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NEWS from ECRA

ASFO of the Month

CITIGROUP

Ethical Consumer's second Anti Social Finance Order (ASFO) goes to Citigroup, the US-based banking conglomerate. In January 2006 Citigroup was awarded the Public Eye Taxes prize for corporate irresponsibility in Davos, Switzerland.

Citigroup was nominated for its prize by the Tax Justice Network for its facilitation of tax evasion and money laundering by dictators and its collusion with them to deprive governments of tax proceeds for redistribution. Former and current customers of the bank in this respect were to said to include Chilean former dictator General Pinochet, former dictator of Paraguay General Alfredo Stroessner, daughters of former Indonesian dictator Suharto, husband of deposed Pakistani PM Benazir Bhutto, and dictator of Gabon Omar Bongo.

Where an ASFO is awarded, Ethical Consumer calls on consumers to avoid a company's products for twelve months, to help persuade them to stop helping people who wish to avoid making a fair contribution to shared social costs.

In 1999 the UK government introduced ASBOs - anti-social behaviour orders - to encourage responsible behaviour on the streets of England. In 2006, Ethical Consumer decided to introduce ASFOs to encourage socially responsible behaviour in boardrooms around the world. These awards are issued to companies failing to grasp the idea that Corporate Social Responsibility should also apply to issues like paying taxes and directors' pay.

Tax Justice Network - www.taxjustice.net

Berne Declaration Public Eye Awards - www.publiceye.ch

View details of Ethical Consumer's first ASFO, which was issued to Toys 'R' Us - November 2006.