Ethical Currency’s pledge, which is effectively a self-imposed Robin Hood Tax, will see them donate 0.005% of all funds traded by them to the Treatment Action Campaign in South Africa. The charity’s work ensures that every person living with HIV has access to quality comprehensive prevention and treatment services to live a healthy life.
Ethical Currency, a City of London based brokerage, was founded by foreign exchange trader Alastair Constance to provide charities, NGOs, social enterprises, businesses and individuals with a direct and cost-saving alternative to using the banks when it comes to receiving, exchanging and paying currency.
Mr Constance, Director of Foreign Exchange Trading at Ethical Currency, commented:
"The third sector transacts millions of dollars in currency every year. Because we offer our clients better-than-bank exchange rates and smart currency management tools, we protect donor funds and get more money to where it is needed most.
“At the same time we are creating an entirely new and sustainable funding stream for global causes that include poverty alleviation, health, education and environmental issues."
Anwar Harland-Khan, CEO of Sustain Worldwide, said:
“We commended Ethical Currency’s commitment to donate a percentage of its turnover to charitable causes.
“True sustainability is about triple bottom line principles, which encompass the environmental, business and social impact of an enterprise. These days, more than ever, it’s imperative all three are working in harmony. Sustain Worldwide’s members are demonstrating that it is possible to align the three for everyone and everything’s benefit.”
Ethical Currency’s voluntarily commitment to donate part of its turnover is borne of American economist James Tobin's proposal that there should be a tax on foreign currency transactions, primarily to protect countries from wild swings in their currencies due to speculation in the financial markets.
Mr Constance estimates Ethical Currency will donate more than £5,000 in 2011 through its effectively self-imposed tax on its trading. Buyers of overseas property, as well as those making regular transactions, who use Ethical Currency’s services will not only save themselves money, they can also take comfort it knowing their money is assisting good causes.
Sustain Worldwide’s members who have committed to develop sustainably and in consideration of their impact on the environment and local communities, are creating sustainable homes that are amongst the finest to be found in today’s property market.
Set in outstanding locations in Spain, France, Portugal, Greece, Morocco, Brazil and Kenya, the properties are priced from as little as £175,000 to more than £2m in some cases.
