- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-05-05T18:12:00
Large Canadian businesses must meet new supply chain rules starting in January that are designed to prevent products tainted by forced and child labor from entering the country.
Bill S-211 was approved Wednesday, 271-57, by Canada’s House of Commons. The Canadian Senate approved the bill in 2022.
The law will apply to companies trading on the Canadian stock exchange that meet two of three criteria, including:
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Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.
Respondents to a survey conducted by the International Compliance Association said they were confident they understood and are properly monitoring the social risks in their companies’ supply chains, though blind spots regarding cultures and strategic plans remain.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
