The success of the Modern Slavery Act is a relevant topic in the media at the moment given that the Independent Review of the Modern Slavery Act has published its final report and that Theresa May is lobbying for it to remain on the public agenda after she leaves. For example, many leaders in modern slavery prevention were the initial leaders on environmental sustainability when it first became a business issue. Together these two successes have led to improvements in key high-risk sectors which has only been attained due to cooperation between major brands. For example, hospitality companies have worked effectively together to reduce their internal risk and have even contributed to positive changes in their supply sectors, such as commercial laundries. This major flaw with Section 54 is the fact that it relies on market-based regulation rather than an enforcement body investigating and punishing non-compliance.
The Thomson Reuters Foundation plays a thought leadership role in the fight against slavery and trafficking by raising awareness of the crime through authoritative reporting and journalism trainingby providing free legal assistance and research to anti-slavery organizations, and by convening all the key players in the global fight against modern-day slavery at the Trust Conference. Despite the dramatic shift in the methods criminal enterprises Stopping modern slavery terrorist groups use to hide Category asian football biography stubs tracks — and the far-reaching impact of these changes on financial institutions Stopping modern slavery the process of policing this activity is still rooted very much in year-old best practices. It takes a global village to raise a child these days. Only companies which have a well-known brand and rely on a positive consumer reputation will be susceptible to consumers calling for improved modern slavery prevention. While law enforcement agencies, nongovernmental organizations, and government officials have all committed resources to the problem, multinational corporations are in the best position to make a real difference. On International Day of the Girl, Hong -- who as an adult has devoted her life to fighting slavery -- joined a live Twitter chat to discuss how we can all do our part to end slavery. We provide them with an overview of their modern slavery exposure, tools and support to implement best practice mitigation, and long-term partnership. A lack of trust in ethical certifications has further exacerbated this problem. Thanks Stopping modern slavery a joint effort by anti-slavery groups, that veil of secrecy is beginning to be lifted. At Thomson Reuters, we are committed to being part of the global effort to ending modern slavery, through a number of efforts across the company.
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This is the current, and by some accounts, conservative, estimate of the number of human beings currently enslaved around the world.
- The CNN Freedom Project wants to amplify the voices of the victims of modern-day slavery, highlight success stories and help unravel the tangle of criminal enterprises trading in human life.
- July 31, By Elizabeth Holtan.
- In September , President Barack Obama delivered a speech reaffirming the commitment of the United States to fight modern slavery, known also as trafficking in persons.
- Volunteer Opportunities: Yes.
Companies will have to reveal details about the origin and nature of goods and services on their websites and via product labelling. However new laws would not contain penalties for businesses refusing to report on slavery in their supply chain — an aspect which Sr Ng said needs tightening. The United Nations estimates that there are 25 million victims of forced labour exploited in global supply chains, including in the agriculture, manufacturing and construction industries.
Modern slavery takes many forms and can refer to people forced into prostitution, or forced to work for low wages in construction, sweatshops or food supply chains. Assistant Minister for Home Affairs Alex Hawke said reporting requirements in the proposed laws will transform the way the Australian business community responds to modern slavery.
While modern slavery happens primarily offshore, Australia is not immune. ACRATH raises awareness about modern slavery in parishes and schools and helps uncover cases of exploitation across Australia. Sometimes these cases can be traced to unscrupulous networks operating overseas. It takes a global village to raise a child these days. The International Justice Mission welcomed the reporting requirement contained in the legislation, which would include clear and comprehensive guidance for businesses and best practice examples to follow.
Used with permission. Online store. Skip to content. This is a great step forward and we are very happy about it… for the human dignity of all people.
Thanks for the reference to free2work. Thank you for giving us practical applications and suggestions…things that make a bigger difference than simply changing our profile picture! Sound policies on victim identification must include planning for access to comprehensive services. In Nepal, thousands must head overseas each year to find work—many are tricked by traffickers. Free2work has an app! In every region, governments that a decade ago insisted there was no trafficking in their jurisdiction are now aggressively identifying and assisting victims and convicting traffickers.
Stopping modern slavery. Stop Modern Slavery
Has the Modern Slavery Act been successful? » STOP THE TRAFFIK
This is the current, and by some accounts, conservative, estimate of the number of human beings currently enslaved around the world. Thanks to a joint effort by anti-slavery groups, that veil of secrecy is beginning to be lifted. The International Labour Organization ILO , the human rights group Walk Free Foundation, and the International Organization for Migration have produced a landmark report which takes the vital first step of accurately identifying exactly how many people are the victims of modern slavery.
While some 15 million are in forced marriages, a form of sex trafficking, the vast majority of modern slaves This makes slave labor a significant part of the global supply chain. The proliferation of slave labor in the global supply chain has very real business consequences for multinational corporations who are either ignorant to the problem or, worse, consciously ambivalent.
In addition to the financial penalties the company faced, it was also the subject of a global consumer boycott that has since become a case study for the impact of consumer activism in the face of perceived injustice. More recently, though, as a global network of law enforcement, government agencies and non-governmental organizations have begun to commit significant resources to addressing this issue, the stakes have gotten even higher for corporations.
When the Thomson Reuters Foundation began reporting on the issue of modern slavery more than six years ago, many were unaware of its existence and doubted the severity of the issue. We have now reached a tipping point where the confluence of government, corporate, mainstream press, and public interest has begun to catalyze real action in the forms of financial support and government regulation. Foreign Corrupt Practices Act FCPA , UK Bribery Act, and a host of regional anti-money laundering and know your customer regulations can all come into play when multinational corporations knowingly or unwittingly get into business with foreign third parties that are involved with illicit activity.
Beyond the reputational and moral implications of knowingly or unwittingly supporting slavery, the threat of penalties on this scale creates some incentive for multinational corporations to get serious about eradicating the crime from their supply chains.
Fortunately, thanks to the last decade of increased compliance controls and technological innovation that make it easier to spot the red flags associated with these types of crimes, corporations are in the best position ever to confront this challenge.
As governments around the world ratchet up enforcement on anti-money laundering, anti-slavery, and anti-bribery laws that can be used as blunt instruments to punish companies who miss or ignore these red flags, the need for corporations to get serious about rooting criminal activity out of their supply chains has never been greater. In most basic terms, the regulations require financial firms and other businesses to be able to accurately identify their clients, agents, consultants, and other vendors and confirm that they are compliant with anti-money laundering and anti-bribery laws.
Overseen by a global patchwork of authorities in different parts of the world, the regulations vary by country, but follow a similar pattern. In the U. Complying with these regulations has become a massive business challenge for multinational corporations who must now have visibility into every corner of their global operations. While it may not be immediately clear how these examples are related to modern slavery, it is critical to recognize that human trafficking has been identified as one of the most frequent predicate crimes for money laundering.
According to the Financial Action Task Force FATF , which sets the recognized global standard in anti-money laundering and counterterrorist financing regulations, a great deal of the money being laundered through our financial system is generated through the illicit buying and selling of human beings.
What does this mean for all of those who are responsible for vetting customer relationships and conducting due diligence in major financial institutions and multinational corporations?
Follow the money and you will find the human traffickers. Given the deep penetration of criminal networks into global supply chains and financial systems and the groundswell of regulations that have been developed to root them out, the corporate watchdog has strangely become the stakeholder with the most to gain by spotting the red flags that are the signals of modern slavery.
Despite the dramatic shift in the methods criminal enterprises and terrorist groups use to hide their tracks — and the far-reaching impact of these changes on financial institutions — the process of policing this activity is still rooted very much in year-old best practices. That needs to change.
But they are going to need help in the form of new technology and a culture shift that puts compliance at the center of global anti-crime efforts. Few of these departments would be mistaken as central casting for the next James Bond movie. Beneath that understated appearance, however, lies the only group of people in the world who have the complete purview into the financial system that 21st century criminals currently leverage to finance their enterprises.
The chief compliance officer of a financial institution, for example, has eyes and ears everywhere, from new client on-boarding to ongoing transaction monitoring. It is a prime perch for spotting crime.
Likewise, legal, tax, and finance departments are in a unique position to spot the kinds of trends and anomalies that are often the first red flags for foul play. Under industry standard practices, however, this visibility is limited by both time and budget constraints. Even with the most stringent policies in place, it is physically impossible for a corporation to spot and investigate every potential red flag using the linear, manual approach to risk management.
With the latest corporate compliance and due diligence technology, it is now relatively inexpensive and efficient to cross-reference disparate data sets to identify complex relationships and affiliations that could signal a bad risk or a more complex relationship in a firm acting on behalf of a criminal enterprise.
These comprehensive risk analyses can include everything from negative media to voluntary associations to links with political campaigns and officials to digital relationships via social media. The process also needs to extend beyond the compliance department.
Today, IT departments, data scientists, and even finance tax professionals with visibility into the global supply chain, all need to coordinate efforts to address a risk that is equally diffuse throughout our economies. At Thomson Reuters, for example, a team of data scientists in Thomson Reuters Labs helped organize a hackathon called Hacktrafficking4Good , which brought together hundreds of hackers, law enforcement officials, Boston Mayor Marty Walsh, Massachusetts Attorney General Maura Healey, and several other public and private sector participants to find new ways to use data and analytics to map patterns of sex trafficking in U.
The full-scale embrace of this kind of tech-forward, innovative thinking has the power to redefine the way we approach modern slavery and ultimately prosecute its offenders. If leveraged properly, it also has the power to spot potential risks at the point of inception, before they can metastasize into much bigger problems for the communities in which we live. As we enter an age in which big data and sophisticated analytics are being used to accurately anticipate trends in retail sales and optimize healthcare benefit designs, it is high time we embrace the same technology to suffocate modern slavery by removing it from supply chains.
While law enforcement agencies, nongovernmental organizations, and government officials have all committed resources to the problem, multinational corporations are in the best position to make a real difference. Committed to proving that business can play a critical role in putting an end to modern slavery worldwide, the program, now in its second year, spotlights companies who have embraced the corporate imperative to stop slavery and have taken a leadership role in showing the world how it can be done.
The German sportswear giant was hailed for its transparent audits, strong responsible sourcing guidelines, and robust tools to trace higher-risk supply chains. At Thomson Reuters, we are committed to being part of the global effort to ending modern slavery, through a number of efforts across the company.
We strive to be a global role model for ethical business conduct. The Thomson Reuters Foundation plays a thought leadership role in the fight against slavery and trafficking by raising awareness of the crime through authoritative reporting and journalism training , by providing free legal assistance and research to anti-slavery organizations, and by convening all the key players in the global fight against modern-day slavery at the Trust Conference.
And, as a world leader in supply chain intelligence and third-party risk management, we help companies stamp out forced labor by arming them with the tools, technology, and data needed to bring new levels of transparency to global operations. Locate and connect complex pieces of data in a single dashboard to identify critical connections. A training offering written by attorneys and powered by world-leading regulatory intelligence. Home Reports Ending modern slavery.
The corporate imperative. Ending modern slavery. There are currently How can multinational corporations lead the fight to end modern slavery? Introduction: Steps to end modern slavery 2.
Commitment to change. The business of slavery While some 15 million are in forced marriages, a form of sex trafficking, the vast majority of modern slaves Critical mass When the Thomson Reuters Foundation began reporting on the issue of modern slavery more than six years ago, many were unaware of its existence and doubted the severity of the issue.
Chapter One. Step 4: Data is your weapon With the latest corporate compliance and due diligence technology, it is now relatively inexpensive and efficient to cross-reference disparate data sets to identify complex relationships and affiliations that could signal a bad risk or a more complex relationship in a firm acting on behalf of a criminal enterprise.
Chapter Two. More answers on modern slavery. See all. Combating modern slavery through legislation and regulation. September 05, Using data to fight human trafficking in conflict. June 28, Money laundering: Part of a wider web of criminal activity. June 05, Related products. See details. Risk management. Modern Slavery training course.