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On 11 March 2019, the Business Secretary, Greg Clark, announced that the Financial Reporting Council (“FRC”), a UK regulator responsible for auditors, accountants and actuaries, will be abolished. The FRC will be replaced by a new regulator, the Audit, Reporting and Governance Authority. The decision follows an independent review of the FRC completed in December 2018, which recommended that the FRC be replaced by a new regulator with enhanced statutory powers. The Government has accepted…
On 22 January 2019, the UK Government (the Government) published its second interim report as part of the Independent Review (the Review) of the Modern Slavery Act 2015 (the Act), which began in July 2018 (see our previous blogpost). This is the second report for phase 1 of the Review, and it focuses on transparency in supply chains (section 54 of the Act). The report suggests that a lack of enforcement and penalties, as…
Major international companies in the agricultural, clothing and extractive industries have recently been assessed in respect of human rights standards in their businesses and supply chains. The 2018 Key Findings Report issued by the Corporate Human Rights Benchmark (CHRB) was released on 12 November 2018. The report scored 101 of the largest publicly traded companies in the world on a set of human rights indicators built on the UN Guiding Principles on Business and Human…
In November 2018, the Business and Human Rights Resource Centre released its third annual assessment of FTSE 100 companies’ modern slavery disclosure under the UK Modern Slavery Act 2015 (the MSA). The MSA, requires companies with a turnover of not less than £36 million to produce an annual statement outlining the steps they have taken to tackle forced labour and human trafficking in their operations and supply chains. FTSE 100 companies are the largest in…
Earlier this year, the Indian Parliament enacted the Prevention of Corruption Act (Amendment) Act 2018 (the Act) in July, effecting a raft of changes to the Prevention of Corruption Act 1988 (PCA). Those set out below are worthy of particular note for businesses operating in India. It is now an offence for any person to give or promise to give an “undue advantage” to a person intending to induce or reward a public servant to…
Earlier this year, the Financial Action Task Force (FATF) together with the Asia Pacific Group on Money Laundering (APG) published a report analysing the financial flows associated with human trafficking. The report: summarises indicators of financial transactions that are laundering the proceeds of human trafficking (e.g. multiple wages being paid into one account, rapid in/out transactions following receipt of wages); identifies challenges and good practices in detecting, investigating and prosecuting money laundering from human trafficking;…
2017 marks the first year when all companies covered by the UK Modern Slavery Act 2015 must publish a statement. Under section 54 of the Act – which is similar to the California Transparency in Supply Chains Act – commercial organizations that do business in the UK and have a global turnover of at least £36 million in any financial year are required to publish a slavery and human trafficking statement. The statement must state the steps they…