Singapore’s central bank said on Friday it would create a digital platform enabling banks to share information on customers and transactions, part of efforts to prevent money laundering and financing of criminal activity. The Monetary
International pressure on EU-based businesses to implement robust due diligence processes, including ethical sourcing across supply chains, has intensified. Little has changed in these areas, according to a recent report by the European Commission. The
The UK’s departure from a single market under Brexit on 31 January 2020 marked a historic new era for the UK. Since leaving the EU Customs Union and Single Market with the EU, trade has
Entering into a contract or engaging in a business relationship with an organisation or individual without full knowledge of their business dealings, past or present, can expose you to significant risks. Yet every year, businesses
The German Bundestag has adopted a law that will force companies to respect human rights in their supply chains, despite opposition from some political parties and industry. EURACTIV Germany reports. “We cannot build our prosperity permanently on
“This is a good day for human rights,” remarked SPD Labour Minister Hubertus Heil in February as Germany drafted its much anticipated Due Diligence Act targeting human rights and environmental standards in global supply chains. This sentiment is being echoed once again in June
According to UN estimates, 25 million people worldwide live in conditions of Modern Slavery. Of these, 16 million work in some of the worst forms of forced labour, including agriculture, domestic servitude, construction, and sex work. One in four slaves is a child, according to global estimations. While shocking, the issue has only recently gained global notoriety and importance,
Modern Slavery is a global issue. Forced labour generates $150bn per year globally. Governments are demanding business action. To name a few: In Australia, businesses with revenues of more than AU$100m must publish a
Managing Modern Slavery Risks – Practical Steps From assessing modern slavery in your supply chains to understanding your legal and regulatory obligations, learn what makes a successful risk management programme. GET IN TOUCH Modern slavery
These days, it’s not just the FCPA, theft, fraud and money laundering that one must worry about when operating in unfamiliar markets. New developments such as ESG failures, forced labour, cyber-attacks and political risk are rapidly emerging as causes of concern and are more likely to
With increased regulatory and reputational pressure, and more complex supply chains, third-party risk management is becoming increasingly important for organisations. Trends such as the growing number and complexity of third-party relationships, increasing penalties, and
Author: ethiXbase Executive Summary: The first reporting deadline for the Modern Slavery Act is fast approaching It’s not too late for organisations to get their house in order Beyond compliance, this is an opportunity to
