Every four seconds, someone is sold into modern slavery somewhere in the world. Every 60 seconds, the criminal industry that supports modern slavery makes more than US$285,000. These statistics, calculated from estimates by the International Labor Organization (ILO), reveal the size and international scope of modern slavery and trafficking, a system that treats human beings as a commodity. These crimes happen in urban metropolises and in remote rural areas, in developing and developed nations. Modern slavery touches nearly every supply chain and no industry is exempt. The sums of money involved are so high, this lucrative and globally pervasive industry is one of the fastest-growing criminal enterprises and sits behind the drug trade as the most profitable organised crime. Per the United Nations, profits from modern slavery and human trafficking are estimated to be as high as US$150 billion a year. This sum is generated through the slavery; abuse and exploitation of an estimated 45.8 million people. A crime that relies heavily on access to financial institutions, a wide range of organisations are not only destinations for slavery and trafficking proceeds, but also conduits to financing every step of the slavery and trafficking journey. Recognizing their central importance to slavery and trafficking operations, financial institutions are seeking ways to strike back. Stopping the arterial flow of money will cause the beast of modern-day slavery to atrophy and shrink, although no one is under the illusion that it can ever disappear completely. That reality must not and should not lessen our efforts to staunch the sustenance (money) that feeds the beast.

Modern Slavery: A Resource Guide for The Banking Industry, 2016 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

National Hotline 2019 Texas State Report
Graphics & InfographicsPublications

The data in this report represents signals and cases from January 1, 2019 through December 31, 2019 and is accurate as of July 30, 2020. Cases of trafficking may be ongoing or new information may revealed to the National Hotline over time. Consequen...Read More

What is the Role of Financial Sanctions in Tackling Modern Slavery and Human Trafficking?
News & AnalysisPublications

No country in the world is immune to the devastating impacts of modern slavery and human trafficking. Representing one of the world’s most profitable criminal enterprises, it generates some USD 150 billion per year. Addressing the financial angle...Read More

TAGS: Global
Maximizing Benefits from a Sustainable Supply Chain – BSR
Standards & Codes of ConductPublications

The case studies described in this brief reveal that there are benefits for suppliers to implementing social and environmental improvement programs, including improved workforce productivity, cost savings, and stronger competitiveness. Buyers also b...Read More

2022 Global estimates of modern slavery: Forced labour and forced marriage
Publications

Modern slavery is the very antithesis of social justice and sustainable development. The 2021 Global Estimates indicate there are 50 million people in situations of modern slavery on any given day, either forced to work against their will or in a ma...Read More

TAGS: Global