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Human Trafficking

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Overview On July 20, 2020, Republican Senator Josh Hawley of Missouri introduced the Slave-Free Business Certification Act (“the Act”). If passed, the Act would require every “covered business entity” — defined as any issuer under section 2(a) of the Securities Act of 1933 that has annual, world-wide gross receipts of $500 million — to audit and report on instances of forced labor in their supply chains. Companies that deliberately violate the Act could be liable…

The U.S. Department of Labor (“DOL”) has reiterated its commitment to combating child and forced labor in supply chains, with an apparent regional focus on South America, Africa, and Southeast Asia. The U.S. government’s continued push on labor violations in corporate supply chains is further evidence that companies should be considering how well their compliance programs cover detection and deterrence of these abuses in their supply chains. On January 27, 2020, the DOL announced that…

Introducing the Liechtenstein Initiative’s “Blueprint for Mobilizing Finance Against Slavery and Trafficking” Two centuries ago, Financial Services Actors (FSAs) have played a crucial role in both enabling and ending slavery. Transatlantic slave trade could not have existed without the support of the financial sector, as it was very capital- and credit-intensive. FSAs had developed many instruments such as securitized slave-backed mortgages, from which they made a lot of money. However, the sector’s role changed drastically…