Modern slavery and human trafficking (MS/HT) are thought to generate approximately $150 billion in earnings annually, through the exploitation of more than 49.6 million women, men, and children worldwide. This makes MS/HT one of the top three most lucrative forms of global organized crime, along with drug trafficking and the trading in counterfeit goods. An important part of this illicit money flows through the global financial system. Financial sector actors may therefore be connected to these crimes through their own operations or through their business relationships – and may cause, contribute to, or be linked to MS/HT harms.
This self-assessment tool is designed to help you better assess whether and how your financial institution's existing compliance framework and governance address and mitigate MS/HT risks and help prevent and detect this crime.
The tool covers the four essential areas of a comprehensive framework to address and mitigate MS/HT risks:
The tool provides you with an overall evaluation of your financial institution‘s anti-MS/HT framework, as well as specific evaluations of the aforementioned subject areas. The evaluation is accompanied by recommendations and practical steps that you can take to address gaps and shortcomings. The tool is for your internal use only.
