Decrim now world news digest for September 2024

In UK Banks warned over denying sex workers business accounts

UK, London

September 4, 2024

The City regulator has warned UK banks over denying accounts for sex workers, after hearing that a lack of access to business banking could lead to “significant harm” for individuals.

The Financial Conduct Authority (FCA) said that while banks said they were able to provide accounts for the adult entertainment industry in theory, they were often denying or shutting down business accounts in practice.

Lenders often closed accounts on the basis of financial crime or reputational grounds, the watchdog said. That is despite sex work being legal in the UK apart from Northern Ireland, where it is illegal to pay for sex.

A recent FCA roundtable meeting revealed serious concerns about a lack of access to financial services for individuals across the adult entertainment industry, which covers stripping, pornography, escort and dominatrix work and “full sexual service”, more commonly referred to as prostitution.

“As adult entertainment industry representatives explained to us, these account denials or terminations could lead to significant harm for individuals running those businesses, particularly if they then had to rely on cash or personal bank accounts for their work, with the latter revealing their name to their clients and therefore exposing them to blackmail,” the FCA said in a report released on Wednesday.

The regulator also heard that the family members of adult entertainment workers were also having their accounts shut. Sex workers have long complained that they are treated unfairly by lenders.

Some financial firms told the FCA they had found it difficult to balance financial crime regulations with financial inclusion, but said those controls may need to be “‘recalibrated” to reduce the risk of “inadvertently excluding consumers from the adult entertainment industry” who met their “account opening criteria”.

The FCA is now calling on lenders to issue a “clear and properly considered definition” of reputational risk to govern decisions around account closures.

Dr Raven Bowen, the chief executive of National Ugly Mugs, which provides support to sex workers, said it welcomed the regulator’s intervention.

It is the first time that the FCA has given such detailed guidance regarding the way banks handle the adult entertainment industry. UK Finance, a trade association for the banking and financial services sector, does not provide guidance for its members on the issue, and has previously said each bank would take a view depending on their commercial and risk appetite.

“We recognise some sectors experience greater challenges in accessing banking services,” said a spokesperson for UK Finance. “We are continuing to work with regulators, our members and relevant trade bodies to facilitate improved access to banking.

Source portal theguardian.com

Sex worker with economics degree reveals why she predicts another US recession

USA, New York

September 23, 2024

Amelia Lynne, 20, share her sex-worker economics dubbed the ’Stripper Index’ and says data from the adult industry can show where the US economy is heading – she is predicting a recession

The 20-year-old recently went viral after posting a TikTok on how sex workers can predict the recession by using ‘The Stripper Index’.

OnlyFans model Amelia Lynne, who calls herself the ’bimbo in business,’ told DailyMail.com that she believes the US is headed for another recession because of how much the sex work industry has slowed down.

’From the signs of what we’re looking at right now, I think it is possible there’s a recession,’ the 20-year-old explained.

’I would say my biggest [reason] is the lack of consumer spending with sex work in general. There’s a lot of escort forums where you can see people asking if it’s slow,’ she continued.

Amelia also explained that it’ll be middle and lower class people affected by another recession, while ultra-wealthy one-percenters will remain largely unaffected.

’The high-end sex workers are always saying it’s busy - they’re always going,’ she said.

Amelia, who is a Kamala Harris supporter, said she believes that a Harris presidency will be better for the economy - but warned that the former attorney general could pose a risk to sex workers.

’Kamala in the past has supported FOSTA-SESTA, which actually took sites like Eros and Backpage off [the internet], and that actually led to an increase in trafficking rates because a lot of girls who were on these online sites escorting, like posting their ads, they couldn’t post online anymore,’ she explained.

’And so a lot of them went back to the streets, which puts them in more dangerous situations. 

Despite this, Amelia still believes that a Harris presidency will be better for both women and the economy in the long run. 

’Trump, with Project 2025 coming out, that could just be worse for women in general and spark more misogyny,’ she explained.

’But Kamala is socially liberal and that looks a lot better for us sex workers,’ she continued.

’The actions that Trump did in his last term did not help us as much as he preaches and a lot of the policies he’s pushing out don’t necessarily make sense.’

Amelia said that Trump’s last tax cut only helped the upper class but not the lower and middle class, while Kamala’s tax relief proposal could help millions. 

Source portal dailymail.co.uk

THAI GOVERNMENT PLANS WELFARE EXPANSION FOR FREELANCERS, INCLUDING SEX WORKERS

Thailand, Bangkok

September 23, 2024

Thai government aims to create a welfare system for freelancers or self-employed people such as tour guides, Grab drivers, content creators (YouTubers, TikTokers), and sex workers (those working in the sex trade).

Sorawong Thienthong, Minister of Tourism and Sports, announced on Monday that the government is holding talks with the relevant authorities on the welfare of Thai citizens for this plan.

This initiative will ensure that freelancers are provided for by the state, including healthcare rights and other protections similar to those of the social security system. However, once they join the system, they will have to pay taxes accordingly.

As far as social benefits for freelancers are concerned, initial discussions have taken place with the SWING foundation, particularly with regard to sex workers. In these discussions, the group emphasized that they do not want sex work to become a legal profession or for their identity and profession to be registered in the system.

They do not seek legal recognition, but only want legal protection in cases where clients refuse to pay for their services or when they are exposed to physical harm, so that they can claim their rights before the law. This is in line with the Pheu Thai Party’s policy of extending welfare to all freelance professions.

As for the details of the Pheu Thai Party-led government’s draft bill to include freelancers in the social security system, discussions are underway to finalize various relevant aspects, including the name of the bill. Once freelancers are included in the system, they will also have to pay taxes properly.

Source portal khaosodenglish.com