A UN Committee Says Governments Should Make Banks and Insurers Contribute Over Slavery

The United Nations Committee on the Elimination of Racial Discrimination has issued guidelines urging governments to hold institutions responsible for their historical involvement in the transatlantic slave trade and slavery. The committee asserts that modern states and corporations cannot be absolved of responsibility for acts committed generations ago simply because slavery was lawful during its time.

Instead, they must act under their current legal obligations to address the enduring consequences of slavery. The committee's guidance applies to banks, insurers, universities, companies, and religious organizations that profited from the trade or facilitated its operation. These institutions should acknowledge their historical roles, make relevant archives accessible, and contribute to reparatory justice in proportion to their involvement and the benefits they received.

The committee also emphasizes the need for governments to adopt comprehensive measures, including compensation, restitution, rehabilitation, and the repeal of laws and policies that perpetuate discrimination and inequality. While the guidance does not prescribe specific amounts or timelines, its practical impact lies in its potential influence on domestic litigation and diplomatic discussions.

The committee's stance has been welcomed by some as a significant shift in framing the issue, transforming it from a moral claim to a compliance question, while others argue that it does not fully address the objection of retroactive application.