WHY IS THE WORLD'S FINANCIAL MEDIA IGNORING THE MONEY LAUNDERING COMPLAINT FILED AGAINST MAJOR FRENCH BANKS FOR SUPPORTING COMPANIES THAT ENGAGE IN AMAZON DEFORESTATION?

When I have lectured in Buenos Aires on financial crime, the flights back to Miami always took place in the evening, most likely because that schedule allowed the passengers to arrive in Miami at dawn. One time, however, the the weather conditions that affect Argentina in July and August not only delayed our departure, it caused us to depart during the day. I saw with my own eyes the massive deforestation of the world's largest oxygen-generating rainforest. it was an eye opener.

Now, when a team of NGOs filed a claim against many of France's largest financial institutions, Western media, with only a pitiful amount of exceptions, totally ignored the story. These banks, whom I have named and shamed below, all are accused of allegedly financing meat slaughterhouse companies that are engaged in widespread deforestation of the Amazon, including "intrusion into indigenous lands and protected forests." Why the media is not reporting on this as an important news item I simply cannot understand. Is it because these banks place lucrative advertising in the world's major newspapers, especially the online editions? If so, that is a form of self-censorship that defeats the notion of a free and responsible press.

Here are the banks named by a coalition of NGOs:

BNP PARIBAS

CREDIT AGRICOLE

BPCE

AXA

Here is a portion of the material that I found was recently published, although it appears that the story has been completely absent from the world's principal newspapers:

• A coalition of NGOs has filed a criminal complaint against several French banks for allegedly financing meat companies driving deforestation in Brazil.
• Between 2013 and 2021, the four French banks involved invested a total of nearly $70 million in bonds issued by leading meat companies in Brazil generating about $11.7 million in profits.
• This is the first time that French banks have received a criminal complaint for money laundering, receiving stolen goods related to funding deforestation and profiteering from it.
• An analysis of JBS and Marfrig slaughterhouses in Pará and Mato Grosso found that more than 50% and 40% of suppliers, respectively, showed evidence of irregularities, including deforestation and intrusion into Indigenous lands and protected forests.

On Nov. 8, an NGO coalition filed a complaint with the French National Financial Prosecutor’s Office (PNF) against French banks BNP Paribas, Crédit Agricole, BPCE and AXA, calling for a criminal investigation for money laundering and concealment, based on the banks’ financing of leading Brazilian meat companies JBS and Marfrig.

Deforestation is illegal in Brazil and France, and according to a recent European Union directive relating to money laundering, any benefit obtained from an environmental crime, such as money or commodities, may represent the proceeds of crime.

Clearing forests for cattle ranching is the leading driver of deforestation in Brazil and South America, and the coalition argued that the meat companies had not taken sufficient steps to prevent cattle from illegally deforested areas coming into their supply chains. By providing financing and making a profit from it, the banks also potentially would be criminally liable.