Together against human trafficking and modern slavery
An estimated 40 million people still live in captivity, are exploited through forced labour, or suffer other forms of servitude. According to estimates by the United Nations International Labour Organization, slavery and human trafficking generate about USD 150 billion a year worldwide. The FAST Initiative (Fight Against Slavery & Human Trafficking) has set itself the goal of ending these practices – but this can only be accomplished together and with the appropriate expertise.
What only few people know or can even imagine is that there are also about one million people at our doorstep in Europe who live under slavery-like conditions. The goods they produce, such as textiles and food, in many cases end up in the normal distribution channels. This is where the financial sector is involved. It can be associated in several ways with modern slavery and human trafficking. For example, money from such practices flows through the banking system, or goods and services are financed that come from supply chains where modern slavery and human trafficking are part of the business. According to studies, modern slavery and human trafficking are now the most frequent predicate offences of money laundering and terrorist financing worldwide. Financial intermediaries accordingly play a key role in combating human trafficking and modern slavery. Compliance officers are also pivotal in this regard. It is therefore all the more important that they have the necessary knowledge and experience to identify, mitigate, and report any risks of modern slavery and human trafficking. In light of the COVID-19 pandemic and the associated rise in modern slavery and human trafficking, it has never been more important for compliance officers and the financial sector as a whole to be actively involved in combating these crimes.
For this reason and to mobilise the entire financial sector, the United Nations University Centre for Policy Research and the Association of Certified Anti-Money Laundering Specialists (ACAMS) has launched a new free online training course for financial sector participants, Fighting Modern Slavery and Human Trafficking, which can be completed with a certificate. The Fighting Modern Slavery and Human Trafficking certificate provides an introduction to the steps financial sector stakeholders should take to meet the growing requirements for identifying, reporting, mitigating, and eliminating risks of modern slavery and human trafficking. The certificate covers obligations for combating money laundering and terrorist financing; environmental, social, and governance (ESG) factors; human rights; and corporate risk management. It draws on insights from industry leaders and actual cases. In this way, the training course serves as an important instrument in the fight against modern slavery and human trafficking.
Up to 7,500 compliance officers worldwide have completed the online certificate course so far. The free course continues to be available to everyone here.
Together with other organisations from Liechtenstein such as LGT, the Hilti Foundation, and Medicor Foundation, the Liechtenstein Bankers Association has been a supporter of the FAST Initiative, formerly known as the Liechtenstein Initiative, from the start. Since its initiation by the Liechtenstein Government, Australia joined as a supporter at the launch and later also the Netherlands. The FAST Initiative has attracted a great deal of attention worldwide. Just recently, Norway also joined the initiative through NORAD (Norwegian Agency for International Development).
Read more here on the history and background of the FAST Initiative (formerly «Liechtenstein Initiative»).
#FASTInitiative, #SDGs2020, #UN75, #sustainablefinance
