The impact of US and UK forced labour legislation explained by Angelika Hellweger

Angelika Hellweger wrote an article assessing the effect of the US Uyghur Forced Labor Prevention Act and the UK’s Modern Slavery Act on financial services, supply chains and money laundering

In her piece, which was published by Thomson Reuters, she explains the scale of modern slavery and the risks faced by business.

Angelika outlines the problems for companies and senior figures within them if they are found to have inadequate systems and controls in place to identify and tackle slavery or trafficking.

She emphasises the need for companies to raise awareness of possible links between modern slavery and their business activities and supply chains, and the importance of conducting regular due diligence to check for abusive practices.

The article also details the issues that those in the financial sector should always be considering in order to ensure they are not involved with business activities where forced labour is involved.

Angelika makes it clear that banks and investment funds have to look closely to examine the risks of having dealings with those that have connections to modern slavery. She also says how this should be done.

To read the full article visit Thomson Reuters Regulatory Intelligence. (Subscription required) 

Featured at: Thomson Reuters