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<p>The UK was the first country in the world to require businesses to report on the
steps they have taken to tackle modern slavery. The landmark provision in section
54 of the Modern Slavery Act 2015 requires organisations, including financial institutions,
with a turnover of £36m or more, to report annually on the steps they have taken to
prevent modern slavery in their operations and supply chains.</p><p>The prevalence
of modern slavery and complexity of global supply chains means that it is highly unlikely
that any sector or company is immune from the risks of modern slavery, including those
in financial services. The Government encourages companies to monitor their supply
chains with rigour to uncover and remedy any associations they may find with forced
labour or other labour abuses.</p><p>The Government has already committed to take
forward an ambitious package of changes to strengthen the Act’s transparency legislation,
including mandating the specific reporting topics that statements must cover and introducing
financial penalties for organisations that fail to comply.</p><p>To further bolster
our approach to modern slavery, on 24 March 2021, the Government announced a review
of the 2014 Modern Slavery Strategy. As part of the strategy review we will consider
how to strengthen our approach to transparency in supply chains, including in relation
to financial institutions. A revised strategy will allow us to build on the considerable
progress we have made to date, adapt our approach to the evolving nature of these
terrible crimes, and continue our international leadership in tackling modern slavery.</p>
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