The Modern Slavery Act 2015: Next Steps for Businesses
February 23, 2017
Under the Modern Slavery Act 2015, organisations conducting business in the United Kingdom with worldwide revenues of at least £36 million are required to publish a transparency statement describing the steps they have taken in the last financial year to ensure their business and supply chains are free from modern slavery and human trafficking.
The obligation applies to financial years ending on or after 31 March 2016, and transparency statements should be published as soon as reasonably practicable after, and ideally within six months of, the financial year end. In this memorandum, we consider how domestic and cross-border groups are affected by the new legislation, we set out some of the more technical aspects of the reporting obligation, and offer practical advice on the substantive measures that affected businesses can take.