Amnesty International criticises Luxembourg’s position on Israel bonds
David Pereira, Director of Amnesty International Luxembourg, has urged Luxembourg’s authorities to go beyond legal formalities and take a stronger moral stance in response to the sale of Israeli state bonds on its financial markets. Pereira, who has held his position for nearly two years, criticised the country’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), for what he described as complicity through authorising the sale of these bonds, given the ongoing conflict in Gaza and related human rights violations.
Pereira said the issue extends beyond Luxembourg, noting that other countries such as Ireland are also involved, and that Amnesty International's research points to massive human rights violations and war crimes in Gaza, referring to numbers that indicate that more than 72.000 Palestinians have been killed and that 90% of the population has been displaced.
While acknowledging that the CSSF did not extend the temporary authorisation for Israeli bonds beyond 31 August, Pereira insisted this was not enough. He argued that European financial regulators cannot absolve themselves of responsibility. Referring to the United Nations’ 2001 report on international law, he explained that financial regulators, even if they are independent in the exercise of their functions, are not exempt from state obligations. He added that all entities are equally bound to do everything possible to prevent grave human rights violations, especially in connection with the Genocide Convention.
Pereira also criticised delays in condemnation and action, and argued that one cannot always wait for a legal framework before acting morally. Instead, he called for solidarity and human rights to be put back in the foreground.
Europe’s response and calls for national action
Pereira described the European Union's broader response to the conflict as a "catastrophe". He criticised the perceived double standards, noting that while the EU has imposed justified sanctions against Russia, he feels it has fallen short regarding Israel. However, Pereira welcomed steps taken by individual countries such as Ireland and Belgium, which have imposed import bans on goods from Israeli settlements in the West Bank. He argued that Luxembourg should follow their example, instead of waiting for higher authorities to do what is right, to protect shared values and international law.
He also acknowledged Luxembourg's recognition of Palestine and its support through development aid programmes, but contrasted this with the reluctance to question financial dealings with Israel, particularly the Israeli bonds. The Amnesty Luxembourg Director also pointed out that the organisation, alongside civil society groups such as the Collective for a Just Peace in the Middle East, had sent letters to the CSSF and other relevant authorities earlier in the year that remained unanswered.
Amnesty’s growing focus on national challenges
Pereira explained that Amnesty International Luxembourg has also become increasingly active on national issues, including poverty, violence against children, and the ongoing housing crisis. Since assuming office in September 2022, Pereira said he was tasked with restructuring the organisation to be more impactful both internationally and nationally. On the government's recently presented housing booster, Pereira noted that their recommendations and those of the 60 to 70 signatories to their declaration remain relevant should this new initiative prove to be insufficient to alleviate the housing crisis.
Finally, Pereira also stressed the need for political will and courage, emphasising that "the means are there, the land is there, and there are many companies just waiting to build", while, whether it concerns housing or other areas, doing the right thing still requires a lot of courage.
