In a constantly changing world, financial institutions must continually adapt to new risk factors. Regional or global crises like war or natural disasters, in particular, can trigger or fuel criminal activity and related risks,1 including MS/HT. Increased vulnerability during crises can expose people to exploitation by criminal actors, often resulting in a rapid increase in traf- ficking and/or exploitation activities. For financial institutions, a crisis-driven increase in MS/HT raises the risk that they will become inadvertently involved in associated criminal activities via the banking services they provide.

A recent example is the war in Ukraine and the resulting ref- ugee flows to safe countries. As of early February 2023, more than 8 million people who fled Ukraine – mostly women and children – have been registered in other European countries.2 Despite their increased risk of falling victim to MS/HT,3 conver- sations between the Finance Against Slavery and Trafficking (FAST) initiative and members of the financial industry suggest that most financial institutions were not prepared to identify and mitigate the related risks in a timely way.

Establishing an Agile Response Process to Crisis and Conflict-related Modern Slavery and Human Trafficking Risks - UNU CPR, 2023 DOWNLOAD

post

page

attachment

revision

nav_menu_item

custom_css

customize_changeset

oembed_cache

user_request

wp_block

wp_template

wp_template_part

wp_global_styles

wp_navigation

wp_font_family

wp_font_face

acf-taxonomy

acf-post-type

acf-field-group

acf-field

ai1ec_event

exactmetrics_note

FTSE 100: At the Starting Line – An analysis of company statements under the UK Modern Slavery Act
Publications

Analysis shows only a handful of company statements are meeting the Act’s requirements, majority lack adequate information. The FTSE 100 companies who have reported under the Modern Slavery Act so far were scored by the Business & Human Righ...Read More

United States Advisory Council on Human Trafficking Annual Report, 2017
Publications

This report acknowledges federal agencies’ efforts to implement recommendations provided in the United States Advisory Council on Human Trafficking Annual Report 2016, and includes key takeaways from the Council’s two regional trips, and the wor...Read More

Responsible Business Conduct as a Cornerstone of the 2030 Agenda – A Look at the Implications
Publications

This discussion paper aims to provide practitioners working with business, human rights and/ or sustainable development with an overview of the connections between human rights, responsible business conduct and the 2030 Agenda for Sustainable Devel...Read More

TAGS: Europe
The G20 Obligation – Achieving Sustainable, Fair, and Inclusive Global Supply Chains
Publications

Modern Slavery is an umbrella term that captures the range of multifaceted and complex crimes, which include all forms of human trafficking, forced labour, debt bondage, forced or servile marriage, and the worst forms of child labour. We know th...Read More