Displaying items by tag: Jubilee Debt Campaign

Liam Fox, secretary of state for international trade,  has visited Mozambique, which is in a debt crisis after surreptitiously borrowing from two London-based banks in 2013. The loans remained hidden until 2016: none were agreed by the Mozambique parliament, so they were illegal. Commenting on Mr Fox's visit, the director of the Jubilee Debt Campaign said, ‘The UK needs to take responsibility for the actions of these banks in arranging $2 billion of loans to Mozambique. Credit Suisse should be investigated as to whether it undertook the enhanced due diligence required by UK money-laundering regulations. Furthermore, the Government should act immediately to ensure all loans to governments given under UK law are publicly disclosed when they are given.’