Modern Slavery Bill: Strengthening Transparency in Supply Chains (TISC)

The forthcoming Modern Slavery Bill, announced in the 2022 Queen’s Speech, presents a significant opportunity for the UK Government to implement its outstanding commitments in relation to strengthening Transparency in Supply Chains (TISC) provisions; commitments it has made in response to recent governmental and parliamentary inquiries. These key outstanding commitments include:

Extending Section 54 of the Modern Slavery Act 2015 to the public sector
Removing Section 54(4)(b) of the Modern Slavery Act 2015, which allows organisations to report that they have taken ‘no steps’ to tackle modern slavery in their supply chains
Mandating the areas that TISC statements should cover
Establishing a single enforcement body with the powers to impose financial penalties against non-compliant organisations
Introducing civil penalties for organisations which fail to meet their statutory obligations under Section 54
Introducing a single reporting deadline for TISC statements

Modern Slavery Bill: Strengthening Transparency in Supply Chains (TISC) - University of Nottingham, 2022 DOWNLOAD

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GuidancePublications

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TAGS: Reporting Due Diligence Financial sector Global

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TAGS: Information and Communications Technology Europe

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TAGS: Due Diligence Garments & Textiles Manufacturing Asia