery.

Exploratory Rapid Study: Financial Needs of Marginalized Communities

An exploratory rapid study conducted by UNU-CPR’s Finance Against Slavery and Trafficking (FAST) initiative and Interuniversity Institute for Research and Development (INURED) provides preliminary insights into the financial needs of Haiti’s most marginalized communities. The study confirms that a lack of money and access to financial services are the main drivers of vulnerability to exploitation, particularly for those living in rural areas.

Recommendations for Reducing Vulnerability to Modern Slavery

The report includes four key recommendations for the financial sector and international community to reduce vulnerability to modern slavery:

• Supporting collaborative efforts to offer diverse formal financial services to underserved populations
• Exploring how to safeguard and enhance informal financial services
• Prioritizing those most vulnerable to experiencing modern slavery within financial inclusion strategies
• Monitoring for unintended consequences such as increased or sustained financial exclusion

Conclusion: Protecting Financial Inclusion in Haiti

Haiti’s financial sector must navigate the humanitarian crisis carefully to protect and extend financial inclusion to the poorest and most marginalized. The banking sector’s vulnerability to financial crime in Haiti can be substantially reduced if it plays a constructive role alongside international efforts to address modern slavery and human trafficking.