
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 Financial Sector Supervisory Commission (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.
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