Review of Modern Slavery Act 2015 launched
Since the Modern Slavery Act came into force, businesses now have to publish a Modern Slavery Statement on their website at the end of each financial year that summarises what steps it is taking to prevent modern slavery in its business and in its supply chain. This requirement applies to all businesses which supply goods or services, and carry on a business or part of a business in the UK, with an annual turnover of £36 million or more.
This does not mean that the business has to guarantee that its business and supply chain is slavery free, but just that it must set out what steps it has taken to prevent it. For example identifying high risk areas such as construction work and say what additional measures it has put in place to mitigate this risk. If a business has taken no steps to prevent modern slavery then it must state this in its statement. The underlying requirement is for transparency.
The review will look at how the legislation can be strengthened on order to ensure modern slavery is minimised in the UK.
Top tip If the Act applies to you make sure you publish an updated statement each year.
For Commercial Law advice, please contact our Head of Company Commercial, David Anderson.