Belgium bans investments in cluster bomb makers
Legal World
Belgium has become the first country to criminalize investment in companies that make cluster bombs. Legislation passed the Belgian Senate on Thursday, and the Parliament plans to publish a list of companies that manufacture cluster munitions. Belgian banks KBC and Fortis have already terminated their investments in such companies, and KBC has published its own list of manufacturers. The new law will prohibit Belgian banks from owning shares in cluster bomb manufacturers or offering them credit.
Last week, 46 countries pledged to develop a new international treaty to ban the use of cluster bombs by 2008 at the Oslo Conference on Cluster Munitions. Last year, Belgium was the first country to ban cluster bombs. Although the US did not attend the Oslo conference, top Democratic lawmakers recently introduced a bill in the US Senate that would ban federal funds for the use, sale or transfer of cluster bombs. Cluster munitions, which have been used by at least 23 countries, are considered by many to be inaccurate weapons designed to spread damage indiscriminately and could therefore be considered illegal under multiple provisions of Protocol I of the Geneva Conventions (1977).
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