Combatting modern slavery in the financial services industry
The Australian Human Rights Commission (AHRC) and KPMG Australia have launched a practical guide that supports the financial services sector to manage their modern slavery risks, using a human rights-based approach.
Modern slavery refers to a range of serious human rights violations. They include trafficking in persons, slavery, servitude, forced marriage, forced labour, debt bondage, the worst forms of child labour, and deceptive recruiting for labour or services. According to the Global Slavery Index more than 40 million people around the world are living in modern slavery conditions.
The guide showcases examples of current practice from the sector and provides good practice guidance, including:
- highlighting particular modern slavery risks prevalent in the financial services sector, including in banking, insurance, investment and asset management
- providing tips for the financial services sector on leading practice and a rights-based approach to managing modern slavery risk
- fostering transparent modern slavery reporting for the benefit of business, government and the people at risk of harm.
In August, the Commission and KPMG launched the first guide in this series, Property, Construction and Modern Slavery: Practical responses to managing risks to people, for the property and construction industry.
Guidance for other high-risk sectors, including the health, food and beverage and mining sectors are currently in development and will be released in coming months.