Currency transaction levy (CTL) as a source of micro financing and development in a meeting of WUSME Secy.-General Norbert W. Kapoor with Alastair Constance, founder and CEO of ethical currency Ltd. in London and David Hillman, Coordinator of the stamp out poverty campaign on 8th and 9th July 2010, a possible co-operation agreement between the two organisations has been discussed. Main target: fund raising for the planned WUSME SME Trust Fund for crises prevention and development, (SMET) with a CTL created by ethical with the assistance of WUSME and banks located in San Marino and in other Countries world wide. Ethical currency is a foreign exchange social enterprise. WUSME and her members can use the services – charities, social enterprises, NGOs, businesses and individuals – and can access a direct and cost-saving alternative to their bank for currency transactions, whilst promoting a more positive, social business model for the financial services industry as a whole. Mr. Constance agreed to accept on invitation of WUSME to participate in a meeting of the Permanent Commission WUSME for financial questions in autumn of this year in order to discuss ethical’s business model with representatives of the RSM Government and bankers in San Marino.
Mr.David Hillman advised that millions of dollars (euros, pounds, etc.) can be saved by NGOs, annually transferring money to developing countries by instituting better practices relating to the procurement of foreign exchanges. These savings could thus be used for SMEs development funds as planned by WUSME. If a third sector organization of or company exchanges currencies and sends or accepts international payments through a bank, ethical currency is needed. Ethical’s better-than-bank exchange Council and currency management tools help clients protect donor funds and get more money to where it is needed most. In agreement with WUSME, wants to pledge to give ethical 0.005% of the nominal value of each transaction from San Marino and from other WUSME member organizations to a WUSME SME Development Fund, contributing to the Millennium Development Goals by providing micro finance for entrepreneurs in less developed countries.