Analysing the role of the financial sector in combatting modern slavery

Abstract

The main objective of this dissertation is to explore the role of the Financial Sector in abolishing modern slavery. The author introduces this subject by defining the key concepts such as the Financial Sector and modern slavery and the other important factors which are drawn from them. After, establishes the guiding principles on Business and Human Rights and the concept that modern slavery arises out of businesses’ failure of abiding and safeguarding these human rights. The author seeks to assess the link between the financial sector and modern slavery by understanding its risks, financial investigations as well as the access to remedy for victims from the businesses’ end. This research identifies a ‘hidden in plain sight’ topic which portrays an urgent need for action. The author believes that if businesses become more compliant and acknowledge the fact that they have a big role within combatting modern slavery then change will come. Change is not only dependent on businesses but also on Governments and their role in advising and implementing legislative laws which protect individuals who may undergo these heinous acts. In conjunction with the compilation of the Australian and the United Kingdom Modern Slavery Acts and the emerging EU directive on Corporate Sustainability Due Diligence and the Regulation on prohibiting products made with Forced Labour on the Union Market. In the final remarks, the author explores how these findings can impact Malta if implemented and the limitations it is facing.