How the financial services sector can help tackle human trafficking
As the second largest illicit business in the world (after drug trafficking), human trafficking yields an estimated $150 billion in illicit profits each year. This is a result of criminal enslavement and exploitation of approximately 21 million people worldwide. It is also among the world’s most under-reported crimes.
Given the scale and pervasiveness of human trafficking, businesses can inadvertently expose their business to risk unless they seek to identify and tackle the issue in their supply chain. In an effort to combat this crime, financial institutions are increasingly going beyond their standard anti-money laundering protocols to flush out human trafficking activity - other industries could learn from this too.
In this article, risk specialists from Grant Thornton in the UK, US and Canada share their experiences and provide practical recommendations for tackling human slavery challenges and protecting value in your supply chain.