Swiss banks linked to investments in ICE US immigration enforcement

Dozens of companies support the operations of the US Immigration and Customs Enforcement agency (ICE), whose budget has surged since Donald Trump returned to the White House. With annual funding of around $85 billion, ICE has become the best-funded law-enforcement body in the United States. Among the companies most closely linked to ICE are the two leading operators of private prisons and migrant detention centres: GEO Group and CoreCivic. GEO Group also provides so-called “skip tracing” services, which help locate individuals. Both companies have for years been accused of human rights violations, including forcing detainees to work without pay, restricting access to legal counsel and limiting family visits. As a result, several major banks (including JPMorgan) have refused to finance GEO Group and CoreCivic since 2019. Swiss investments Despite these controversies, several Swiss financial institutions hold investments in the two companies. According to a study by the NGO Break ...