In order to combat slavery and human trafficking throughout the world, many governments have implemented regulations that require companies to disclose their efforts in ending this worldwide epidemic.
An estimated 40.3 million people are victims of modern slavery around the globe. This includes 24.9 million in forced labor and 15.4 million in forced marriage. Based on these figures, this means that 5.4 people out of every 1,000 are victims of slavery. One in four of these victims of slavery are children.1
Modern slavery comes in many forms, but is most commonly shown in:
- Forced labor
- Debt bondage
- Human Trafficking
- Descent-based slavery
- Child Slavery
- Forced and early marriage
The top three regulations that need to be complied with are:
- The California Transparency in Supply Chains Act (SB 657)
- The UK Modern Day Slavery Act
- The Federal Acquisition Regulation 52.222-50
Failure to comply with such regulations can result in monetary penalties, jurisdictional authority, and NGO backlash.
How does this affect your company? Do these laws apply to you?
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Regulation
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Requirements
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CA Transparency
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- Does business in CA
- Worldwide gross receipts over $100 million
- Identify as manufacturers on CA State tax returns
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UK Slavery Act
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- Does business in the UK
- Annual turnover ≥ $53 million
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FAR 52.22-50
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- Do business in the US or are a US company
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How can Tradewin help?
Tradewin has designed a simple and efficient approach to assist you in achieving compliance with the requirements set forth by these acts. Our team has developed a human trafficking reporting template that allows us to gather key performance indicators and help your business to remain compliant with the three regulations.
Using our program management expertise and proprietary systems, we can help you solicit suppliers, determine levels of risk, and prepare and appropriate disclosure when necessary.
1 International Labour Organization, “Forced labor, modern slavery, and human trafficking,” 2017