UK: LACK OF MODERN SLAVERY RISK AWARENESS IN FINANCIAL SECTOR

On 8 March, Covington & Burling LLP published an article about a report from the UK Independent Anti-Slavery Commissioner entitled “Preventing Modern Slavery & Human Trafficking: An Agenda for Action across the Financial Services Sector”.  This report concluded that there is a significant lack of awareness of modern slavery risks within the financial services sector.  It calls on the sector to “detect and disrupt this serious organised criminality” and to take proactive steps to mitigate the various risks associated with modern slavery, including financial, regulatory, legal, governance and reputational risks.  The article highlights the fact that the report notes that 45% of board level managers and directors, and 30% of financial services employees polled, agreed with the statement that “modern slavery is not something which occurs in the UK”.  The report identifies a panoply of modern slavery-related risks prevalent across the sector and makes a number of recommendations, noting that over three quarters of those surveyed believe that their organisations can do more to address the risks of modern slavery within the sector.

https://www.covfinancialservices.com/2021/03/the-uk-independent-anti-slavery-commissioners-january-2021-report-mitigating-modern-slavery-in-financial-services/#page=1

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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