The Modern Slavery Act (MSA) is a UK law enacted in 2015 to focus on preventing acts of modern slavery in supply chains, such us human trafficking, child labour, and debt bondage.
The International Labour Organisation (ILO) estimates that over 21 million people world-wide suffer from some degree of forced labour and 150 billion ISD in annual profits are generated from it.
The Modern Slavery Act aims to ensure that UK businesses are not involved in, or benefiting from modern slavery, holding companies accountable for any labour abuses and slavery throughout their value chains. It requires companies with a global turnover of £36m or more supplying goods and services to the UK or based in the UK to publish an annual statement of compliance. (This includes foreign companies and their subsidiaries that carry out business actions or transactions in the UK and any overseas arms of a UK company.) The compliance statements must be easily accessible and visible on the company’s website.
The statement, approved at the boardroom level, outlines steps taken to eliminate modern slavery from operations and supply chains. Compliance helps raise corporate awareness, enhances reputations, and builds trust with stakeholders. Failure to comply can lead to High Court injunctions, unlimited fines, and reputational damage, emphasizing the significance of addressing modern slavery in business practices.
See more here.