Financial sector engagement

Modern slavery is a crime that impacts many sectors, and the financial sector is no exception. Traffickers launder money, workers pay recruitment fees and supply chains around the world are tainted by slavery – the financial sector has a big role to play in fighting this serious crime.


Situation

The Commissioner has a twofold aim of increasing the number victims of modern slavery identified and, in tandem, increasing the number of perpetrators convicted for the crime. Working with the financial sector is crucial to meeting both of these aims, either by collaborating with law enforcement to dismantle criminal networks or addressing slavery in the supply chain.


Action

The Commissioner has been working with the European Banker’s Alliance, a multi-stakeholder working group of leading financial institutions in Europe, and fed into the development of their toolkit for tackling human trafficking in the financial sector.

Thomson Reuters Foundation, in partnership with Europol, established the European Bankers Alliance. The Commissioner is part of this multi-stakeholder group of leading financial institutions and anti-slavery practitioners in Europe and has fed into the development of a toolkit for tackling human trafficking in the financial sector launched in May 2017.

The aim of the working group is to map the financial footprint of human trafficking in the formal banking system and to develop red flag indicators of suspicious activity that help financial institutions refine their automatic transaction monitoring, enhance their internal investigation models and strengthen their client and customer due diligence processes.

Other areas of focus


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